How Long Does It Take To Sell a House and What You Should Know
Putting your house on the market can be a daunting task. Even when the market is hot, you never know precisely how long it will take to sell your home or what the final figure will be. Keep reading for tips on how long it takes to sell a house, and what you should know.
Statistics
Before you seek the advice of a real estate agent or broker, do some research to learn how long it typically takes homes in your area to sell. There are reliable statistics available that can provide you with a good starting point. You can also check historical median list prices. Even if your property is unique, these statistics will give you a better overall picture of the housing market.
Selling Strategies
The amount of time it takes to sell a house can be intrinsically linked to how you intend to list it. These days, many people are forgoing the traditional real estate agent route to avoid hefty commission payments or to speed up the selling process. Included below are some alternative selling options, including their pros and cons.
For Sale By Owner (FSBO)
Pro – No commission
Con – You will need to do everything yourself, including pricing, marketing, and finalizing the sale
Online Real Estate Broker
Pro – Lower commission
Con – Less personal service
Property Buyer
Pro – Can offer a commission-free, quick sale and a complete cash offer in as-is condition
Con – Lower selling price
Pricing Strategies
Pricing a house for sale is instrumental for getting top dollar and for determining how long it will remain on the market. According to Zillow, houses with an accepted offer in the first week of listing are sold at list price 57% of the time. If you tested the market at a higher price but want to sell quickly, you don’t need to worry, as 12.9% of homes have at least one price reduction before finalizing the sale.
It might be worth pricing your home below market value to entice buyers into providing multiple offers. If you want to expedite your home sale, then this can be a worthwhile strategy. However, if you have the flexibility to keep an eye on the current inventory in your market, then you can list once competition wanes to garner a higher price.
Prepping Strategies
There are strategies that you can take to hopefully limit the amount of time your house sits on the market but they do require time, effort and financial means. Many of these tasks can be accomplished well before you even list them and will make moving to your next home easier. These strategies include:
- Decluttering and cleaning
- Packing non-essential items
- Doing minor maintenance repairs
- Tidying the garden to increase curb appeal
- Hiring a professional real estate photographer
- Getting a home inspection
- Plan to sell at the right time of year for your demographic
Selling a home involves dealing with numerous factors outside of your control. Nevertheless, most of us can’t make any firm plans before a house sale is finalized. By meticulously going through our strategies, you may be able to sell your home in record time.