The time it takes to sell your home, often referred to as "Days on Market" (DOM), depends on several factors: market conditions, location, pricing, property condition, and your agent's marketing strategy. Here's a clearer breakdown of what impacts your home's timeline to sell and close:
Key Questions Homeowners Ask
How long will my house stay on the market before receiving a contract?
How many days will it take to close the sale after a contract is signed?
1. Market Conditions
Seller's Market: Homes sell faster because demand exceeds supply.
Buyer's Market: Homes may take longer to sell because supply exceeds demand.
Balanced Market: Selling times are moderate.
We are currently moving toward a balanced market. During and shortly after the pandemic, it was a seller's market due to low housing supply, allowing homes to sell quickly and for top dollar. However, as the housing supply gradually increases, we're seeing a more balanced real estate market. Homes are taking a little longer to go under contract.
2. Location
Homes in desirable areas tend to sell faster. For example, Port Saint Lucie is an attractive city for buyers because:
It’s close to beaches but far enough to avoid high insurance rates.
The city is expanding, bringing new job opportunities, shopping, and entertainment.
It offers a convenient commute to nearby cities and rarely gets direct hurricane hits.
Real estate is highly localized. Some neighborhoods may sell faster than others, even within the same city, making the specific location of your property a key factor.
3. Pricing
Pricing your home competitively is critical.
Overpricing can deter buyers and cause the home to sit on the market longer, raising concerns about why it hasn’t sold.
Your real estate agent will provide a Comparable Market Analysis (CMA) to set a realistic price based on the location, market trends, and your home's condition.
Trust your agent to guide you on the right pricing strategy to attract buyers and secure offers quickly. They are the experts and work in the industry daily. A good real estate agent will advise you on the best price to list your home for your specific circumstance.
4. Property Condition
Homes that are clean, uncluttered, and well-maintained sell faster.
Key factors:
Curb Appeal: A tidy yard and fresh exterior make a strong first impression.
Turnkey Appeal: Many buyers prefer homes that don’t need major repairs or
updates.
Outdated kitchens, bathrooms, or roofs can slow the sale process and are the biggest renovation projects to tackle. However, even without extensive renovations, keeping your home clean and uncluttered can make a significant difference!
5. Marketing and Listing Strategy
A skilled real estate agent will:
Use high-quality photos and/or staging (virtual or physical) to showcase your home.
Have a price improvement strategy for adjusting the listing price, if necessary, to match market conditions.
Create a strong online presence to attract potential buyers.
Laura Maples is a certified Pricing Strategy Advisor by the National Association of Realtors®
Trust me when I say any good real estate agent wants to get top dollar for their customers!
We want you to refer us to your family and friends. We want you to hire us in the future for your next transaction. We want you to write us a review to help grow our business. Our business grows when we help grow your bank account or ease your worries from the stressful transaction of selling your home. We want what is best for our customers!
6. Average Days on Market
National averages in the United States range from 30 to 90 days for a home to get under contract once listed, depending on market conditions. Remember, there are markets inside of markets. Each local market is different and can be varied.
Per the Florida Realtors® November 2024 reports, Saint Lucie County average days on market until receiving a contract is currently at 55 days. That means it will take an average of 55 days for your home to get a contract.
Hiring an agent that knows their local market is a must! Hiring an agent that lives several hours away from your home will cause issues like not being available to show the home in little notice, not knowing the area, or the culture of the real estate industry. A realtor in Miami may do things a little differently than a realtor in Port St. Lucie. They may not know the culture of the area.
Now that your home is under contract, what about closing time? How long will it take to complete the sale?
Closing can take an additional 14 to 60 days after an offer is accepted. Cash offers close quicker than if the buyer needs financing. If everything lines up in harmony for a cash buyer, a closing can take as little as 2 weeks. However, if a mortgage company is included in the process for a loan or their is an issue with the chain of title, then that can extend the days it takes to close. To give a estimated time to close, 45 days could be used as a modest number for you to keep in mind.
Timeline Example for Port St. Lucie
Average DOM: 55 days to receive a contract.
Closing Time: 45 days to complete the sale.
Total Time: About 100 days from listing to completing the sale.
Ready to Get Started?
Would you like help estimating your home's value or tips to make it sell faster?
Contact Ryan Maples at 772-783-2585 or email TMG@MaplesRE.com to discuss your next steps!
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