Which Homes Sell The Fastest

Performance Property Real Estate Question

Q: I am a landlord planning to sell a few of my single family homes so I can buy a multi-family property. I need the proceeds from the sales to buy the multi-family. The single family homes I’m planning to sell are different sizes and are located in different towns. Is there a way to figure out which single family homes are likely to sell the fastest? Curtis, Mobile, AL

A: The speed at which you sell your single family homes depends mostly on how you price them. Homes that are priced correctly sell the fastest. To sell quickly, a home should be priced at or slightly below the price similar single family homes have recently sold for because they attract the largest number of buyers. Overpriced homes take longer to sell and typically sell for a lower price, even today when so many local real estate markets have housing shortages. Pricing is more important to selling quickly than the physical attributes of each home you are selling—because there’s normally a buyer for any home that’s in livable condition at the right price. Don’t be greedy. Price the homes you are selling correctly from the beginning and they will sell quickly. Thanks for your question, Curtis.

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