Wondering how long it’ll take to sell your home? That’s a valid question, and the answer can help you plan your move. But unfortunately, it’s not as straightforward as you may think. While there’s a general timeline based on industry average, the number of days or months the process will take from start to finish depends on several factors.
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The Process and Average Timings of Selling a House
Here’s a breakdown of the process:
Listing The Property
You can list the property on your own or hire a realtor to do the legwork for you. The latter is the preferred option as they’re well-versed in the home selling process from start to finish and can assist you every step of the way. But it’s pertinent that you evaluate your options and select a reputable realtor with a track record of success and who knows your local market.
The next step is to prepare the property for listing. You can sell it as-is, but sprucing things up a bit could help you attract better offers.
Waiting for Buyers
After the home is listed, the real estate agent will arrange showings with potential buyers. Depending on the market conditions in your area, you could get a good offer right away. Or you may have to wait a bit to attract the right buyer that’s willing to pay at or above your asking price.
Receiving and Accepting Offers
Whether you receive a few or several offers, common courtesy is to respond within 24 to 48 hours. That way, you can keep the process moving forward.
House Appraisal and Inspection
If the buyer is financing the purchase, the lender will typically require an appraisal to determine the home’s market value. In most instances, the appraisal and inspection are done within 10 days of the accepted offer. While it shouldn’t take more than a few hours to complete, the final report that’s issued could take a few days.
Counteroffer and Negotiations Based on Inspection
Assuming an appraisal contingency was included in the purchase agreement, the buyer can negotiate a lower asking price or ask that issues found during the inspection be rectified before agreeing to move forward. Otherwise, the buyer has the option to walk away from the deal.
Closing the Sale
The final step is the closing, which involves reviewing and signing the closing documents.
Submit an online application form to inquiry about Angel Oak Mortgage Solutions financing options.
Older homeowners can get peace of mind and added financial security with a reverse mortgage from AAG.
Buy a home or refinance your existing mortgage with Zero Mortgage.
How Long Does It Take to Sell a House on Average?
On average, houses remain on the market for 22 days, notes U.S. News. You should also account for the time it takes to prepare the home for listing and the required actions before closing.
Once an offer is accepted, it could take anywhere from 30 to 60 days (or longer) to reach this point, depending on market conditions, the buyer’s lender and other unforeseen circumstances.
Be mindful that homes in areas with limited inventory and high demand could sell faster. The location and condition of the house could also affect the time it takes to sell.
Options to Sell Your House Faster
Not getting the offers you want? Or maybe your home isn’t attracting the foot traffic you thought it would? Here are some ways to help your home garner the attention it deserves so it sells faster:
Reduce The Selling Price
Your home should be priced to sell. Otherwise, you risk scaring potential buyers away or attracting low-balled offers that aren’t worth considering.
Improve the Homes Condition
Does your home need serious upgrades or repairs? You want the property to shine on the market, and improving the condition could help it sell faster.
