Whether you’re upgrading, down-scaling, or changing your primary residence because of a job relocation, then you’ve probably wondered, “how long does it take to sell a house?” We will delve into that and look at the factors that affect a house sale. We will also provide useful tips for a faster home sale.
How Long Does It Take to Sell a House?
The average selling time for a house is rising. According to a report from the National Association of Realtors (NAR), homes stayed on the market listings for an average of 33 days in January 2023. This is longer than the average time of 26 days back in December 2022 and 19 days from January of last year.
These 33 days on the market do not yet include the days you need to put in to make your property presentable, clear the paperwork and insurance, and close a deal when you’ve chosen a buyer.
So, the property preparation, together with the average days on the market and closing the deal, will probably take you almost three months.
What Factors Can Affect the Timing of a House Sale?
The following are the factors that can make your house sell fast or sit long on the property market:
Current market conditions
This looks at whether there are currently a lot of buyers on the lookout. If mortgage rates are low, home buyers will increase in numbers.
Is your property in a prime area? Is the neighborhood safe? These are some of the things potential buyers are looking for. Owning property in an in-demand location will speed up your house sale.
Your listing price will usually depend on the state of your property and the average house value in your area. If you sell lower than others, you’ll probably get more offers.
State of the House
The current state of your property is a huge factor when potential buyers visit. A house that is ready for occupancy will sell faster than one that still needs a lot of remodeling and repairs.
How Long It Has Been Posted
Your online listing is judged blindly by how long it has been posted. People will assume there are issues when your property has been sitting on the real estate market for a long time. This is enough to scare away prospective buyers even before they’ve seen your house.
Time of the Year
It’s a fact that most people don’t like going out in the rain or snow. This is why they would rarely look for a property and go visit open houses in those weather conditions. For a faster sale, post your listing during the spring or summer months.
Tips on How to Sell Your House Fast
To hasten the selling process, we’ve compiled some practical advice to guide you. Follow these tips
Hire a Professional Real Estate Agent
An experienced agent will give you a fair appraisal of your property. He/She can give a valuable market analysis that will help you decide on the list price and which final offer to accept. The agent will also handle the screening of prospective buyers and arrange an open house tour, which means less hassle for you.
A realtor may get agent commissions of about 2 to 4% of the sales price, but the professional services they bring are certainly worth the cut. With an agent working on your behalf, you can just sit back and wait for the offers to come. Armed with their knowledge in the industry, your property is sure to fetch a fair price.
Prepare the Property
First off, get a pre-sale home inspection. This will give you an idea of what parts need repairs or a fresh coat of paint. Making your house appealing is sure to attract potential buyers.
Once your property is in tip-top shape, take lots of photos to show off that beauty. Listings with a lot of pictures look more interesting. It also gives the viewer a good mental picture and a better feel of your house.
Set a Reasonable Asking Price
Every seller wants to get the most out of their property. However, there are situations where this is not possible. To sell faster, it is best to set a realistic price that will appeal to more buyers.
Choose a Certain Buyer
Non-cash buyers would often have to wait for their loan approval before closing the deal with you. You’ll have a much faster transaction with cash buyers. As long as they have proof that they have the money, you’re ready to sign the contract.
Sell to a Company
Companies that deal in real estate have already developed an efficient process for buying homes. Investors, real estate developers, and home cash buyers, such as HouseMax, have all the necessary documents and financing ready. Selling to them is as fast as contacting them and signing the contract.
Mistakes to Avoid When Selling Your House
Homes that have been sitting on online listings for over 60 days tend to sell for 10% cheaper than the original asking price. Avoid these mistakes to get the best deal out of your home sale.
- Being emotional – Staying attached to your home will cloud your judgment and affect decision-making while selling it.
- Setting too high a price – You should include repairs and closing costs in the listing. But setting a purchase price that is too expensive will drive away buyers.
- Not disclosing issues – Hiding parts that need repairs and not being transparent about the mortgage payment on the house are some of the things that will turn off buyers.
- Not preparing the house – If you don’t fix your property, don’t expect to get good offers, if any.
- Selling to an unprepared buyer – A buyer with no necessary documents is just a waste of time.
- Not hiring a realtor – Trying to sell your house on your own might be too much to handle.
It takes almost three months to close a house sale. That includes the time to have the house inspected, fixed, and appraised. Plus, the days it sits on the market, negotiating with buyers, and finally closing the deal.
Selling a house requires a lot of work and waiting time. So, if you want to sell a house quickly in Kansas City or the surrounding area, get in touch with HouseMax. You will get a fair all-cash offer in just 24 hours. No need to spend on repairs and moving out. HouseMax has got you covered.