How Long Will the Home Selling Process Usually Take?
Existing homes sell like hot cake in the United States. About 6.4 million existing homes were sold in 2021, compared to just over 700,000 new homes sold in the same period.
If you’re looking to sell your home, the market is there. However, selling a home or any real estate property isn’t a quick transaction. It’s unlikely that you’ll find a buyer and close the deal on the same day.
So, how long does the home selling process take? Is there a standard timeframe or every transaction has unique timelines? For answers to these questions and more, keep reading!
Average Time to Sell a House
There isn’t a standard timeframe for selling a house in the U.S. or anywhere in the world. If your neighbor took three months to sell theirs, it doesn’t mean yours will also take the same amount of time.
But, there’s an average period. This keeps changing from year to year depending on the real estate market, but in 2020/21, homes were taking anywhere from 55 to 75 days to sell. Homes were going under contract within about three weeks, and the rest of the time was used to close the deal.
Since the 2022 real estate market is likely to mirror that of the last two years, it’s fair to conclude that most homes will be taking close to three months to sell.
That being said, your home can take a shorter time than the average to sell. It can also take a much longer time.
This raises the question: what factors influence how long a house takes to sell?
Cash Buyer or Mortgage Buyer?
The time your house takes to change hands will rely on whether the buyer is paying for it in cash or they’re getting a mortgage.
Cash transactions are fast, closing in about two weeks. This is because many of the home buying processes involved in a standard mortgage deal aren’t there or can be skipped as long as the buyer is okay with it.
It’s fine to target cash buyers if you’re looking to sell quickly, however, these buyers aren’t the majority. You may have to reach out to specific buyers known to buy homes in cash, like this home buying service.
As such, be prepared for a lengthy home selling process if your buyer is bank-financed. The most you can do is hope the home goes under contract as quickly as possible. From there, you’ll have little control over the amount of time the home will take to close.
The State of the Home
An old home that’s in need of many repairs can take longer to sell than a new home that’s in superb condition.
A depilated property will struggle to attract offers. The longer it takes offers to come in, the longer it will take for the property to go under contract.
On the other hand, a home in excellent condition and has great curb appeal could start getting offers as soon as it goes on sale. Getting and accepting a good offer quickly means the mortgage process will kick off sooner.
The Home Selling Process Needs Patience
The home selling process can take a couple of weeks – best case scenario. Or it can take several months or even years, depending on how soon after going on sale the buyer accepts an offer. The buyer’s method of purchase as well as the state of the house will all contribute to how long it takes to sell a home.
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