Are you wondering how long does it take to sell a house on average?
Also known as market time, time to close, time on the market, or days on market, the average selling time of a house is important to know.
Knowing the average selling time for a house helps buyers get their due diligence completed. It also helps sellers feel more confident that they won’t cause buying delays as they wait to close on the home.
Keep reading to learn more about how long it takes to sell a house.
Average Time to Sell a House
The average time to sell a house is between six and twelve weeks. This time can vary depending on the market conditions and the method of sale.
For example, if you are selling your house via a real estate agent, the average time to sell a house is usually longer. This is when compared to if you were to sell your house yourself.
The average time to sell a house can also get affected by the time of year. Generally, spring and summer are the best seasons to sell a house.
This is because there are more buyers than in other seasons. If you are selling your house in a slower season, you may have to wait longer to find a buyer.
The average time to sell a house can vary. But, if you are patient and work with a professional, you should be able to sell your home within a reasonable time frame.
How Long Does It Take To Prep the Home?
The average person spends about 30 hours prepping their home for sale. But, it can depend on the home’s condition and how much work needs to be done. If the home is in good condition and doesn’t need many repairs, it can get put on the market right away.
But if the home needs significant repairs or updating, it could take a few months to get it ready for sale. The best way to determine how long it will take to prep your home for sale is to consult with a real estate agent or home inspector.
Factors That Impact the Speed of a Home Sale
According to the experts at URB Chicago, many factors impact the speed of a home sale. The most significant factor is the status of the market.
A seller’s market is one in which there are more buyers than sellers. This often happens when the economy is strong, and there is high demand for housing.
A buyer’s market is just the opposite – there are more sellers than buyers. This is often the case when the economy is weak, and there is less demand for housing.
In a seller’s market, homes usually sell quickly. While in a buyer’s market, homes can take longer to sell.
Other factors include the number of days the property is on the market, the asking price, the property’s condition, and its location. Below are some details about these factors.
Number of Days on the Market
The longer a home is on the market, the less likely it is to sell quickly. There are several reasons for this.
One is that buyers are more likely to believe that something is wrong with a home that has been on the market for a long time. Another reason is that buyers are more likely to have already seen the home and decided that they are not interested.
The longer a home is on the market, the more likely the price will get reduced. This makes it less attractive to buyers. Homes that have been on the market for a long time are often less desirable than homes that are fresh on the market.
Asking price is often one of the most significant factors that impact the speed of selling real estate. If a home’s price is too high, it can sit on the market for months or even years without selling.
But if a home’s price is too low, it may sell quickly. Keep in mind, though, that the sellers may not make as much money as they could have. Pricing a home just right is often the key to a quick and successful sale.
The general condition of a property will impact the speed of a home sale. A property that needs repair, or is not in move-in condition, will likely take longer to sell than a property that is in good condition.
The type of repairs or improvements needed will also impact the speed of a sale. A property that needs major repairs will take longer to sell than a property that needs cosmetic updates, such as new paint or flooring.
The speed of a home sale can get affected by its location for a variety of reasons. The most obvious reason is that buyers are more likely to take interest in a home located in a desirable area.
Another reason is that homes located in areas with high demand tend to sell faster. This is in comparison to those in areas with lower demand.
Also, the location of a home can impact its value, which can also impact the speed of a sale. Homes located in desirable areas or that have high values tend to sell faster. This is in comparison to those located in less desirable areas.
Are Homes Selling Fast or Slow in 2022?
There is no one answer to whether homes are selling fast or slow this year. In general, it seems that the housing market is starting to rebound from the pandemic-related slowdown of 2020.
Homes are selling at a healthier pace than they were last year. If you’re thinking of buying or selling a home this year, it’s a good idea to consult with a local real estate professional. Doing so will help you get a better sense of the market in your area.
How Long Does It Take to Sell a House
So how long does it take to sell a house on average? The answer may depend on several factors.
But, it’s a good idea to expect the process to take at least a few months. If you’re in a hurry to sell, you may want to consider working with a real estate agent to help you find a buyer. Are you looking for more helpful articles like this? Check out the rest of our website!