How Long Does It Take to Sell a House? a Guide on the Average Time
Are you wondering: how long does it take to sell a house? If yes, you should click right here and check out our informative guide.
In 2019, over 5 million existing homes were sold in the United States.
If you want your home to sell in 2020, you’re going to be facing a lot of competition. No one wants their home to stay on the market for a long period of time, but there’s nothing you can do about that, right? Wrong!
Are you wondering: how long does it take to sell a house? If yes, keep reading to find out how long your house will take to sell and how you can speed up the process!
Average Time on the Housing Market
How long does it usually take to sell a house? The average time a house sits on the market is between 46 to 55 days.
While this doesn’t seem like a long time if you’re using the sale of your home to fund your new house purchase, this can seem like an eternity. Or, if you’ve already purchased your new home, this can mean an average of two months in which you’re paying on two mortgages.
Also, keep in mind that this time average only starts once the house is officially listed. This doesn’t count any time you may spend getting your house ready to list or finding the right realtor to work with.
The Best Time of Year to Sell
If you’re considering selling your home, you may want to first research the best time of year to sell. The time of year is one of the biggest factors in how quickly a house will sell.
The best time of year to sell any home is in the spring, so March, April, or May. These months not only mean your home may sell quicker, but sellers also make $1,600 more off the sale of their home during these months.
Why is this? Think about it: no one wants to move into a new home when there’s snow on the ground.
Spring is thought of as a fresh start to the year, a great time to buy a new house.
So, if at all possible, you should aim to list your house during March, April, or May.
Factors That Will Speed up a Sale
Regardless of the market or time of year, there are certain things that cause some houses to sell quicker than others. Listed below are three things to keep in mind when selling your house.
Low Asking Price
It may seem counterproductive, but listing your home at a lower price can result in a quicker sale. When people look at housing listings, the price of the home is the first thing they see.
But when most people price their home, they price it higher than they want to get out of it in case of negotiations. Instead, try pricing your home at your bottom-dollar limit.
With this tactic, you can avoid a lengthy negotiation process and instead, quickly pocket the sales check.
If a quick sale is important to you, it may be well worth the lesser profit.
A Great Location
While you can’t change where your home is located, keep in mind that two identical homes will sell at different paces due to their locations.
A home in a well-kept neighborhood with low crimes and a good school system is enough to cause a buyer to make an offer.
So make sure you market the location of your home accordingly. In the listing, point out the positives of the location and list how far away it is from local landmarks.
Good Staging and Marketing
Something that many people forget to do is properly stage their home.
Make sure to remove clutter and personal belongings before photographing or showing your home. An attractive, open home will catch more eyes than an unkempt one. Consider renting a storage unit while selling your home to really show it off.
Also, make sure you and your realtor are effectively marketing your home. The more eyes you get the listing in front of, the better chance you have of landing a sale.
Factors That Will Slow Down a Sale
Now that you know what can speed up a sale, you also need to be aware of what factors have the opposite effects. Below are two main things that might stand between you and the sale of your home.
High Asking Price
Just like a low asking price can speed up a sale, a high asking price can slow down a sale. You never know when a potential buyer may be avoiding looking at your home because it’s out of their budget.
Instead, be realistic when listing your home. Look at what comparable homes in your area are selling for and price yours accordingly.
A Home That Isn’t Move-In Ready
Many buyers are interested in a home that is move-in ready. Look around your house and think about what features of the home would prevent someone from moving in immediately.
Make sure to complete any home renovation projects you’ve been putting off. You could also consider selling the home with the appliances included. Lastly, a fresh coat of paint goes a long way in making a home look ready to live in.
So How Long Does It Take to Sell a House?
There is no magic answer to the question, “how long does it take to sell a house?” Instead, there are a lot of variables involved in the equation that can help your home sell quickly or remain on the market.
To speed up the sale, be conscious of the time of year you’re aiming to sell your home. From there, you can price your home appropriately for a fast sale. And always make sure your home is attractively staged and that you or your realtor are marketing it efficiently.
Want to learn more about the buying and selling process before you list your home? Head to the Real Estate section of this site for all the best tips and tricks.