Did you know that more than five hundred million homes are sold in the United States every year? Despite this huge figure, the reality is that selling a house is often a long and difficult journey.
This is especially true if your house is a fixer-upper, or in an undesirable location. But, exactly how long does it take for a house to sell on the market? If you want to know the answer, then you’re in the right place. In this article, we’ll break down everything you need to know about the home selling process. Let’s get started!
How Long Does It Take For a House to Sell?
In terms of averages, most homes spend around thirty days on the market. Then, it takes the average buyer around forty-five days to both apply and close on their mortgage loan. So, in total, you can usually expect the process from listing to closing to last over two months. However, keep in mind that these are just averages.
Certain houses will take a lot longer to sell, especially if they’re undesirable or listed at a price that’s too expensive. If you aren’t sure, then ask your real estate agent about the neighborhood.
If they’ve sold a home from there in the past, then they’re probably familiar with how long it spent on the market. In this next section, we’ll go over some of the factors that can influence how quickly a house sells.
Factors That Influence How Quickly Homes Sell
Now that we know how long it takes the average house to sell, let’s see what influences that time. Every listing is different. But, there are certain things that almost always affect the time a property spends on the market.
Home sellers can get rid of their properties more quickly in a seller’s market. This is a market condition that occurs when the inventory of homes is low. As such, there’s a high buyer demand for the available locations. A buyer’s market is the opposite. In this scenario, there are too many houses available, and not enough buyers.
As such, buyers have their cream of the crop and can bide their time for the right deal. A lack of competition means fewer offers and more time in the market. As of right now, we’re currently in a seller’s market. So it’s a good time to be selling your home.
Though it’s overused, the adage, “location, location, location” is still pretty accurate. Properties that are located in good neighborhoods typically sell much faster. So, what’s considered a “good neighborhood”?
Houses that are found close to schools, businesses, and restaurants are typically more desirable than more destitute areas. Similarly, if you own property in a rural area that’s a thirty-minute drive from the closest grocery store, then you might be on the market for long.
Condition of the House
If your home is in good condition and clean, then it’s more likely to sell faster. This is especially true if you clean out a good amount of the furniture. Buyers want to be able to imagine themselves in a home. That’s hard when there’s a bunch of furniture blocking the way. It’s even worse when the home is in bad condition.
No person buying a home wants to imagine themselves cleaning it up. So, make sure to clean up and clear out if you can. Similarly, few buyers will appreciate homes that require a lot of internal or external repair. As such, fixer-uppers will need to be marked down if you want them to sell faster.
Strength of the Agent
If you enlist the help of a real estate agent, then their experience can also determine the time spent selling. A strong agent with knowledge of the area and strong marketing tactics will sell quicker than someone new.
Ideally, you want an agent with around nine years of experience. However, this isn’t always a good indication. Interview your potential agent to make sure they’re qualified to sell your home.
The Season You Choose
The season you choose to sell can also affect the time spent on the market. For example, the cold months of November through February are the slowest-selling month. That’s since no one wants to move in freezing weather.
As such, you should stick to spring and summer if you want to sell your home quicker. Families typically move during this time, so they’re all settled in for the new school year.
Is There a Quicker Way to Sell Homes?
Some people might be in a hurry to sell their houses. Whether you’re going through a rough divorce, or you need to move for a new job, you might not have the time to wait months on a listing. So, is there a way to bypass a lot of the red tape that comes with selling a house? One way is cash home buyers.
These types of businesses purchase the property outright and quickly. Afterward, they’ll try and renovate the home to flip it for a profit. These types of businesses get a bad reputation for being dishonest. However, the reality is that there are plenty of reputable Cash Home Buyers out there. While they aren’t for everyone, they work best for certain individuals.
Want More Content? Keep Exploring
We hope this article helped you answer the question, How long does it take for a house to sell? As you can see, there are a variety of factors that determine how quickly you can sell your home.
However, if you’re in a hurry to move, then a cash home buyer will usually be your fastest option. Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep reading to find more topics that you’re sure to love.