Maybe you want the equity from your house in time to buy a new one before the school year starts in the fall.

Or you want to sell your home and want to time your closing to minimize capital gains tax.

Perhaps you’ve seen beautiful listings come and go quickly, and you wish you could close ASAP so you can make a competitive offer on the next one you fall in love with.

Whatever your ideal timing is, begin the count down and count backwards on your calendar 100 days (at least, depending on average market time!) from the time you want to close on your sale. That’s the day you should have your listing paperwork signed in this market.

You need to allow time for the listing and sale process to take place.

Home Prep

Most people need two weeks or more to prepare their home for sale. Maybe you need a dumpster to do some quality purging. Maybe there are a few deferred maintenance items you’ve put off. Your agent or stager may have told you that your best selling price will follow a fresh coat of paint. Or maybe you want a top-dollar sale and opt for the wow-factor, offered by quality home staging. Many people need more time, but 14 days for home prep is a reasonable estimate to start with if you feel your home is close to being ready.

Market Time

Every market is different, and the average days on market will also vary with the season and other external factors. Note that the market time refers to the day the listing goes live on the MLS until a purchase agreement is fully executed.

Ask your agent what the current market time is in your town. The the days on the market of homes currently under contract will give the most recent view. The average market time of 76 homes under contract in Fairfield as of today (6/16/23) is 39 days. In Westport, there are 85 contracts with an average market time of 62 days. If we are going to be super optimistic, and say your Fairfield home will have a signed purchase agreement in record time, we can figure at least 35 days for market time.

Buyer Financing

Sixty to seventy percent of buyers YTD have used financing to buy their homes in Westport and Fairfield, so you need to account for the time it takes for the mortgage process, and this is typically a minimum of 45 days for a loan commitment.

“Clear to Close“

This precious term comes from the lender when they have cleared all the contingencies in the buyer’s loan application. Typically the lender needs another week after the loan commitment to reach clear to close status.

… and BOOM, before you know it, 100 days have whizzed by! These are very conservative time blocks, and most markets have a much longer market time. So before you miss your mark and risk losing your next dream home start the process that serves your goal.

Unlock Your Sales Success: Begin the Countdown! Mark your calendar, and count backwards. Rewind 100 days (or more!) from your desired closing date. This strategic milestone is when your listing paperwork should be completed in today’s market. Then you can enjoy the leverage you will gain to move into your next castle!