Making the decision to sell your home can be stressful. Even more so when you put a strict deadline on when you want to sell it by. If you’re a first-time home seller you may have no idea what to expect in terms of a home sale timeline.
This is why it’s in your best interest to do some research and be realistic about selling your home. Setting yourself an unrealistic sale date will only add unnecessary pressure to the situation.
So, how long does it take to sell a house anyway? Learn more in this blog on the many factors that influence the time it takes to sell a home.
How Long Does it Take to Sell a House? What to Expect
Research conducted in June of this year by the National Association of Realtors (NAR) shows that the average timeframe a house sits on the market in the U.S. is 24 days. After that, it takes an additional 46 days, on average, to close on a purchase loan. So in total, this is approximately 70 days from the time a home is listed, until the close of a deal.
However, the sale of your home could be different.
This is because there are numerous factors that influence the sale of a home — no home sale is ever the same. There are also external factors to consider, such as the state of internal and global affairs that can impact housing markets, etc.
In reality, the time period in which you sell your home is one thing you cannot physically control. However, there are a few other aspects you can control which can make a big difference in how long your home sits on the market.
Bear in mind that if you work with a seasoned real estate professional, they should know the average number of days on the market very well. All you really have to do it ask and they should be as honest with you as possible.
The Top Factors That Influence Selling Time
Selling a home is contingent on much more than posting some professional photos on various home selling platforms. Here are a few of the major factors to keep in mind:
1. What Does the Housing Market Look Like?
The state of the housing market determines the rate of supply and demand. This can have a huge impact on how quickly your home sells. This is one dynamic that you cannot control, unfortunately.
However, an experienced real estate agent will help you manage your expectations. They should brief you on the average number of days to expect and the current state of inventory available in your neighborhood.
2. What Kind of Competition is There in Your Area?
The best time to sell a home is in a buyer’s market. What does this mean? Basically, when inventory (houses for sale) is low, and buyer demand is high. This drives the competition for properties in your area, and can even push up the prices of homes. This increased competition between homes for sale can work well in your favor for a quick home sale.
Conversely, a seller’s market means that home shoppers have more inventory to choose from. This results in home shoppers taking their time to browse home options and settle on a final decision. Your home sale could take far longer to sell as a result.
3. What is the Condition of Your Home?
This plays a big role in how desirable your home is to a potential buyer. If it’s overdue for repairs, a revamp, or just a little TLC, this could deter buyers who are looking to move into a home immediately. Many home shoppers don’t want to buy a ”fixer-upper”, they want to buy a home that’s move-in-ready and in good condition for the price they’re paying.
A home that is a little rundown can also set-off price negotiations, which can also delay the home sale process.
4. Is Your Home Priced Right?
This is yet another important factor to consider — in fact, some real estate agents may say it’s the most important factor. A home that is overpriced is more likely to sit on the market for a longer duration. This results in a lack of offers, forcing you to drop the price below its actual value, which is not an ideal situation.
To add to this, you could also run into issues with your home appraisal if it’s sold for more than its actual value. If your home sale offer is accepted, but if it’s higher than the appraised value, it’s not likely that the loan for the home purchase will be approved. This could further delay or even derail your home sale.
5. Home Buyer Financial Roadblocks
Bear in mind that most new home buyers choose to finance their purchases. The NAR estimates that 88% of home buyers go through the home loan process.
Sometimes, this process goes smoothly, and sometimes new home buyers run into roadblocks. This means that loan approval could be delayed or even rejected. Overall, this affects the timeline of your home sale.
6. The Time of Year
The business of real estate may be a business that operates year-round, however, there are specific periods throughout the year that are just more successful than others. This is particularly related to regions that face major changes in weather.
Inclement, cold, and wet weather does not drive the sale of a home. This is why listing a home in December and January in the U.S. is never recommended. Generally, the best time of year tends to fall during spring, summer, and early fall.
Timing a closed sale of a home is also contingent on the school year. Most families prefer to keep their children in the same school until the end of the school year or the start of summer vacation. Most home sales are timed around this period which falls in June-July.
Sell Your Home in No Time With Us
If you’re looking to sell your home in a decent timeframe, you’re in the right place. At We Buy Houses Memphis we offer you the fairest price for your home, with no hidden fees or commission.
We aim to work on your ideal schedule, so if the quick and reliable sale of your home is your goal, get in touch with our team and learn more about our home sale process today!