Your home's sale can be influenced by its location, price, and other factors. What is the minimum time it takes to sell a home? From listing to closing, most homes stayed on the market for an average of 39 days in August, according to the National Association of Realtors. Homes sold at a 30% faster rate than they did a year ago. The average buyer took 48 days to apply for and close on a mortgage in July.
Important Points to Remember
- A number of factors will influence how quickly your home sells.
- Your market, the season you list, the condition of your home, and your agent all play a role.
- Preparing your home for sale, timing your sale appropriately, and hiring an experienced real estate agent can all help your home sell faster.
Average Days on Market Calculation
All you have to do is ask. Most real estate agents have memorized the average number of days on the market in their area. You can also do it yourself by counting the days pending after calculating the number of days each house is on the market in a given month. Add up the total number of houses and divide it by the total number of houses. Note: In most real estate platforms, the number of days a home has been on the market is clearly displayed in the listing. In some cases, it is abbreviated as "DOM."What Factors Influence the Speed with Which a House Sells?
There are times when the length of time it takes to sell a house has no logical explanation. It could happen quickly by chance (perhaps a buyer is simply in the right place at the right time), or it could be caused by one or more of the factors listed below.Is There a Lot of Competition?
In sellers' markets, homes sell faster when inventory is low, and buyer demand is high. As a result, property prices may rise as a result of increased competition. Here's an illustration: More than 71 percent of Redfin's offers in San Francisco were met with competition in August. Homes sold in just 24 days, for about 3% more than the asking price, thanks to the bidding wars. In a buyer's market, there are more choices to choose from, and shoppers can take their time and be patient for the right house to come along. In such market conditions, homes typically take longer to sell. Tip: Your agent might want to price the home slightly below market value. Multiple offers may be enticed. As a result, resulting in a quicker sale and a higher sale price.It's all about the location
"Location, location, location" is still true, as the old adage goes. A home in a desirable neighborhood near good schools, restaurants, or businesses will be in higher demand than one in a less desirable neighborhood. Here are the top-selling destinations as of June 2020:- 29 days in Rochester, New York
- 32 days from San Francisco to Oakland
- 32 days in Colorado Springs, Colorado
- 34 days in Ogden-Clearfield, Utah
- 34 days from Nashville to Davidson, Tennessee
- 35 days from Boston to Cambridge to Newton
- Washington: Seattle-Tacoma-Bellevue: 35 days
- 36 days from San Jose to Sunnyvale, California
- 36 days in Boulder, Colorado
- Colorado: Denver-Aurora-Lakewood: 37 days
The State of the House
Homes in good condition sell faster than those in need of repairs or that are cluttered with personal belongings. The purchaser should be able to imagine themselves living in the house, which will be difficult if the home appears to belong to them or is in disarray. One quick fix for this problem is to remove half of the furniture. Large pieces can overpower a room and make it appear smaller. Those family portraits on the walls may also need to be tucked away.Seasonal Variables
When you are ready to sell your home, it has an impact on how long it stays on the market. During the winter, most people aren't actively looking to buy a new home, and the weather can play a role in some areas. In general, the months of November, December, January, and February are the slowest for home sellers. Those are also the months when you're most likely to lose money. According to research, home prices are at their lowest in the year's fourth quarter. Since many families want to relocate before the start of the new school year, the best times to sell a home are in the spring and summer. The best time to sell, according to Zillow, is in the first half of May. Homes that are listed sell six days faster than those that are not. Important: Because seasonality varies by market, do your homework or speak with an agent about what to expect in your area.Your Personal Assistant
If you choose to list your home with a real estate agent, this can also affect how quickly your home sells. Your agent's marketing strategies, experience, and overall market knowledge can all affect how fast you can find a buyer and how much you can sell for. Although the average agent has about nine years of experience and a college diploma, not all agents are created equal. Before deciding who will list your home, interview a few agents.Most Commonly Asked Questions (FAQs)
What can I do to make the sale of my house go more quickly?
How quickly your home sells is influenced by market conditions and timing. However, regardless of timing, you can speed up the process by being strategic about how you price and market your home. Staging your home for open houses and displaying photos can help you sell your home faster. Pricing it at or just below market value can also help you get more offers. Making sure your home is in good shape, and that necessary repairs and improvements have been made will also help your property compete.When selling a home on your own, how long does it take?
Homes listed for sale by owner (FSBO) frequently sell in less than two weeks, as opposed to three weeks for sales with agent assistance, according to data from the National Association of Realtors. Because many FSBO sales are conducted between parties who already know each other, this is the case. Homes that sell without the help of a real estate agent typically sell for 10% less than the ones that are sold with the help of a real estate agent.