Did you know that 5.34 million American homes were sold in 2019?
The housing market is hot right now, and the pandemic does not appear to be slowing down the home selling process. In fact, many suburbs and rural areas have seen as much as a 24% increase in home sales in 2020.
If you’re thinking of listing your home for sale, it’s natural to wonder: How long does it take to sell a house? Keep reading for the answer!
How Long Does It Take to Sell a House? (The Short Answer)
If you’re looking for a short, simple answer, here it is.
As of summertime 2020, the average US house was on the market for 24 days before selling. Meanwhile, the average time to close on a purchase loan was 46 days.
This brings us to a nationwide average of 70 days from listing to closing.
Factors That Affect the Home Selling Process
Of course, this average doesn’t mean that your home will sell in exactly 24 days or you’ll be signing the closing paperwork in 70 days. Here are four major factors that could affect the time to sell a house.
Current State of the Housing Market
This is perhaps the biggest factor and one that completely out of your control. As we mentioned at the outset, it’s a seller’s market right now, which is good news for you!
However, the market can change quickly, as we all learned when the bubble burst in 2008. Your realtor can give you a better idea of the local housing market in your area, so don’t be afraid to ask questions.
Condition of Your Home
If your home needs any major repairs or renovations, this could deter buyers who are looking for a move-in ready property. Generally speaking, the better condition your home is in, the faster it should sell.
On the other hand, a cash for houses company is usually happy to buy homes that need repairs or renovations. If you need to sell your home quickly and you don’t have the time (or budget) to make repairs, this could be your best option.
The Asking Price
It’s not surprising that homes with higher price points tend to sit on the market longer. The number of offers will be fewer, and the bank won’t approve the loan if the offer is significantly higher than the home’s appraised value.
If you’re interested in selling quickly, make sure your home is reasonably priced for the local market.
The Buyer’s Finances
A final factor in the home selling process is the financial situation of the buyer. If you’re lucky enough to receive a fair cash offer, that’s fantastic! Expect the closing process to be a breeze.
More often, though, buyers need to finance their purchase. It could take weeks or even several months for the buyer to get approved for the financing they need to buy your home.
How Long to Sell a House? It Depends!
So, how long does it take to sell a house?
There are no hard and fast rules, but the factors listed above should give you an idea of what to expect. We wish you the best of luck with the home selling process!
In the meantime, would you like more great tips and advice on everything related to real estate? Keep browsing our site for more information!
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