Most homeowners in , when they decide to sell, have one burning question above others: “How long will it take to sell my house?” On average in the US, it takes a little over two months or about 70 days for a property sale to reach completion, that is, from listing to closing. But this is just the average, and it’s difficult to say how long it will take for a specific property because there are so many variables involved. So let’s take a closer look at the average timeframe and the influencing factors of a property sale in .
Property Sale Timeframe Variables
A property sale in can take much longer than the average, or it can happen much more quickly. Sometimes, there’s just no logical explanation for how long it takes. A quick sale can sometimes be the result of sheer luck.
Nevertheless, there are some factors that influence the timeframe of a property sale and can make it longer or shorter. The most important of these are . . .
Homes tend to sell faster in a seller’s market, which is what obtains in most real estate markets today. A seller’s market is one in which “inventory is low and buyer demand is high. This increases the competition for properties and may even push prices higher,” and properties tend to sell quickly.
“In buyers’ markets, when there are more options to choose from, shoppers can bide their time and wait for the right home. Homes tend to take longer to sell in market conditions like these.”
The old saying that the three most important considerations for a property are location, location, and location holds true here as well. “There will be more demand for a home that’s located in a highly desirable neighborhood near good schools, restaurants, or businesses than for a property that’s located in a less opportune area.” And a home in such an area will typically sell more quickly.
“Homes in tip-top shape will typically sell faster than homes that need repairs or are cluttered with personal belongings. Buyers have to be able to imagine how they’ll live in a house, and they’ll have a hard time doing that if the home looks like it belongs to you, or if it’s a mess.”
TIME OF YEAR
The average timeframe of a property sale in also depends heavily on the time of year when the property is listed.
“Days on market can also depend on when you list your house as well. Most people aren’t actively looking to buy a new home during the winter, and the weather can be a factor in some areas, too. Overall, November, December, January, and February tend to be the slowest times for home sellers.
“Spring and summer tend to be the best times to sell a house, as many families want to move before the new school year begins. In fact, . .. the best time to sell is the first half of May. Homes listed during this period sell six days faster than average.”
Selling Milestones and How Long They Take
A property sale in is typically divided into distinct segments, each with its own milestone and length of time. The whole thing typically takes six to nine months, including finding an agent and the necessary prep work. Consider . . .
All the necessary prep work such as decluttering, cleaning, and making repairs can easily add three to six months to the timeframe.
After deciding to sell, finding an agent, and doing the prep work, your next step is actually listing the property and then waiting for an offer. This part of the process usually takes one to two months.
When you get a serious buyer on the hook, she will make an offer, which you typically have up to 72 hours to accept or reject (though the timeframe here can vary from state to state). But if you reject the offer, you’ll have to go through this part of the process again.
Once you’ve accepted an offer, the buyer will have a home inspection done. A buyer typically has up to 10 days to conduct an inspection, and then it will take a day or two for the inspection report to come out.
If the inspection reveals any problems or issues, the buyer may make a counteroffer, usually asking for repairs to be made or for a price reduction in lieu of repairs. These negotiations involve a lot of back-and-forths and can take anywhere from 24 to 48 hours to hammer out.
When you and the buyer agree on the price and all the other details, the transaction enters the final stage – closing. This usually takes around 30 days owing to all the legal requirements.
The Final Factor in a Property Sale in
There is one more and perhaps the most important factor that can impact the timeframe of a property sale. And that is the agent you choose to work with.
“If you’ve chosen to list your home using a real estate agent, this can also factor into the speed of your sale. Your agent’s marketing tactics, experience, and overall market know-how can all play a role in how quickly you find a buyer and at what price you sell.”
The upshot, then, is that how long it takes to sell your home depends in large part on the quality of the agent you work with. So if you want to reduce the timeframe of your property sale in , be sure to contact us today at 866-593-7012.