Once you have made the decision to sell your house, you then find yourself asking the question: How long will it take to close the sale? What is the average time to sell a house in my area?
The quick answer to your question is: It depends.
Five years ago, the average time to sell a house was 11 weeks. Last month, the average time to sell a house was a mere three weeks. Your agent should be able to give you a rough estimate based on how many properties were available in the last three months and how many of them sold. In some neighborhoods, homes sell in as little as three days. In other neighborhoods, it could take up to three months.
Pre-sale Considerations
Your timeline should start with the decision to sell your home and end with the successful sale of your house. After you have made the decision to sell, your next steps are to find a real estate agent to work with, and begin preparing your home to be shown. If you want to get a high price for your home, it is important to take care of any necessary repairs before listing your home. Additionally, you want to make sure your home is ready to be shown to prospective buyers by clearing any clutter and personal items from your home. Staging your home to be shown makes your décor as neutral as possible, in order to allow prospective buyers’ imaginations to envision their items in the house.
The average time to sell according to SetSchedule
Your asking price may determine just how quickly, or slowly you sell. If your asking price is above the average, you may take longer to sell. If you choose to have an asking price that is well below the market value of your house, you will be able to sell quite quickly, although you may lose money in the deal. Roy Dekel and his team of professionals at SetSchedule will help you figure out all the details in order to price your home right so that it sells quickly.
The location and condition of your home, coupled with your asking price and the market, all affect how long it will take you to sell your home. With the most favorable conditions in each category, you may be able to sell within a few weeks. However, in a buyer’s market, it may take you a month, or more, to sell.
Buyers consider your asking price against the desirability of your neighborhood, the reputation of the local schools, the condition of the home, and for urban locations, the proximity to public transportation. For families, the summer sees more homes sold, as parents wait until the end of their child’s school year before moving. Moreover, people prefer to pack up and move when the weather is pleasant.
Post-sale Considerations
Once your home is under contract, you still must consider some events before finally selling your house. How your buyer is paying for the house will greatly affect the time it takes to finish the sale. Cash sales can close a sale very quickly, often only taking about two weeks to complete. Loans, however, can take quite a bit more time. If the buyer requests title insurance, or an inspection, this can add a few weeks to the closing of the sale. Moreover, loans require appraisals. Appraisals can take up to six weeks to complete.
Finally, property chain complications can cause delays in the final sale. Often, buyers are simultaneously selling their house. This may delay the process of buying your house if their house isn’t selling quickly. You may also experience a delay in the process of selling your house if you have a delay in buying your next house.
Give Yourself Plenty of Time” says Roy Dekel
There are many factors that affect the average time to sell a house. Some of these factors are more controllable, or at least known, than others. If you have decided to sell your home, give yourself at least eight months from the time to first make the decision to sell to the moment you close a contract with a buyer. By working with real estate professionals such as Roy Dekel and his team at SetSchedule, the process of selling your home will go smoothly.