How long does it take to sell a house? This is a question that most homeowners ask themselves before their house goes on the market. Unfortunately, there is 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. This being said, from the time of the initial listing to the final closing, it can be expected to take around 3-4 months. However, there are tips and tricks that can help speed up the process.
Stages of Selling a House
Listing a home is simply the process of 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 the important papers, such as applicable system warranties. You will also need to get estimates of things the new owner will have to replace before settling in. These are small parts of the home selling checklist that should be in place before you dive into the process of selling a house.
Other things to consider:
Thoroughly clean your house before you list it
Before you list your home, it is advisable to detail your landscaping; this involves painting fences, fixing the driveway cracks, pulling weeds, and removing dead branches from trees.
Once the above is completed you can take nice pictures of your house and grounds and proceed with the listing.
Accepting an Offer
If you have done the appropriate marketing strategies and priced your house right, offers should start rolling in. Considering and accepting an offer on your house can be a tough process. Make sure you have an idea of what offer you are willing to accept. You must also consider how long your house has been on the market. In the early stages of a sale, you are more likely to reject low offers, but be ready to negotiate and present counter offers, especially as the time of the market increases.
If you have received an offer, but there are other potential buyers, ensure your agent informs them that you have received an offer. This helps encourage other serious potential buyers.
The offer you accept will depend on the quality of the buyer, market conditions, budget, and how quickly you need to sell. If you feel an offer is right for you, accept it and move onto the next step of the home selling process!
Appraisal and Inspection
This is a critical stage that involves the evaluation of the market value of a home and the physical conditions of the house. It normally 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 the property appraisal value. Key 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 factors such as roof condition, mold and water damage, infestation history, electrical wiring, and security.
As a seller, you should be prepared that this process may affect the final price.
If the buyer is still interested in the property after the appraisal and inspection, it is time for the final negotiation.
The buyer's offer should include
closing assistance and date
Closing the deal
This is the last phase of the home selling process. It involves transferring money and documents to pass over ownership of the house to the new buyer. To start with, your agent will order a title search to ensure you are your property's legal owner. If all is in order, the closing date is set, and as the seller, you are required to bring any outstanding paperwork. You will also be required to bring the keys to the property, and your government-issued photo ID.
During the closing process, you are also required to make any repairs previously agreed upon, remove all your possessions from the property (unless they are 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.
This being said, the average time to sell a house varies depending on where you live.
The following lists the average time to sell a house by location
New York - 64 days
Florida - 78 days
Texas - 34-54 days
California - 71 days
Phoenix - 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 key factor in how long it takes to sell a house. It could sell quickly if the house is in a highly desirable location. Other factors include the security status of the location and the availability of 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. It is important to ensure 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 is inclusive of the school schedule and holidays. These two major factors 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. Therefore, 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. Therefore, it is important to consider this influence before you list your house for sale.
Pricing your home too high can result in fewer and lower offers; thus, settling on a potential buyer will take longer. Overpricing your property can also chase away potential buyers. Therefore, getting your house and property valued 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 upfront to match with the best agent for you. Create a simple listing, then sit back and relax as top local real estate agents bid for the opportunity to earn your business!
Each bid includes an upfront payment, commission rate, marketing plan for your property, and more- plus some extra money in your pocket. You'll be able to compare the offers and select the one best suited for you.
Prep Your House for Sale
The basic home preparations include; cleaning, detailing the landscape, painting the fences, and fixing driveway cracks.
Invest In Good Photos
If you want to sell your house faster, it has to stand out. This often means having good photos which create a strong first impression for potential buyers. Hire a professional to take photos to ensure you capture what buyers need to see.
Discuss Realistic Asking Price with Your Realtor
Agree on a fair and realistic asking price with your realtor. Having chosen the right agent, they will help you set the price with an understanding of 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 is not always true. You should try and 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
It is wise to have an inspection conducted before listing the house to ensure you are aware of any issues before the selling process begins. This allows you to set a more realistic asking price.
Selling a house can be a tedious process, and difficult to navigate aline. The most successful home sales start with finding the right real estate agent. Get started with BidMyListing and receive bids from experienced and trustworthy realtors. It's fast, free, and easy to use. Get started now and find the right realtor for you.
Sign up for BidMyListing Today to get paid cash to meet your perfect agent match
To learn more visit our Home Sellers Resources >