I remember back when I started in real estate some 20 years ago. How quickly we could sell a house was an important part of marketing. If the last 20 years have taught me anything it is that there are many variables that affect how quickly it takes to sell a house.
There are numerous ways that a homeowner can slow down a sale. Sometimes they need to limit when the house can be seen or maybe they have an unrealistic price or maybe the house smells.
These days houses sell very quickly. In fact, I think our company average is less than a day if we include properties that sold while they were still “coming soon”.
Houses are not considered sold until the sale closes so when I say they sell in a day I mean that is how long it takes for the seller to get offers and accept an offer. The only thing that really slows the process is waiting for the owner to give an answer.
This leads me to question if agents should really be taking all of the credit for selling houses quickly.
The median days on market for May 2021 in Ramsey county was 6 and the average was almost 19 days. Those numbers typically include inspection periods.
Buyer’s agents don’t look as good. It is common these days for buyers to make offers on a few houses before an offer is accepted and sometimes the house gets sold before anyone is allowed to tour it. It doesn’t take long to get frustrated with the whole process and your agent too.
The housing market won’t be this way forever. The agent who sold houses in a few days this year probably needed six months to sell a house in 2009.