Whether it’s a new career, a change of scenery, or another reason, if you already own a home you’ll probably want to sell it before you move to a new place.
The home selling process is stressful, and a common question many people have is, “how long does it take to sell a house?”
While there’s not one specific answer to this question, there are some basic timelines that every seller should be aware of, so read on to learn more.
From Listing to Closing
The time it takes to sell your home will depend on many different factors, including the popularity and demand of your specific market. According to the National Association of Realtors, the current average time to sell a home (meaning getting a signed contract) is approximately 24 days.
In general, the standard home selling timeline is approximately 30 days but could take up to 45 days depending on the situation. If you’re selling your home the traditional route, plan to wait around one month to sell your home which includes the final closing.
A 24-day timeline to sell a home is actually quite fast. Historically, the timeline has been closer to 50-60 days and even as long as 98 days in certain circumstances.
How long does it take to sell a house? The answer really does depend on the current market conditions, how well your home shows, your asking price, and a myriad of other factors.
If your home is currently in a hot market where inventory is scarce, you’ll likely get a sale much faster than in a slow market. Research the current trends in your location to help you determine how fast your home might get an offer.
Preparing Your Home for Sale
One of the most time-consuming parts of the home selling process is preparation. You’ll need to spend time decluttering your home and either donating, storing, or selling many of the things you no longer plan to use or take with you to the new place.
If your home needs some TLC, you’ll also need to spend time painting and doing a few updates. Major repairs could also take time, especially if certain trades are in high demand or if the repairs are quite involved.
You’ll also want to spruce up your home’s curb appeal, which means working on the landscaping and the exterior. If you decide to install new siding or lay new sod, this process can take quite a while to complete.
On average, it might take anywhere from one to three months to fully prep your home for sale. However, the fastest way to sell a house is to list the property “as-is” rather than focusing on making updates and big changes.
How Long Does it Take to Sell a House? It Depends on the Asking Price
One mistake that many home sellers make is listing their homes for too much right out of the gate. It’s vital that you choose a fair asking price to start with, or else your home may sit for weeks or even months without an offer.
Talk to a professional real estate agent who can help you with a CMA, or Comparative Market Analysis report. This report will show you recent sales in your area, and homes that compare to yours in terms of size and condition.
When you ask for too much, it can scare some buyers off or prevent them from even making an offer in the first place. Get to know our market and use it as a guide to help you pick an appropriate asking price.
In markets where there’s a lot of competition, you could end up getting more than the asking price anyway. Start your listing at a price you’ll be happy with and leave some wiggle room for negotiating just in case.
Sell According to the Season
Your location, the weather, and the time of year can also have an impact on how fast you sell your home. Many sellers prefer to wait until spring to list their property which tends to bring more buyers to open houses.
If you live in an extremely cold part of the country, you may want to list during spring and summer. Those who live in more temperate climates like Florida or Arizona can list their homes during almost any season since the weather tends to be warmer, longer.
Some buyers wait until summer is here to start looking for homes to buy due to their children’s schedules at school. One way to determine the best time of year to get a fast sale is by researching the market and past sales in your area. If you notice a lot of offers being made in June, for example, consider gearing up to list your home in May.
Overall, late spring to early summer is the best time of year to sell your home. However, markets like Phoenix show October as the prime time, so always take a close look at the data when timing your listing.
Get Your Home Sold Fast
So, how long does it take to sell a house when you need to sell it fast? The average time is around 30 days, but you can get yours sold even faster when you sell it as-is or sell it for a cash offer.
If you’re in the Memphis area and ready to sell your home as fast as possible, be sure to contact us today to find out more about how we can help.