How Long Does it take to Sell a House?
Selling your home is a busy and tiring process. Depending on the market it may take weeks to months to sell your home. There are a number of factors that determine how long a house sits on the market. As such it’s important to take all necessary steps before listing your home. From there, you may still be asking, “how can I sell my house fast?” The answer to that question depends largely on five different variables; your asking price, the condition of your home, the lot and location, the current market conditions, and seasonality. Keep all of these in mind when selling your house as they each play a role in determining how long your house is on the market.
Is your asking price reasonable?
Your home’s asking price is the most important factor in selling your home in a timely manner. Homes that are priced appropriately and fairly will sell quicker regardless of the home’s condition Homes that are overpriced on the other hand will sit on the market longer. Even in a great location homes can still sit on the market for a long time if the price is too steep. Pay attention to recently sold properties in your neighborhood to gauge what your asking price should be. Also consider getting a good appraisal.
In the event your asking price is too high, there are a couple solutions. For a start, you can simply lower your asking price to something more reasonable within the market. Second, if you don’t want to lower your asking price, you can temporarily take your home off the market and prove the condition of your home and then wait for better market conditions to relist your house. Another solution is to simply accept an offer that is lower than your current asking price.
If you really want to sell your house fast, you can get a cash offer from a wholesaler and sell it directly to them.
The condition of your home
The condition of your home is less relevant to how quickly your home will sell, but it’s still worth paying attention to. Depending on the conditions of the market you’re selling in, and attractively priced fixer upper home can sell much faster than an overpriced home in good condition. However, in other markets those same homes may sit for quite a while.
One thing the National Association of Realtors recommends as a way to remedy this problem is to stage your home. Buyer’s going through houses want to envision themselves in your house. Staging your home, clearing it of clutter and personal belongings make your home more attractive to potential buyers and allows them to envision it as their house. According to Mortgage Reports, staging your home can help it sell 73% faster on average.
Location, location, location
Where you house is located is not the most important part as far as selling your house quickly, but it can certainly be a factor. In general, people move for reasons related to work or to find better schools for their kids. All buyers are different and will be looking for different nearby amenities, keep that in mind when marketing your house. This ultimately relays back to proper asking prices. Your location may be a high value market in which case you adjust your asking price accordingly. Look at recently sold homes in your area and consult your realtor to produce a fair asking price.
Conditions of the Real Estate Market
The real estate market constantly changing and can be unpredictable. Selling in a hot market is preferable to selling in a cold market. Hot markets are more beneficial to sellers as they are marked by high demand and low supply along with higher prices and more bidding wars. By contrast a cold market is is more favorable to the buyer and is marked by low demand and high supply.
If you’re selling in a cold market, then you may find yourself needing to reduce your asking price or accept an offer below your asking price. You may also need to make several concessions on behalf of the buyer. A cold market will likely mean your home will take longer to sell. One way to gauge the temperature of the market is the ‘days on the market’ metric or DOM. This measure the average number of days that a home is actively on the market before a seller accepts and offer.
Seasonal market fluctuations
Depending on the season, you may have an easier or harder time selling. In some markets, winter and spring may be an optimal time to sell as buyers will want to avoid moving during the blistering heat of the summer months. However, in other markets, summer is a more ideal time to sell because buyers won’t want to move during the harsh cold winters and have to deal with shorter days. Put simply, the best season to sell in Arizona is going to be different from the best season to sell in Michigan.