Real estate is always changing. The average time associated with selling a house changes from place to place– real estate is all about location, after all.
But if you’re hearing the buzz about a hot market, maybe it’s time to consider selling yourself. If you put it on the market today, will you have time to make needed updates or repairs? Or will it sit on the market for months on end? Just how long does it take to sell a house?
Let’s answer that.
How Long Does it Take to Sell a House in General?
According to the National Association of Realtors, most homes stayed on the market for an average of around 56 days in August 2020.
It took buyers an average of 45 days to apply and close on their mortgage loans, meaning that the average seller had less than two weeks to wait to find a suitable buyer.
That’s a fast turnaround time. In 2018, the typical home spent anywhere from 65-93 days on the market– nearly double compared to this year.
How to Sell a Home Faster
Across the country, it would seem houses are in high demand. But what determines whether or not your home will sell quickly?
Your Home’s Location
Common sense, right? If your home is on the water it’s going to attract more attention than if it was backed up against a major highway.
Similarly, people are fleeing urban centers and heading to more suburban and rural communities in the wake of COVID-19.
Manhattan Beach is an example of a strong real estate scene developing as people move south of Los Angeles.
Your Listing Price
When you’re aiming to sell a home, take into consideration what it’s listed at. If the price is low, you’ll get more attention than a higher cost. That doesn’t mean you’ll get qualified buyers though.
Aim for a list price that shows what the home is worth.
The Condition of Your Home
Even if your home is in the right neighborhood going for a competitive price, if your home hasn’t had any major updates or is in complete disrepair, you could find yourself sitting on the market for far longer than your peers.
Also, consider the staging of the home. An empty home leaves a canvas for people to arrange furniture in their minds, but it can also leave people unsure if their own furniture will match the space.
Don’t forget to remove personal effects, such as photographs or trophies. People want to envision what their life will look like in the new home, not reflect on the fact that the home was already lived in.
To Sell or Not to Sell
So how long does it take to sell a house? There are a lot of factors involved. If you find that your home is in the right place, is positioned at the right price, and has the necessary updates and repairs to make it stand-out, then your home could easily be off-market ahead of the national average.
If you like this article, check out our other content on real estate.
