How Long Does it Take to Sell a Home In Boiling Springs?

Days On Market for Spartanburg Home Sales

This is the question everyone wants to know when selling a home.  “How long will it take to sell my home?”  Beware of the person who has the fast and easy answer for you.  Unless they are willing to buy it themselves the fact of the matter is that no one can really know for sure.  What separates a salesperson from a consultant is the use of market facts.

In 2008 homes that sold took an average of about 120 days to sell, or 4 months.  2008 was just the beginning of the credit squeeze put on by lenders and loans became more and more difficult to get as large investors began to realize that their mortgage backed securities were not what they were told they were.  Fast forward to 2010 and we have those same large mortgage investors running from mortgage loan investments.  Because things got so bad, the government stepped in to buy mortgage loans as credit became tighter and tighter.  As a result, Days on Market (DOM) for homes that sold increased from 120 days in 2008 to about 160 days today.  Experts predict that DOM will increase going forward as the government recently announced that they will no longer be buyers of mortgages in the secondary market.  Speculation is that interest rates will have to rise to entice large investors back into buying these investments.  Increased interest rates will make the monthly cost of homes more expensive forcing some home buyers into smaller homes thus shrinking the buyer pool for larger homes and increasing the DOM for those homes.

However, the Spartanburg Board of Realtors data above only includes the Days On Market for homes that sold.  What about the homes that did not sell? Read more..