How long does it take to sell a house? Most homeowners ask this question before their home goes on the market. Unfortunately, there's not a clear-cut answer. The time it takes to sell a house depends on several things, including the market conditions, the area, and the state of the house itself. That said, it should take around 3-4 months from the initial listing to the final closing. Some tips and tricks can help speed up this process.
Stages of Selling a House
Listing a home is simply putting your house up for sale. Before you list your house, there are a few things to consider. The first step is ensuring you have access to all important papers, such as applicable system warranties. You will also need estimates for things the new owner must replace before settling in. These are small parts of the homeselling checklist you should complete before diving into your home sale.
Other things to consider:
Thoroughly cleaning your house
Detailing your landscaping, such as painting fences, pulling weeds, and removing dead tree branches
Once you finish the above, you can take nice pictures of your house and grounds and proceed with the listing.
Accepting an Offer
Offers should start rolling in if you've done the appropriate marketing strategies and priced your house right. Considering and accepting an offer on your home can be a tough process. Make sure you know what type of offer you're willing to accept. You should also consider how long your house has been on the market. In the early stages of a sale, you're more likely to reject low offers. Be ready to negotiate and present counter offers, especially as your home's time on the market increases.
If you have an offer but there are other potential buyers, ensure your agent informs them that you've received an offer. This helps encourage other serious potential buyers to move quickly.
The offer you accept will depend on the quality of the buyer, market conditions, and how quickly you need to sell. If you feel an offer is right for you, accept it and move on to the next step of the homeselling process!
Appraisal and Inspection
During the appraisal and inspection stage, professionals will evaluate your home's market value and physical conditions. It usually takes place right after you accept an offer from a buyer. Most real estate contracts include a period in which the buyer is granted access to the property for inspections and negotiations.
Recent sales of similar properties and current market trends influence your property's appraisal value. Other key appraisal factors include the number of bedrooms and bathrooms, the floor plan's functionality and square footage, the home's location, major systems and home appliances, and curb appeal.
Home inspection involves evaluating the property's physical state, such as the roof condition, mold and water damage, infestation history, electrical wiring, and security.
As a seller, remember that this process may affect the final price.
If the buyer is still interested in the property after the appraisal and inspection, it's time for final negotiations.
The buyer's offer should include:
Closing assistance and date
Closing the Deal
Closing is the last phase of the homeselling process. It involves transferring money and documents to pass ownership of the house to the new buyer. First, your agent will order a title search to confirm that you are the property's legal owner. Then, if all is in order, the closing date is set. As the seller, you're required to bring any outstanding paperwork to closing. You must also bring the property keys and your government-issued photo ID.
During the closing process, you'll need to make any previously agreed-upon repairs, remove all your possessions from the property (unless they're included in the sale), and clean the property.
Average Time to Sell a House
The average selling time for a house is 50-60 days from start to finish, not including the initial preparation period. However, the average time to sell a house varies depending on where you live.
Here is the average time to sell a house by location:
New York: 64 days
Florida: 78 days
Texas: 34-54 days
California: 71 days
Arizona: 63 days
What Factors Impact How Long to Sell a House?
Market trends are typically expressed as a seller's or buyer's market. In a seller's market, the demand exceeds the supply; thus, homes sell faster, and sellers can demand a higher asking price. On the other hand, a buyer's market has a bigger supply than demand; thus, it will take longer to sell your house.
Location is a critical factor in how long it takes to sell a house. It could sell more quickly if the house is in a highly desirable location. Other factors include the location's safety, social amenities, and infrastructure.
The Condition of the Home
If your home is in good condition, it should reduce the time it takes to get an offer and close the deal. Make sure the price you set for your house matches up with the condition of your property.
Did you know seasons affect how long it takes to sell your house? Seasonality includes school schedules and holidays, which both affect supply and demand in the housing market. Most buyers with children are hesitant to move in the middle of the school year and will wait until the end. Late spring and early summer are popular times for relocating families.
Holidays also affect the real estate market. Statistically, fewer people relocate during the holiday season between November and January. The holiday season is filled with end-of-the-year deadlines, family obligations, and seasonal activities, leaving no time for a hectic moving process. Consider this influence before you list your house for sale.
Pricing your home too high can result in fewer and lower offers, so settling on a potential buyer may take longer. Overpricing your property can also chase away potential buyers. Getting your house and property evaluated by multiple real estate agents will help you settle on a reasonable price.
How Can I Sell My Home Faster?
Here are a few strategies you can use to sell your home faster.
Hire the Right Real Estate Agent
Hiring the right real estate agent is easier said than done. With BidMyListing, you can get paid to find the best agent for you. Create a simple property profile, then sit back and relax as top local real estate agents submit proposals to sell your house!
Each proposal includes a commission rate, marketing plan for your property, cash bonus, and more. You can easily compare the proposals and select the one best suited for you.
Prep Your House for Sale
Basic home preparations include cleaning, detailing the landscape, painting fences, and fixing driveway cracks.
Invest In Good Photos
If you want to sell your house faster, it has to stand out. High-quality photos will create a solid first impression for potential buyers. Hire a professional to take pictures that capture what buyers need to see.
Discuss Realistic Asking Price with Your Realtor
Agree on a fair and realistic asking price with your realtor. The right agent will help you set your asking price by understanding the market and local area.
Resist the Urge for Major Renovations
You might think that major renovations will increase the value of your home, but this isn't always true. You should minimize renovations to avoid misplacing funds that won't see ROI. For more information on what not to fix when selling a house, click here.
Consider Pre-listing Inspection
Inspect the house before listing to ensure you know about any issues before the selling process begins. This allows you to set a more realistic asking price.
Selling a house is a tedious and challenging process to navigate alone. The most successful home sales start with finding the right real estate agent. Get started with BidMyListing and receive proposals from experienced, trustworthy realtors. It's fast, free, and easy to use. Get started now and find the right realtor for you!
To learn more about selling your home, visit our Home Seller Resources >