One day. Seriously.
The difficult thing to predict is which day that will be!
The number of motivated buyers looking to purchase a new home will strongly influence this time frame. Of course there are peak times during the year when more buyers enter the market. Typically that begins with the end of the Holiday Season as buyers start thinking about their resolutions for the new year. In the real estate business the "Spring Season" starts on January 1st! The next biggest jump in activity typically comes in late February through May.
Well there are many reasons, but one of the most common we see is that many buyers have children in school so they want to finish the school term in their current residence, and then move into their new home during the summer months. Plus it's just plain more enjoyable to look at homes in the spring than during a winter freeze and neighborhoods look better too -- with green lawns and budding trees!
What else motivates buyers?
Low interest rates and more house for their money. When money is cheap to borrow, buyers want to take advantage of the low rates....and yes, interest rates are incredibly low right now, plus most of central Indiana has seen home prices hold steady or actually fall over the past several years. Add to that the just announced $8000 government tax credit and the incentive for buyers to make a move goes way up!
So back to the original question - how long does it take? Many factors affect this number, but let's make a few assumptions. Let's say you are priced correctly, your house shows great, your location is nice and the real estate agent you are working with markets your home effectively. If so, here in the Central Indiana / Indianapolis market you will likely have your home on the market for a minimum of 60 to 90 days before receiving an offer. Then if you reach an acceptable agreement with the buyer, most transactions close sometime within the next 30 to 45 days.
So it's probably going to take 3 or 4 months before you can actually move?
Yep! So if you want to be in that new home before school starts in the fall it's time to get hopping!
Unless otherwise noted, blogs are authored by Tonda or Steve Hoagland