How Long Does It Take to Sell a House? The Complete Guide
Are you a homeowner who wants to put your house on the market for a quick sale? If you're like many home sellers, you may be wondering, How long does it take to sell a house?
The time it takes to sell your house depends on a number of variables that we'll take a look at in this post. Whether someone buys your house for cash or is applying for a mortgage is only one factor of how fast your home will sell.
But there are several others. Let's examine the factors. Then you'll know the answer to the question: How long do most houses stay on the market?
Location Matters
If you've heard it once, you've heard it a thousand times: the location of your home can speed up the sale. If your home is located in a desirable neighborhood, it can sell quickly.
As long as there are no issues with the title, the shortest possible time that your home can sell in is about two weeks. Of course this varies based on time of year, market trends, and other local variables. The great thing about selling a home in a desirable location is that it can bring several cash offers.
This often leads to a bidding war. So it's likely that you'll get much more for your home than the asking price, and you'll sell it in a hurry.
The Real Estate Market
If you're looking at the national average, it takes around two to three months to sell a home. But whether it's in a city or a rural area can affect the sale. Rural homes can take two months longer to sell than a house in the city.
Even if the city isn't one of the country's most desirable and largest cities. Homes in cities and nearby suburbs sell more quickly than rural communities, since many jobs are located in metro areas.
Slower real estate markets can take around four months to close. A home is usually in escrow for around one month, although the time a home is in escrow can vary according to each sale.
It Depends on the Season
According to a new report by ATTOM Data Solutions, the best time to sell a house is either May or June. During these months, homes sell more quickly than the rest of the year. Homesellers also received a higher selling price in late Spring/early Summer.
Statistics indicate that these months are best because this is when most buyers are actively shopping for a new home – the school year has ended, the weather is nicer, and people are excited to make a life change.
The same study showed that June sales were up by a rate of 9.2% while October and December, sales rates fell to only 3.3%. They also reported an increase of around $67,000 per sale during late Spring/early Summer months.
Your Asking Price
One of the most important factors to determine how long your home will be on the market is your asking price. If your home is overpriced compared to the other real estate comparisons, it will take longer to sell your home. And if your home is priced well beyond the market value, it may not sell at all.
Homes for sale with an attractive price according to the market value will draw buyers, even when the home isn't in pristine condition.If your asking price is too high, and your home has been on the market for a while, it may be best to take it off the market for a few months. Homes that have been on the market for a long period don't look good to potential buyers.
If you wish to sell your home faster, consider lowering the asking price a little below the market value of your home. But if you're set on getting the full value of your home and getting more equity, you may need to wait a little longer.
Finding the ideal price for your home can be a complex equation. A good realtor will help you determine the best pricing and listing timing based on in-depth, local market research.
The Condition of the Home
Although the condition of your home doesn't affect the timeline as much as the asking price, it does play a role in the speed of a sale.
A fixer-upper with a rock bottom price can sell more quickly than a home in pristine condition that's overpriced. However, in certain circumstances, when many nearby homes have modern updates, an older home might remain on the market longer.
If you don't have the budget or inclination to make these types of upgrades, you can still do some things to speed up the sale, such as home staging.
A study by the National Association of Realtors called "2017 NAR Home Staging Profile" concluded that realtors who took time to stage homes decreased the time a house stayed on the market.
Follow these basic home staging tips to help sell your home faster:
Clean the house from top to bottom or hire a cleaning service
Give the walls a fresh coat of paintRemove personal items so potential buyers can imagine their own items in the home
Open up the blinds to let in lightAdd lighting to brighten up darker rooms
Place a few plants in the kitchen and other living areasRearrange bookcases to make them look attractive
Make the master bedroom appeal to both sexes by removing flowers or masculine style decor
Display an intimate reading area with a chair, ottoman and a few books on a table
It's fairly easy to add a few home staging touches to the inside of your home to make it look more inviting. Or add a few plants in front of your house to give your home more curb appeal. There's no reason to spend a fortune purchasing expensive furniture and decor items.
The Takeaway: How Long Does It Take to Sell a House?
We hope this article provided you with some insight as you plan out when to sell your home.
If you own a home in Fulton County, Pennsylvania and you're thinking of putting it on the market, contact Palmer Realty today. Our expert agents can help!