In the current market, selling a house is a daunting task. Still, there are things you can do to speed this up, from investing in repairs to working with a good agent.
Your selling strategy is particularly important in places like Memphis, TN, where the average home needs 84 days to sell. With 45% of the listings having to take price cuts, getting buyers interested will require some serious research.
How long does it take to sell a house if you do everything right? We can’t give you the exact number, but we can promise that your chances of success will increase. Read on for a quick guide on selling a house in Memphis, TN!
What Is the Hardest Month to Sell a House?
Traditionally, September is the turning point when house sales start to slow down. October is usually the slowest month, but sales tend to remain low until the end of January. There are a few reasons why this period is slower than usual:
- Reduced buyer motivation during the holiday season
- Weather-related issues such as snow and cold
- Shorter daylight hours make showings more difficult
In recent years, however, seasonality trends have been more inconsistent. With mortgage interest rates going up and down, they create their own “seasonality.” Even so, listing a home in the winter will usually result in fewer offers.
Which Factors Affect the Speed of a Home Sale?
Beyond seasonality, there are plenty of factors that can influence how quickly your Memphis home will sell. Here are some key examples.
Your Asking Price
When you list a home on the market, your asking price directly impacts how quickly it sells. If the price is too high relative to the local market, you’ll struggle to find a buyer. If it’s too low, you may sell the home for less than it’s worth.
Housing Market
The local housing market and the national housing market both play key roles in home sales. For example, if the country is in recession but your own neighborhood is developing quickly, you should have no issue fielding a good offer.
Currently, however, both the national market and the Memphis market are moving slowly. There are a few key indicators that we’re in a buyer’s market:
- High house inventory that suggests low demand
- Homes selling below their asking price
- Moderate-to-high mortgage interest rates
Number of Days on the Market
When a home is listed on the market for too long, potential buyers may assume there’s something wrong with it. This is particularly true for houses that go pending (meaning you’ve accepted the offer) and then return to the market.
Condition of the House
New or well-maintained homes sell much faster than homes that need work done. If you have multiple big-ticket items that require repairs, there’s a good chance you’ll need to lower the price drastically or sell the house as-is.
Beyond lowering the price, there are several strategies you can use to get a decent offer. For example, you can address the biggest repairs ahead of time, particularly involving the following features:
- HVAC systems and other appliances
- Structural integrity of the home
- Kitchen and bathroom upgrades
Property Type
Different types of property come with varying levels of demand. For instance, condos are often harder to sell due to HOA restrictions. Housing inventory for the different types of property can also be a major factor in sale speed.
How Long Does It Take to Sell a House?
Knowing the real estate timeline can give you a good idea of what to expect from the selling process. Here are the key milestones of home sales:
1. Listing and Showing
Every home-selling process starts with listing your home and waiting for offers. Right now, the average length of time a home sits on the market is 35 days. This doesn’t include the time you’ll spend preparing your home for sale.
2. Accepting the Offer
Once you receive an offer, it’s customary to respond as soon as possible. Many offers have an expiration date, which can even be 24 hours after submission. Different states will also have different rules regarding response times.
3. Home Inspection
Once an offer is accepted, the buyer will have 5-10 days to do an inspection. The inspection itself takes 3-4 hours, plus a few days for the inspector to write up a report. The buyer may waive the inspection to make their offer stand out.
4. Counteroffer
Based on the home inspection findings, the buyer may present an adjusted offer or request you to complete specific repairs. This triggers the re-negotiation process, which usually takes anywhere from 24 hours to a week.
5. Closing
After you accept the offer, it will usually take 30-45 days to close on a house. This is enough time for the buyer’s lender and the title company to do all the necessary paperwork. Some factors that may hold up the closing are:
- The buyer is unable to secure financing
- The home appraisal comes in lower than expected
- The inspection reveals issues you neglected to mention
- The title search shows unsettled liens against the home
How Can I Speed up a House Sale?
Looking to sell a house quickly? If so, here are some things you can do to speed up the sale process and get your money faster:
List the Home at a Fair Price
Overpricing your home is one of the biggest mistakes a seller can make. Over time, you’ll have to drop the price while your home languishes on the market. Pay attention to what similar homes have sold recently and be open to negotiation.
Make the Home More Inviting
Before listing the home on the market, consider how you may be able to expedite the sale. Beyond upgrades and repairs, some things you may want to do are:
- Minimize clutter
- Repaint the interior
- Perform a deep clean
- Enhance curb appeal
Work with a Good Agent
Unless you’re a real estate expert, nothing will contribute to a quick property sale as much as having a good real estate agent. With their experience and local market knowledge, they’ll often come up with the perfect asking price.
Frequently Asked Questions (FAQ)
Can You Sell a House Immediately?
Yes, a fast house sale can happen within days. This involves getting an offer from a reliable cash home buyer. Once you contact them, they’ll come to see your house at a convenient time and send you a cash offer soon after.
Though this method usually results in lower offers, it’s also far less stressful. Cash buyers will also purchase the house as-is, i.e. you won’t need to invest in repairs. You also save money by skipping the commission and closing fees.
What Is the Five-Year Rule in Real Estate?
In real estate, the five-year rule is a guideline that says you should live in a home for five years before trying to sell it. In doing so, you’ll build enough equity and maximize the home’s value while overcoming potential market fluctuations.
That said, the five-year guideline is very flexible. It may make sense to sell sooner if you have a good reason or simply a large appreciation. Similarly, you may need to wait a little longer in slow markets or if your home needs repairs.
How Do I Create a Compelling Home Listing?
Having an appealing home listing is one of the best ways to maximize your chances of a sale. Many homeowners aren’t aware of this or don’t know how to make their listing more compelling. Here are some tips that may help:
- Create an attention-grabbing headline
- Emphasize your home’s best-selling features
- Research other sellers’ descriptions
- Take high-quality photos
How Many Showings do Most Houses Receive?
Most houses get 10 to 25 showings before receiving an offer. Of course, this can vary depending on many factors, including market competitiveness. In a seller’s market, it may only take one to five showings to finalize the sale.
Has your home received 25+ showings, and you still haven’t seen any offers? If so, this may be an indicator that you’ll need to lower the price. This is where advice from a professional real estate agent can come in very handy.
How Long Is Too Long on the Market for a House?
The definition of “too long” is heavily dependent on market conditions. That said, most agents consider a property that sits unsold for 60 days to be a stale listing. At this point, you may want to rework your marketing campaign.
We’ll Buy Your Memphis, TN House Fast!
So, how long does it take to sell a house? This guide should give you a few pointers, but the real answer is: as long as it takes. Many factors that go into selling a home are out of your control, so your best bet is to remain patient.
Don’t want to go through the whole stressful process of selling a Memphis home? At WeBuyHouses, we’ll give you a cash offer within 24 hours of visiting your home. We’re a BBB-accredited business trusted by over a million homeowners!
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