One of the most common questions of all the people who are evaluating to sell their property is how long the process will take.
The normal time to sell a property is generally 2 to 3 months. It takes at least a month to find a potential buyer, receives offers, and establish a negotiation. Then another month for the mortgage loan management and closing process. In our experience, most of the purchases nowadays are made through bank financing.
This is done if the property has the following conditions:
- The right price is established from the beginning.
- The property is located in an area where there is demand.
- The characteristics of the property are according to what the market is looking for.
Of these 3 factors, the price is the determining factor. We are going to analyze each of the factors and their influence on the time it takes to sell a property.
Location influences the number of people who may be interested in buying. Each area has a certain demand, influenced by factors such as:
- Distance to work centers and traffic
- The security in the areas
In Pakistan for example there are areas with high demand such as the area of defense or Bahria Town, where prices have been growing over the years, as they are considered to be the areas where there is greater security and downtown.
On the other hand, areas such as the highways or areas where there are fewer facilities; have less demand for distance and traffic; which makes the prices lower compared to properties with similar characteristics and more central areas.
- The state of conservation of the property
- The distribution of space
A property built a long time ago, that has not been updated or with a visible deterioration, will have little demand and therefore a lower price.
The second point is if its characteristics are consistent with what the market is looking for. For each zone and price range, there are certain standards that the market is looking for.
For example, a house of a specific amount in certain areas is expected to have: family room, terrace, and garden, as well as a study and complete service area. The lack of these characteristics will reduce the number of potentially interested parties.
The third point is the distribution of the spaces. People generally prefer spaces with sufficient lighting and ventilation. Properties with poor lighting or little ventilation will be much less in demand.
As we have previously analyzed, the location and characteristics influence the demand that there will be and therefore the price of the property. Price, therefore, becomes the determining factor in the time it takes for the property to sell.
In our experience, every property is sold…. AT THE RIGHT PRICE
The art is, however, to know how to set the right price from the beginning, to avoid spending too much time with the property on the market.
If you exit with a price above the market price, you run the risk of spending a long time before you decide to adjust the price and you may end up selling below the market value. That is why knowing how to set the right price from the beginning is critical.
At sirmaya.com, we have information on prices comparable to those that properties are being sold, which allows us to help you establish the right price for your home. Contact us for more information.