If you have decided to sell your home, one of your first questions may be: How long will it take to sell my house? Whether you are relocating for a job or curious as to how quickly you can expect your house to move on the real estate market, knowing how quickly your home will sell can help you move forward in the process with confidence.
The average speed by which a home will sell is dependent on several factors. Your region, the current market, and the state of your home will all play a large role in determining how quickly your home moves from “For Sale” to “Offer Pending.”
According to 2018 statistics from real estate company Zillow, the typical U.S. home spent between 65 and 93 days on the market, from listing to closing. At that rate, a homeowner can expect between a 30 to 45 day closing period following one and two months before accepting an offer.
To help you plan for how long it may take to sell your home, you will need to begin with getting an idea of the current housing market.
The first items to research are the current statistics on a home’s ‘average days on market’ in your region. This data will tell you how long, on average, a house sits “for sale” before signing a contract. This can help you know what to expect for your home sales region.
If you notice that the number of days a home is on the market is higher, then that region’s housing market may be “cold” – or a “buyer’s market.” This means that the power of the sale rests primarily with the decision and timing of buyers. If the average is low, homes move quickly in a “hot” or “seller’s market.” To decrease the overall time it takes to sell your home, you need to plan your sale during a seller’s market.
To find the “average days on market” for different regions, consider checking popular home sales websites such as Realtor.com and Redfin. These sites compile home sales data consistently, helping to provide updated averages. By seeing the common average sales times for your region, you can help your sale move along more quickly by planning to place your house on the market during positive selling seasons.
Another way to estimate how long your home sale may take is to get a bird’s eye view on the entire sales process. Before you place your home on the market, you will need to ensure that the house is in shape for showings.
Finishing any outstanding projects and hiring a photographer/videographer to prepare a portfolio for engaging potential buyers is vital to kick off your sale successfully. This timeline will vary depending on the amount of work to be completed and your photographer’s schedule. Typically, this process can be completed within the first few weeks of starting the home sales process.
Next, you will place your home on the market and begin inviting potential buyers to tour the home. Depending on the market, buyers may schedule home showings within the first few days. Should a buyer desire to place an offer on the house, they will contact their agent and begin to put together a contract for you to consider.
If you are satisfied with the offer, you can move forward with the buyer. Closing on the home and finishing the sale will take anywhere from 30 to 60 days. The length can vary depending on inspections, follow-up work, and the financial process for the buyer.
Outside of the sales process with a buyer, other elements can impact the length of time that it takes to complete a sale. External factors such as the current season of the year, the home region, current interest rates on home loans, and more can cause the length of each part of the process to differ.
If you are looking to increase the speed at which qualified offers come in on your home, there are several steps you can take to help speed the process along:
An easy way to ensure that you speed up the process is by making any updates or repairs to ensure that your home is showcased in the best possible light. Work with your real estate agent to determine how various homes in your region are selling, and what elements contribute to a faster sale. From small fixes that inspections would find to large-scale, more expensive remodeling projects, finding ways to increase your home’s functionality and feel can pay dividends in encouraging buyers to make an offer quickly.
Another way to encourage faster sale offers is by improving your home’s curb appeal. From enhancing your home’s landscaping to architecture updates, the first step in ensuring that your home quickly receives offers is by making sure that buyers give your home a second look. Work with your agent to find creative ways to help your home stand out from the competition.
In today’s digital marketplace, having high-quality and engaging video and photography is vital to ensuring that buyers stop and check out your property. To help speed up the sales process, consider partnering with a skilled real estate marketing expert. With high-definition video and photography, you can help your home stand out from the competition. Help encourage buyers to visit your home by allowing them to see your home from their computer or cell phone.
There are a variety of other ways that you can encourage buyers to consider placing an offer on your home. From updating the description on real estate websites to working with real estate agents to host interactive showings, get creative! In some cases, updating the sales price may be necessary. The more you can help your home stand out from others on the market, the more you will increase your chance of landing that perfect sale.
If you are finding it difficult to convince buyers to bite on your home, even after getting creative with your sales tactics, it may be time to consider a cash sale. A property purchasing company such as the Garnet Property Group is experienced at working with homeowners needing to speed up the home sales process. With a cash offer, sellers can complete a sale and close in as little as two weeks without waiting for inspections, loan applications, and closings. In some cases, you can even save money with a cash offer!
According to most statistics, the average time it takes to sell a home and complete the sale may take anywhere from 60-90 days. If you take steps to increase your homes, curb appeal, and market value, you can shorten that time and enjoy a faster sale than average.
However, many elements of the home sales process still remain outside of your control. Poor market conditions, location, and more can impact your sale time and even impede your home’s ability to sell successfully. In most cases, patience is necessary to ensure that you make the right sale at your home’s right price point. By playing the slow game and working with your agent to find the perfect buyer, you can ensure the best ROI on your home equity investment.
If you find it difficult to capture much interest in your home, you may wish to consider a cash sale to an investment property buyer. The Garnet Property Group has years of experience working with homeowners looking to capitalize on their home’s value in a challenging market. To learn more about selling your home quickly at a competitive cash price, contact the Garnet Property Group. You may save on closing costs and other fees by working directly with a property buyer in many cases. Contact our team today to learn more.