How long should a home take to sell?

How Long Should A Home Take To Sell?
Hello all of our beautiful Vancouver First Time home Buyers! As the week starts off raining and dark, we’re going to shed some light ….. On length of time on market. See what we did there!

Maybe it’s happened to you already, but have you ever looked at a home you were potentially interested in, only to find out it’s been on the market for 132 Days so clearly there is something wrong with it, it’s about to blow up, maybe even collapse on itself with your family inside, it’s a drug ring, or maybe it’s been low key used as an underground casino so therefore you absolutely HAVE to stay away.

Well what if I told you that was overreacting and not actually the case?! Mind blown right!We’re also used to, and have heard of, the last couple years being crazy with homes selling in a matter of days. Well with the adjustment in the market this is not the case any more.

First things first, go and see the home. If you like the home, it’s super easy to do an initial prescreen i.e. check the notes for anything that is out of the ordinary or for REALTOR comments about something which could be of concern. Something this will take your agent 5 seconds to do. From here, if you like the home, we would suggest moving forward with an offer and working the subjects in order to work towards completion.

However, if you’re freaking out by the time on market, you, or your agent, can always do a little check. Get them to take a look into the building history and how long other properties that are similar have taken to sell. Also check what their pricing history was? Did they start way above market value and it took some time to adjust their expectations to the current market climate? This alone can add months to a listing, when in reality it was a great listing, just over priced.

Now there is never a definite answer to what is acceptable. If you’re looking for this answer, I would suggest adjusting your interest to checking the unit/building is healthy in both, what your personal criteria is, along with its integrity (found through reports,inspections and building docuents.)

Longer times on market is absolutely more common is this market and not something to be afraid of. With the correction in prices it can be a hard pill for some sellers, which can take months. On top of that, there are high levels of inventory now which means buyers are slower and want to take their time searching all that’s out there. All these things add on to days on market. Sometimes you’ll even come across homes that are rented until February 2020. This is inconvenient to a lot of people, however if it works for your situation, it could be a great opportunity.

In summary, time on market is not something we suggest paying TOOOOO much attention too. Sure it can help on the negotiations when it comes to offers, but don’t fool yourself into thinking you shouldn’t even offer because it’s been on for 2,3,4 or more months!Here comes the sad bit, were we have to say goodbye until next week. But don’t worry, if you’re in need of anything real estate. Give us a call on the contacts below and we’ll happily gossip…. I mean chat! We’ll happily chat!

P.S. If you don’t get the picture references, watch the series Lost! Trust me, it’s pretty clever once you get it :)

Jay Mcinnes
T: 604.771.4606

Ben Robinson
T: 604.353.8523