The amount of time your house spends on the market depends on certain conditions and how you approach the sales of your house.
An average home can sit on the market for 22 days and the average time to close the sale of a home is 49 days. This means that your home can stay a total of 71 days on the market before it gets sold. However, the sale of your house could be different depending on how favorable the market condition is at the time.
Factors that determine how long your house stays on the market
Below are some factors that determine how long your house stays on the market before it gets sold:
State of the Market
The state of the market is mainly divided into the buyer’s and seller’s markets There’s a bigger supply than demand in the buyer’s market; it takes a while before a house gets sold on the buyer’s market. However, it’s easier to sell houses on the seller’s market because there’s more demand than supply.
The pricing of your home can also affect how long your house stays on the market. Over-pricing prolong the stay of your house on the market and it causes people to overlook the house and opt for a more budget-friendly one.
Condition of the Home
No buyer will willingly buy a home with a lot of issues. Buyers are not ready to take on the task of making renovations or repairs because it only results in extra costs for them. To sell your house fast, your home needs to be in good selling condition.
The location of your house also affects how long it takes to sell it. If your house is located in a highly desirable location, it will sell fast but if it’s in an undesirable location, it may take a while to sell it.
How Long Does It Take to Sell a House?
Below are some house-selling timelines and how long each step takes:
Hire a Real Estate Agent
A real estate agent can help you with selling your home and relieve you of the stress of going through the process of selling your home. A realtor will be able to tell how long a house will take on the market using their experience and expertise. If you’re using a real estate agent to sell your house, ensure you hire one that communicates effectively. This will help to facilitate the sales process.
Prepare the House For Sale
Preparing your house for sale means making repairs and renovations so that your house can be marketable. The length of time it takes to put the home in order also prolongs the listing time. But if your house is in good condition, the higher the chance for a faster sale.
List and Show the Property
After completing all preparations, the next step is to price and list your home on the market. Your real estate agent will take over from here as they know the best time to list a home on the market.
Accept an Offer
After an offer is received, most agents, buyers, and sellers respond within a short time otherwise the contract will be rendered non and void.
Appraisal and Inspection
An appraisal and inspection will be required by the buyer before they close the sale of the house. This can take a few days or even weeks. This can affect the time the house stays on the market.
At closing, the buyer and seller must have agreed on certain terms and conditions and even signed some contracts. However, it takes time to close the sale of a house considering that the buyer’s mortgage lender, loan ty, pe, and current housing market will all be considered.
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