The average residential real estate transaction in 2018 took 68 days from list to sold. That’s it! All of that planning and thinking of buying and selling a home comes down to a time crunch of only two months. If you look at more recent timelines, some of the more popular cities in October had only 37 days on the market.
What if we applied this type of timing to another big life event, like marriage?
You make an online dating profile, spend time searching profiles, and find someone that you think looks great. You go on one or two dates with someone and then get married, all within just 37 days! Now for a few people, that might just work. But for most, making that big commitment after one or two dates, and within that short time frame, would be a disaster.
When we spend time carefully vetting and understanding our long-term commitments, why does that same logic not apply to one of the most significant financial decisions of your life; the home purchase/sale? In that short time, you make decisions based on pressure, excitement, and fear (two mortgages, selling too soon, etc.). When you are buying and selling a home at the same time in a popular market, why do you only have 37 days to figure it out?
You should be making this big decision based on time, research and conversations when you are talking about paying for something for the next 30 years of your life.
Let’s look at how Selling Later works from a future buyers perspective.
This is why we created Selling Later.
If you were looking to purchase a home in May, you could log on now and review homes that are interested in selling around that time frame. You can inquire on homes you love and, either work to get into an agreement in advance or get on the sellers first contact list for when they are ready to list. This platform would also give you the advantage to see what homes will be selling before and after May. You no longer have a fear of buying the wrong home, because you already know what homes will be on the market.
Now, let’s reimagine how selling a home could better work for you with Selling Later.
You post your home today and select that you are looking to sell your home in May 2020. Buyers looking to purchase a home around that timeline could inquire on your home. You could then spend the next few months collecting inquiries on your home. With these inquiries, you then have two options.
- Option A: You can start to work with buyers and secure a few that are seriously interested. As the months go on, you can work through your inquiries, choose how you want to sell, and start working on getting an offer. As time gets closer, you can get into an agreement in advance and set your closing date months in advance.
- Option B: You can continue to collect your inquiries up until the time you are ready to list your home. You, or however you are selling, can start talking with your inquiries and see which are serious buyers. While you may not be attempting to get into an agreement in advance, you can line up your serious buyers and place them on a “first call list” for when you are ready to list.
This might be a new way to think about selling a home, but the data to prove our case has been around for years.
- Home sellers think about selling their home 5 to 10 months in advance.
- Home buyers spend 4 to 12 months searching for their new home.
- Over 60% of home sales are going to happen between Spring and Summer.
Think about it. Right now, there is a massive group of home sellers that are thinking about selling their home during the Spring/Summer 2020. Wouldn’t it be easier if that information was public knowledge for everyone now?
For us, this is about solving the problem of time in real estate for everyone. Regardless of if you are selling with a lawyer, an agent, yourself (do your research if you choose this), or even if you don’t know how you want to sell just yet; you are welcome to use Selling Later. We won’t tell you how to sell your home, we don’t take commissions, we don’t take referral fees, and we will never sell your personal contact information for third party sales leads.
Our low cost, one-time posting fees are low because we want to be affordable and valuable. In addition to being affordable, we want to do something positive with our fees. This is why we have committed to supporting our local communities by donating a portion of every home post back to small nonprofits.
Will Selling Later change the order in how we historically purchase a home, probably? But if it is something that benefits the home seller and buyer (you know, the people that fund the industry), wouldn’t the time and peace of mind be worth a little change?
On a fun note, as we were comparing other big life events, we thought about comparing it to having a kid. However, the thought of having to be pregnant for only 37 days sounded kind of nice!