How Long Do Houses Take to Sell
Experienced home sellers know that it takes quite a bit of planning to sell a house. One of the questions you will likely ask yourself the first time you attempt to sell a home is how long the process takes.
Honestly, there is no simple answer to the amount of time it will take you to sell a home. Many factors affect how long a house remains on the market, including the location of the home and current market trends in the area.
How Much Time Does It Normally Take to Sell a Home?
Statistics suggest that the average home stays on the market for about two months. Factors like location and season will have a dramatic impact on this estimate. You can obtain a more accurate estimate by speaking to a local real estate Realtor. You could do the work yourself by finding the “days on market” for homes sold in your area and determining the average time it took for these homes to sell.
Factors that Affect the Time Necessary to Execute a Home Sale
A long list of variables will work to determine how much time passes between the day you list a home for sale and the day you receive an offer from a buyer.
Location
A simple truth of real estate is that homes in some locations are in higher demand than in other places. If you are selling a home located in one of these high-demand areas, the path to a sale may become a little shorter. If it takes a little longer to move homes in your neighborhood, you can concentrate on other tactics to help expedite the sale of the property.
Home Condition
The condition of the home you are selling will play a role in determining what type of interest the property enjoys from potential buyers. For this reason, it is a good idea to put money and effort into making improvements to the home before listing it. Thorough cleaning and decluttering of the house may help your cause more than you imagine especially if you are downsizing.. That is unless you plan to sell it as-is to a cash investor
Season
The time of year you list your home may also impact how long it stays on the market. Fewer people shop for a home during the winter months. And when homes do sell in these months, it is often for less money. The spring and summer months are historically better times to list a home for sale. The month of May beats out all other months for the best time to list a home.
Competition
Home sales are faster in a seller’s market when buyers are lining up for the chance to purchase a home. Home shoppers have more options when the market favors buyers. These conditions could cause more time to pass before you receive an offer for your home. You may be able to negate potential problems in buyer’s markets by pricing the property you are selling a little under market value.
The List Price
You may find it difficult to sell a home that costs more than all the comparable homes in its neighborhood. You should price your home fairly according to market value. However, it is not necessary to sell your home for less money than the property is worth.
Economic Factors
The economic climate for both your local area and the country as a whole may impact how long it takes for you to sell a home. Things like interest rates, hoarder homes, employment numbers, and other economic indicators are all relevant to the home-selling process.
Your Agent
You will improve your chances of selling a home quickly if you understand what home buyers in your market desire. If you do not possess this particular expertise, you can help yourself by working with an experienced real estate agent or a cash home buyer like Andrew The Home Buyer.
