Ask Phyllis: a blog series of frequently asked real estate questions. Email us here
Planning my home sale
Dear Phyllis,
My youngest child graduates from high school next year and will be going off to college. My husband and I plan to sell our La Canada home and also move to a Pasadena condo. We are in a position to buy the condo without selling our home, but we wouldn’t want both properties for too long. Therefore, my question is: How long do you think it will take to sell our home and close escrow? We aren’t ready to talk with Realtors, but I love your column and thought to ask you about planning my home sale!
Thanks in advance,
GR
Dear GR,
Thank you for your question! Congratulations, we all know what a milestone it is to send your child off to college and move into a home that better suits your new circumstances.
Numerous factors determine how long to expect your home to be on the market before opening escrow. Mostly, this has to do with price range; homes under $1,500,000 on average are selling in about two weeks. La Canada homes selling for $1,500,000 to $3,000,000 are selling on average in seven weeks. Homes selling for $3,000,000 often take more than three months to sell.
With all that’s going on in the world, it’s difficult to predict what the La Canada housing market will look like next year. There are a variety of factors that will impact the time it takes to accept an offer and open escrow.
1. Current state of the La Canada real estate market
2. Price range
3. Condition of the home
4. Marketing plan
Escrow duration varies, but generally is four to six weeks from the date you accept an offer. More expensive homes generally take longer to close, as homes with higher selling prices typically require two appraisals. Larger homes and estates typically involve more inspections.
If you do decide to move to the condo before selling, consult with a Realtor® to discuss selling your home empty versus staged. Or perhaps if you decide to sell your vacant home, you may want the real estate photographer to take pictures before your home is emptied.
Best of luck on your move, and I welcome you to contact me when you begin to plan your home sale.
