If you’re thinking about putting your Long Island house on the market, you probably want to know how long the whole process will take. This can be a very complex question to answer, since so many factors can affect the time between listing and closing. However, data from Ellie Mae shows that 57 days is the average time it takes to sell any home.
I’ve been in the Long Island real estate business for some time now, and I’ve seen homes sell at many different speeds. The truth is, in some ways, you’re in control of how fast it takes to close on your home. Let’s take a look at some of the factors you should consider when you want to sell your Long Island house as quickly as possible.
What’s Your Final Asking Price for Your Long Island Home?
It’s not surprising that price is one of the most important factors that affects how fast your home sells. If your price is what buyers expect for a home like yours, the sale will probably proceed more quickly.
However, listing price isn’t everything. Most buyers know there’s often an element of negotiation involved before you reach a deal. If you’re listing your home at one price, but getting many offers in a higher or lower bracket, you’ll have more offers and negotiation to work through, which can slow down your path to a final sale.
If your home is priced at too much of a bargain, buyers may suspect there’s a hidden reason. If your priority is to sell the home as quickly as possible, lowering the price too much may actually backfire. Of course, if your home is overpriced, buyers will also lose interest. Work with your realtor to find the right balance in your situation.
Is Your Long Island Home Move-in Ready?
Buyers are usually more likely to say “yes” to a home that’s ready for move-in. If you have major repairs to do, like a leaking basement, mold, roof replacement, or tree removal, consider making these repairs before you put your home on the market. Some buyers are interested in fixer-uppers. However, life in New York can be busy, and many of us want the home buying process to be as seamless as possible.
Of course, if you end up spending too much money on extensive repairs, you might sell your home quickly but reduce your profits in the end. Ask your realtor which repairs are worth making. If you’re in a hurry, you may choose to leave some repairs for the buyer and offer a repair credit as part of the sale instead.
Beyond major structural or functional issues, think about your home’s aesthetics. Do you have unique paint colors on your walls that buyers might not want? Maybe you have rooms with vintage floral wallpaper, shag carpeting, a bright blue toilet, or a kid’s bedroom with murals from children’s books on the wall. While these elements helped to give your home personality, they might not help you sell it faster. Want to get your house move-in ready for buyers? Start with eliminating any outdated or highly personalized visual elements that would come with the sale of the house. There can be exceptions to this rule, of course, so seek your realtor’s advice before making any changes.
Is it the Right Timing in the Market to Sell Your Long Island Home?
The Long Island housing market is constantly going up and down, and this fluctuation has many causes. The national and global economy impacts the housing market, and the local economy affects it too. If you want a fast selling experience, list your house for sale during a “seller’s market” when things are competitive and fast-paced.
Of course, you don’t always get to decide when to sell your home. You may need to move for work, family, or personal reasons right away. If you’re selling during a market slump, things may take a little longer. When new construction is booming or housing demand drops, you may end up selling your home in a buyer’s market.
It’s also important to think about the time of year when you’re putting your home on the market. Typically, a lot of moving happens around the end of the school year in spring. Historically, fall and winter are slightly less favorable times to sell. However, these rules of thumb don’t always hold true, and your realtor will understand the market’s pulse right at the moment you’re trying to sell.
Is Your Home Available to View?
Open houses and viewings can be a source of irritation. You’ll need to tidy up clutter, clean up messes, and set aside time in your schedule for potential buyers to visit. However, if buyers can’t get inside to see your home easily, they may move on to the next option. Making time and preparing properly for viewings is one of the top ways you can speed up the sale.
If you’re not currently living in the home, make sure it still looks clean and inviting. Check in between visits to ensure landscaping is taken care of, snow is shoveled, and the atmosphere is welcoming. Staging your home can often result in a quicker sale, because it helps buyers envision their own possessions and lifestyles in your space.
So, is it better to speed up the sale of your Long Island home, or slow it down? That depends on your priorities. If you’re wanting to get the best price possible, you may want to hold out for higher offers instead of taking the first one you get. However, if your home is on the market too long, potential buyers may start to wonder why. Some buyers assume there’s something wrong with a property that hasn’t sold for a while.
Ready To Sell Your Long Island Home?
If you’re wondering how long it will take to sell your Long Island home, call me today. I can design a selling plan with your priorities in mind. My knowledge of the Long Island area can be a valuable resource as you make decisions about pricing, staging, repairs, and more.