How long does it take to sell a house?
How long does it take to sell a house? How quickly can I sell the house? How do you sell a house? What’s the average time house on market can be sold in? When to sell the house for a decent profit? What’s the average time it takes to sell a house?
These are all questions that homeowners ask themselves at some point. An overpriced home will take longer to sell, and the average time to sell a house by zip code isn’t the same.
Brokers tend to ask the owners how long to sell a house before they begin, as this helps shape the price. If you take a look at houses for sale by zip code, you’ll begin to see a pattern with how long it takes to sell a house in that market.
You could also do a quick search on “sold houses in my area” when you’re asking yourself “how long will it take to sell my house”.
The average days on market number
This is a number that any good real estate agent should know. If your agent can’t tell you that, or the average number of showings to sell a house, look for another one who can.
If you want to calculate this yourself, just see what day each home goes on the market, and see how many days until pending. Add the days together, and divide by the number of homes for an average.
What will sell a home quickly?
Sometimes the length of time it takes can’t really be explained. It could be luck, for example, your homecoming to market on a day when a specific buyer wants to buy such a house.
However, there are three factors that have an influence on this, and they’re price, location, and condition. Let’s take a look at each of them.
This is where a smart agent can push a good strategy, and get multiple offers, is to price the home a bit under the market value. The price range makes a huge difference as well, and commonly a lower price range will sell faster, as there are more buyers that can afford a lower-priced home.
In a seller’s market, pricing the home below comparable sales will drive offers. Multiple offers will drive the price up, and competition usually breeds desire. Passionate buyers won’t hesitate to pay more than the asking price to ensure they get the place they want.
This is also a key factor. If your home is in a neighborhood that’s highly desirable, which has great schools, for example, the demand will be higher. However, if it’s near a toxic dump and away from schools and stores, it might never even sell.
For example, a home that fronts the freeway comes with its own challenges. Often, people who own such a home are used to the location, noise, and view. However, a new buyer will clearly see these things and might be a bit turned off.
Last but not least, the condition your home is in makes a huge difference too. If it’s in a great shape, it will sell much faster than a home that needs repairs.
A home buyer can’t imagine how they would live in that house if the home is a mess, or looks too much like it belongs to you.
Commonly, just clearing half of the furniture out will do the trick. Many people tend to have too much furniture, and this just makes the area seem small.
The market temperature has a pretty big influence on how long it takes for the house to sell
When you have a seller’s market, the homes sell fast. This is because there are a few sellers and plenty of buyers. When you have more than a single buyer bidding for a home, this results in a war which often ends up in a home selling fast, and above the list price.
In a buyer’s market, on the other hand, a buyer has more options and can take their time. If the home isn’t just what they need, they’ll wait for a better option. If you’re a seller in this kind of situation, patience is a virtue.
What to do if you want to sell your home quickly?
The key here is to know how to appeal to the buyers in the market. A good real estate agent can give you a good sense of what potential buyers might need.
A professional can also help you determine the right asking price. And, if you want to sell fast, you can go for a price that is slightly lower than the competition.
If you want to sell fast, you should also make any necessary repairs. And, before you show the house to the public, make sure you stage the house. A staged home will sell much faster than a home that’s cluttered or doesn’t look ready for moving in.
Another critical step is marketing. If the photos aren’t really attractive, or nobody knows that the home is for sale, this might take a while.
If you’re in a rush to move, you could consider selling to someone, like a relative or friend, who might be a bit more familiar with the community.
One more factor is the number of qualified buyers you can get. If your property is appropriately priced, you just have to deal with the law of numbers.
From experience, it takes around 20 qualified buyers, before you receive an offer, and around two to three offers before you close the sale.
If you’ve priced the home right and has everything a buyer needs, they’ll be swarming the place within the first month. Volume through the door when your home is priced right generally leads to a quick sale.
However, if you have things that are below average, the buyer pool is decreased, and the amount of time gets higher, even if the price is “right”.
A seller should understand that an “imperfect” home takes time to sell, and if there are no buyers, that might have to do with the limited attributes, not the price.
A critical mistake is to reduce the price too soon or to take the home off the market. The best step is to wait, and the right buyer will show up eventually.
Let’s take a look at an example. A low floor apartment on the Upper East Side might generate 5 showings in the first week. Afterwards, that number drops to about a single showing per week.
At this rate, you’ll need to wait for around 15 weeks before you can expect an offer. And, since sellers want to test the market at a higher price, you’ll need to make a price adjustment as well.
However, this place will most likely sell in 15 to 20 weeks if traffic doesn’t drop again.
Now, you should know that even the least desirable apartment, at a bargain price, will sell quickly. The perfect home will sell quickly at even a high price.
But, for an average home to get a good price, there should be a good combination of time on market, attributes buyers want, and price, when you want to close the deal.
Ending thoughts on how long does it take to sell a house
If you’re selling your home, you want to know how long it takes. The average home could be sold in around two months but selling yours might take a bit longer depending on your local market and location.
To help yourself, try to develop an effective approach to selling the house, as well as market it and stage it properly.
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