Getting a Head Start Getting Used to “2015”
Once upon a time, before I was a Realtor — and personal checks were actually handwritten — it was a couple of days into January before I started using the “new” New Year (and invariably got the date a wrong for a few weeks after that).
Now, I typically start using the new calendar year (2015 in this case) in the Fall.
That’s when people are interviewing agents to help them buy or sell a home — and everyone needs to agree to a contract term.
Average Contract Length
For a market average $200k home, I’d typically ask for a 5 month listing.
That allows a couple of weeks of home prep; 2-3 months of actual market time to attract a Buyer; and another 6-8 weeks to close. See also, “How Long Should the Listing Be?”
If the house needs more prep, is at a higher price point, and/or is more unique, a 6-8 month term could easily be appropriate.
Buyer “To Do” List
While Buyers don’t have to prep their home for sale, they have to do other things.
Like find a lender (and establish their purchase budget); get their finances and credit scores in order; and zero in on a few neighborhoods where they want to focus their home search.
Do the math, and you get a contract term that easily runs until April, May, or June . . . 2015.
P.S.: Corollary to the above: want to buy or sell in 2015?
You should be interviewing Realtors . . . now!
