Anyone going through the house selling process wishes they could see into the future.
Because one of the very first questions a seller asks is: how long will it take to sell my house?
The truth is it’s hard to know. A lot of variables go into how long it takes to sell a house.
Factors like season, the market, and the state of the economy come into play in the house selling process. You’ll undoubtedly hear about the house that sells in just a few days and the one that sits on the market for years.
So, if you want to figure out everything that goes into what sells a house quickly, read on. This helpful guide to the whole house selling process might just make your life a lot easier.
How Long Does it Take To Sell a House?
Average Days on the Market
First of all, a housing market can be either a geographic area or a category of housing in an area. There’s a reason why Wall Street focuses so much on housing markets – high housing prices indicate a strong economy.
Real estate agents have one big figure in their heads: the average days on market of homes in their market.
To determine the average number of days a home spends on the market in your region, figure out the day each home in any given month goes on the market and count the days to pending. Then, add those days together and divide by the number of homes.
Why Sales Times Vary
Like I mentioned before, there will always be stories of homes selling in 3 days. While that might seem unbelievable, you could have that same experience – just don’t let yourself get disappointed if it takes a little longer. You’ll sell your house before you know it!
At the end of the day, how long it takes to sell a house really depends on the speed of your market. The average time of a fast market may be somewhere around 30 days while a slow market might be an average time of nine months.
The truth is that there are a ton of factors that can affect what sells a house at any given time. Some of the factors that influence the speed of your home’s sale include:
- Price: The fact is lower price ranges sell faster than higher price ranges. More people can afford lower-priced homes! If you place the house a little under market value, you may draw multiple offers. This also tends to push the price higher.
- Location: If your home is near great schools, a beautiful park, or popular local businesses, you’ll likely sell it a lot faster than another home located near a sewage treatment facility.
- Condition: A home in top shape will be far more successful on the market than one that requires loads of costly repairs. Think about it: how could you live in a partially destroyed home?
- Economy: If interest rates are low and house prices are on the rise, you’re way more likely to encounter committed buyers. This is one of the major aspects of a seller’s market. However, if an oversupply of housing exists in your area, interest rates are high, and house prices are steady, you’re probably in what’s called a buyer’s market.
Aside from these reasons, you may also be unprepared to actually sell your house and not even realize it! So, here’s how you can prepare to make the house selling process go by without a hitch:
How to Speed up the House Selling Process
- Hire an agent. The house selling process is already complicated as is, so hiring an agent can be one of your best ways to cut down on how long it takes to sell a house.
- Set a realistic price. If you set your initial price too high, you may drive away buyers who would have otherwise jumped at the opportunity to make an offer on your house. Always keep your home’s appraisal value in mind.
- Don’t sell in winter. People don’t like moving in rainy or freezing conditions. Families prefer moving at the end of a school year or during the summer months. Of course, if you absolutely have to sell your house in the colder months, it’s doable. Just be aware that you may be waiting a little longer.
- Spare no expense on listing photos. If you take photos of your house with a disposable camera, there’s a good chance they won’t capture how great it is. One of the best ways to entice potential buyers is to have awesome listing photos.
- Make sure you’re properly insured. If there are any potential hazards on your property, you seriously want to be insured. An accident on the premises can lead to lawsuits, which can significantly slow down the house selling process.
- Accommodate potential buyers. Even if it’s an inconvenience, you need to accommodate potential buyers. Going out of your way to show your home in beautiful condition on the buyer’s schedule could mean the difference between selling your house quickly and not selling it at all.
- Be wary of unqualified buyers. There’s nothing wrong with requiring potential buyers to bring a pre-approval letter from a mortgage lender to show that they have the money to buy your home. If you sign a contract with a buyer who has their finances tangled up elsewhere, you might be waiting a long time.
If you take all of these steps during the house selling process, there’s a great chance you’ll sell your house even faster than average market speed. Remember to never go into it blindly, and always be sure you have a trustworthy real estate agent working for you who can guide you through any trouble you might run into.
If you’re looking to sell your house in the Killeen, Ft. Hood, or Austin area, you’re in luck! As a real estate agent with all the experience needed for what sells a house, I can help you get your house sold. Contact me today! I’d love to answer any questions you have about the house selling process or anything else related to the complicated business of real estate!