The American dream of homeownership often includes the desire to sell and move on. But how long does it take to sell a house?
A recent study by real estate brokerage Redfin illuminates this, revealing a national average of 58.2 days from listing to closing. However, this figure serves merely as a starting point, as numerous variables can significantly influence the speed of your home sale.
Understanding these factors can help you make informed decisions and navigate the selling process strategically. Let’s discuss the key elements that shape your house-selling timeline.
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- Selling a house takes an average of 2 months, but it can be faster or slower depending on several factors.
- The condition of your house, its price, and the overall market can all affect how long it takes to sell.
- A real estate agent can help you price your house right, prepare it for sale, and navigate the selling process.
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A Breakdown of the Factors that Impact Your Homeselling Timeline
The law of supply and demand reigns supreme in the real estate market, dictating whether you’re in a buyer’s or seller’s market. In a seller’s market, with more buyers than available houses, properties move off the market swiftly, often at premium prices.
Conversely, a buyer’s market presents a surplus of houses, and buyers hold the upper hand. Here, homes may linger on the market for longer, and sellers might need to be more flexible on pricing.
The longer a house sits on the market, the more cautious potential buyers become. They might suspect underlying issues with the property, prompting them to look elsewhere. Jessica Fisher, a licensed real estate agent in Minnesota and Wisconsin, emphasizes this, stating that buyers may raise questions and potentially bypass homes on the market for an extended period.
An inflated price tag can deter potential buyers or result in offers significantly lower than your asking price. On the other hand, underpricing your property means leaving money on the table. According to Fisher, accurate pricing is paramount in today’s market, where appropriately priced homes sell quickly. Overpricing can pose challenges, including the stigma associated with houses that linger on the market for too long.
The condition of your house significantly impacts its appeal to potential buyers. Properties riddled with repair needs may discourage buyers and prolong the selling timeline. Addressing necessary maintenance and repairs beforehand enhances marketability. Additionally, potential buyers might request further negotiations or concessions upon discovering problems during inspections, further extending the closing process.
The adage “location, location, location” holds in real estate. Houses in highly sought-after neighborhoods tend to attract more interest and sell faster. Conversely, properties situated in less desirable locations might take longer to find a buyer.
The House-Selling Timeline: A Step-by-Step Breakdown
Selling a house involves several essential steps, each contributing to the timeline. Here’s a breakdown of the typical house-selling process:
Partnering with a Real Estate Agent
An experienced real estate agent can guide you through every sale aspect, from market analysis and pricing strategies to handling negotiations and paperwork.
Preparing the House for Sale
Depending on the condition of your property, you might need to make repairs, declutter, and stage the house to create an inviting atmosphere for potential buyers.
Listing and Showings
Once your house is market-ready, it’s time to list it with your agent and schedule showings for interested buyers. The average home sits on the market for over 31 days before an offer is accepted. However, this can vary depending on the listing time of year. Research suggests that November through February are typically slower months for home sales.
Offer, Acceptance, and Response
Upon receiving an offer, you have some time to respond, depending on the stipulated timeframe in the contract. Without a specific time limit, courtesy dictates a response within a few days of receiving an offer or counteroffer.
Appraisal and Inspection
If the buyer finances the purchase with a mortgage, their lender will likely require an assessment to determine its fair market value. The appraisal process can take a few days to a few weeks. An inspection may also be conducted to identify any potential problems with the property. This typically takes a few hours, with an additional day or two for the report to be finalized.
Negotiations and Contingencies
Depending on the appraisal and inspection findings, negotiations might arise concerning repairs or the sale price. The National Association of Realtors (NAR) reports that 13% of contracts experienced delays within the past three months, with 7% of those delays attributed to appraisal issues.
Closing
In the final stage, both buyer and seller sign the closing documents to finalize the transaction. Redfin estimates that it takes an average of 26.2 days to close on a home after a contract is accepted. The buyer’s mortgage lender, loan type, and the current housing market climate can influence the closing timeframe.
Curve appeal matters, so investing in improvements can make a big difference in attracting potential buyers. You can achieve a smooth, stress-free home-selling experience by carefully navigating each step and promptly addressing delays.
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