When you’re preparing to sell a house, it’s likely that you already have another one in mind. This feeling of anticipation creates a sense of urgency. You want to sell your current house ASAP so that you can purchase the one you’ve got your eye on. If you’re preparing for this process, you might be asking yourself, “How long does it take to sell a house?” The answer might surprise you.

At the moment, homes are flying off the market faster than ever before. In 2020, a home was on the market for only 25 days before going under contract. A year earlier, the average time on the market was 30 days. Once a seller accepts an offer, it’s only another 30 to 45 days before the house is officially sold. On average, this puts the house selling timeline at roughly 55 to 70 days.

What Affects The Home Selling Process?

In general, the market that the house is in will have the greatest impact on the time it takes to sell the property. Additionally, local market conditions, demand, location, and seasonality also play important roles. Here is a list of the most common factors that impact the house selling process.

Asking Price

The asking price is the determining factor in the home selling process. As such, it has the biggest effect on how long any property stays on the market. 

In determining the fair market value for a home, potential buys now have at their disposal numerous tools, apps, and websites. Properties that are priced more closely to that figure will be hotter than others, even if they aren’t in the best condition. 

In essence, it doesn’t matter how nice a home is or where it’s located. It all comes down to the price. Overpriced homes are going to remain on the market longer.

Home Condition

Unless someone is specifically looking for a fixer-upper, a home that’s in great shape will sell faster than one that isn’t. Typically, buyers don’t want to purchase homes that need repairs. They want something that’s turnkey so that they can begin living in it right away. 

Additionally, cluttered homes will take longer to sell, too. Believe it or not, a cluttered home reflects upon its condition. Families want to be able to envision how a home will fit into their lives. A cluttered home prevents that as much, if not more, than a home that needs repair.

Seasonality

The season that you choose to list your home matters more than you’d think. If you list your home during the wrong part of the year, it may stay on the market longer than expected. This may push you to lower the price or give up on selling altogether. 

For the most part, homes tend to sell worse in the colder months of the year. Putting your house up for sale between November and February may lengthen the time it takes to find a buyer. Historically, these are the slowest months of the year when it comes to real estate.

Your Real Estate Agent (If You Have One)

A real estate agent can make or break the selling process, quite frankly. If your agent lacks the right experiences and strategies, your house will most definitely stay on the market longer. 

Consider these factors when interviewing and selecting a real estate agent to help you sell your home:

  • Tactics: Does your agent have the tact to get your home sold in a competitive market? Research their past strategies and accomplishments to get a sense of their credibility.
  • Experience: The average real estate agent has a college education and about a decade’s worth of experience. That doesn’t change the fact that each one will have its strengths and weaknesses.
  • Market Knowledge: How long have they been selling homes in your area? Knowledge of the local market can make a huge difference when it comes to selling a home.

Market Conditions

Knowing the market conditions for your area can help you predict how long it’ll take to sell your home. Are you in a hot market? 

If homes are being snapped up and there aren’t many listed for sale, the market is likely hot. High demand and low supply indicate that now is the time to sell. A cold market will be just the opposite. You’ll see plenty of homes listed that have a high DOM (days-on-market) number. DOM trackers can be looked up online, too.

Other Factors

The overall process of getting your home listed and shown can take some time. You have to take into consideration the time it takes to come to an agreed-upon offer. 

More often than not, a potential buyer will give a counteroffer to your asking price. It can take time to reach an agreement. All of these little things can add time to the selling process. They may seem insignificant, but they do add up.

Explore Ratecloud’s Mortgage Options

If you’re getting ready to sell your home, chances are you’re eager to get it done sooner than later. By analyzing the market and understanding what contributes to long selling times, you may be able to get your house sold quicker! 

Are you looking to buy a new home after selling your current one? Submit your mortgage application to Ratecloud, and receive personalized rate quotes within 15 minutes. Get started on your digital mortgage application today!