How Long Will It Take to Sell My Home?
If you’ve considered putting your house on the market, you may wonder how long it typically takes to sell a home. Unfortunately, there really is no simple answer.
The big real estate sites all have their own ‘average’ time to sell a house. According to Realtor.com, the median amount of time for selling a home is 65 days. Redfin states that it takes between 10 and 70 days rather than providing a median number. How long it takes for your house to sell depends on several different factors.
Market Conditions Matter
How the real estate market is moving can have a very big impact on how quickly your home sells. In a seller’s market, the chances of your home selling quickly are higher. In a buyer’s market, you can expect that your home might sit a little longer. Other market factors that matter include:
- How many houses are on the market in your area
- When you decide to list
- State of the stock market
- Unemployment rate in your area
- Interest rates
- How your home’s marketing stacks up to the competition’s
Location is important! In some places, houses just sell faster. There’s a higher demand for houses there because people want to move into the neighborhood. If you’re lucky enough to live in a very popular area, you may find that your home sells quicker than average.
Inventory also plays a role in how long it takes to sell a home. When there’s less competition by way of fewer homes on the market, it’s more likely that yours will be the one someone who is shopping will pick. If the market is flooded with new listings and you add yours to the pile, it may not stand out quite like you’d hoped.
The time of year you sell makes a difference. During the winter, fewer people are shopping for homes. It’s a busy time of year for a lot of people, and nobody wants to move in the cold. The peak of summer can sometimes present the same challenges. If possible, listing during the spring or fall provides your best chances of quick sale.
The stock market and unemployment may affect time on the market because they influence whether people feel secure in spending money. When the stock market is down and finances seem uncertain, people tend to be more uncomfortable making large purchases. Banks may also be pickier about who they approve for loans.
Buyer confidence is also influenced by interest rates. When interest rates are low, your home is likely to sell sooner. When interest rates are high, that means payments for a home are also high and less people buy homes.
Good marketing exposure means more buyer inquiries. It may not be the end-all-be-all, but a home that’s gotten plenty of positive exposure is more likely to sell quickly.
Your House Itself Will Influence Time to Sell
The condition of your home is another important factor that determines how long it takes a house to sell. A house that is in poor repair can scare off buyers. If the condition is bad enough, you may have to count on buyers who are either able to fit the bill for repairs in cash, pay for repairs yourself, or hope for a buyer who is willing to get a renovation loan. The same goes if the home is outdated.
A home’s asking price will either entice buyers or drive them away. If you list high in an effort to get as much as possible for your home, it could cost you potential showings. Listing too low can make potential buyers wonder what is wrong with the property.
It’s Not Over ‘Til It’s Over
Whether it’s 10 days like Redfin’s conservative estimate or 100 days between when your home is listed and when you accept an offer, you’re not done yet. You’ve still got to get to closing. For cash offers or short sales, you may be able to close in as little as a week. If your buyer has traditional financing, it will likely take between 30 and 60 days to get to closing.
If time on the market is a big concern to you, a cash buyer like Sell Your House Direct may make your selling experiences less stressful. There’s no guesswork – you decide how quickly or how long you need before you close escrow on your home. If questions or fears arise, just call us! Sell Your House Direct will give you the answers and confidence you need to make the best selling decision for your home sale goals! Contact us now!