From Listing to Closing: How Long Does It Take for a House to Sell!
Selling a house can be a stressful ordeal, especially if you’re in a rush to sell it. However, the home selling process can vary significantly based on your circumstances.
But how long does it take for a house to sell?
The answer depends on how you sell your house (among other things). It can take months to prep your home for the market, deal with potential buyers, and wait for the closing process to be completed. However, you can sell your house in under two weeks if you work with a cash buyer.
Not sure where that leaves you? Keep reading for a quick guide on what to expect when selling your home.
The Decision Of Which Way You Want To Sell Your House
I’d assume that you have made your decision to sell your house already. But what’s after that? Well, now you must make your decision on which way you are going to sell your house. In this section, we will discuss the most common method you can use to sell your house.
Considering the broad housing market spectrum, there are three possible ways you can sell your house.
- An open market sale or via estate agent
- Property auction
- Selling your house to a cash house-buying company
Here, your choice is very important. Whichever method you choose will determine two things: (1) the level of uncertainty as per your expectation and (2) the price you are most likely to achieve.
Generally, the choice method also determines the overall timeline of selling your house. The fast buying method can help you sell your home as fast as possible. However, you might end up selling the home at a reduced selling price.
On the other hand, selling your house in an open market can quickly maximize your overall profit. Overall, it also helps to minimize the level of uncertainty.
Realtor Or FSBO? Which One You Are Going To Choose?
Most often, people sell their homes using realtors. Realtors have an in-depth knowledge of the local housing market. They also have meaningful connections with other realtors with clients looking to buy.
Furthermore, real estate agents have access to multiple listing services where they can post your listing. Then, your house will be seen by potential home buyers on all the major house listing sites.
Selling your house on your own can take longer. Additionally, studies show that you’ll make less money in an FSBO property sale.
Are You Making Repairs or Renovations?
How long does it take for a house to sell if it needs work done?
Ultimately, it depends on how much work the house needs, and the necessary projects. For example, if the roof needs to be repaired or replaced, it can set you back several weeks.
If you’re waiting on contractors, it comes down to how quickly they can come out and make the necessary repairs.
If you’re doing the work yourself, it depends on how much you must do and how efficient you are. Typically, it takes homeowners one to three months to prep their house for the market.
If you need to sell your house fast and don’t have time to make repairs, Doug Hopkins may be able to help. He specializes in buying houses for cash. This is the fastest way to sell a home for people facing foreclosures and other time-sensitive issues.
How is the Current Housing Market?
Assuming you’re not selling your house to a cash buyer, the housing market will also dictate your home-selling timeline.
There are plenty of houses for sale in a buyer’s market and few buyers. This allows the buyer to pick and choose between houses and negotiate for lower prices.
In a seller’s market, there aren’t as many properties as possible for sale, but plenty of buyers. As a home seller, this gives you an advantage. You’ll have multiple offers, which can lead to a bidding war and higher earnings.
In a buyer’s market, houses can sit for months without any serious offers. In a seller’s market, homes have been known to sell on the first day of the listing.
Negotiating and Closing
How long does it take for a house to sell after an offer is made?
Finally, remember that getting an offer isn’t the same as making a sale. It can take days or weeks to negotiate with the buyer. They may request certain repairs or renovations as well, which can take even longer (if you agree to them).
Once all the terms have been met and both parties agree to the offer, you still have to wait for the mortgage company to close on the home. This underwriting process usually takes three to six weeks.
Different Property Type Takes Different Time Lengths to Sell
Shocked? Being a part of this real estate market, I have realized that different property types require different time lengths to sell the house.
On an average:
- It takes less time to sell a detached home. You might have 57 days in the real estate market before someone accepts your offer.
- If you have a terraced or semi-detached house, it might take you 66 to 70 days to sell the house.
- Lastly, in the case of flats, it takes a long time to sell them. It stays in the market for 82 days before someone agrees to buy the house.
Additionally, regardless of the house type, the property selling timeline also depends on location and the time of year. For example, the bungalow typically sells faster during summer.
How Long Does It Take for a House to Sell?
As you can see, the answer to “How long does it take for a house to sell?” can change drastically from homeowner to homeowner. But remember, if you’re in a bind and need your house sold fast, you can always go with a cash buyer.
And if you’re looking for more information, look through the rest of our blog while you’re here. Our articles are full of advice for buyers, sellers, real estate agents, and more.
Read Also:
Leave A Reply