Existing homes are selling like hotcakes in the United States. About 6.4 million existing homes for sale in 2021, compared to more than 700,000 new homes sold in the same period.
If you want to sell your house, the market is there. However, selling a house or any real estate property is not a fast transaction. It is unlikely that you’ll find a buyer and shut the deal on the same day.
So, how long does the process of buying and selling a house take? Is there a standard timeframe or does each transaction have a special timeframe? For answers to these questions and more, keep reading!
Average Time to Sell a Home
There is no standard timeframe for selling a home in the US or anywhere else in the world. If it took your neighbor three months to sell his property, it does not imply it took yours the same.
But, there’s an average period. This keeps changing from year to year depending on the real estate market, but in 2020/21, homes took between 55 to 75 days to sell. The house will be contracted in about three weeks, with the remaining time getting used to close the deal.
Since 2022’s real estate market will most certainly reflect the past two years, it is fair to conclude that almost all homes will take near three months to sell.
Even so, your home could take less time than average to sell. It can even take longer.
This begs the question: what factors influence how long it takes for a house to sell?
Cash Buyer or Mortgage Buyer?
The time it takes for your home to change hands will rely upon whether the client paid for it in cash or they got a mortgage.
Fast cash transactions, closed in about two weeks. This is because much of the home buying process involved in a standard mortgage deal is either absent or can be skipped so long as the client agrees to it.
It’s fine to target cash buyers if you want to sell quickly, but these buyers aren’t the majority. You may must reach out to certain buyers who are known to buy homes for cash home buying service.
Therefore, be prepared for a lengthy home selling process if your buyer is bank-financed. The most you can do is hope the home is under contract as soon as possible. From there, you will have less control over the amount of time it takes for the house to close.
Home Conditions
Older homes that need plenty of repairs can take longer to sell than newer homes that are in excellent condition.
Damaged properties will struggle to attract bids. The longer the bids take in, the longer it will take for the property to be under contract.
On the other hand, a home in excellent condition and with great curb appeal can start getting offers as soon as it goes on sale. Getting and accepting good offers quickly means that the mortgage process will start faster.
The process of selling a house requires patience
The home selling process can take several weeks – best case scenario. Or it could take several months or even years, depending on how quickly the client accepts the offer after the sale begins. The buyer’s buying method in addition to the state of the home will all contribute to how long it will take to sell the home.
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