“How long does it take to sell a house?”
Truth be told, that’s a loaded question.
According to Realtor.com, the average number of days on market across the country is about 65 days. However, there are some different factors that I like to bring up when answering this question for clients:
1. Location. How close are you to a main street or a transportation hub in your town? This can play a huge part in today’s buyer’s decision to purchase your home, and how quickly they do so.
2. Price. Obviously, you don’t want to overprice your home when you place it on the market. I discussed the dangers of pricing your home too high in a previous video, which you can watch here. If you do, you’ll shrink the pool of buyers looking at your home, and it could also cause issues with the appraisal if you actually did find a buyer who was willing to pay too much—that’s a topic for another time.
3. Inventory. How many homes in your neighborhood are currently up for sale? We’ve seen neighborhoods with no houses for sale, which is ideal because that means there’s no competition. However, we’ve also seen neighborhoods with so many houses for sale that it’s almost impossible to calculate how long it would take to sell your home.
4. School districts. This tends to be a huge factor for buyers, especially those with children. A lot of people visit school rating websites to see what schools are like in an area.
5. Walkability. Did you know that fewer and fewer people are driving these days? Walkability is an important criterion for today’s buyers. Is your house somewhere close to coffee shops, grocery stores, restaurants, or nightlife attractions? Having a better walkability score makes your home more marketable.
6. Type of buyer. What kinds of buyers are looking to purchase your home? If they’re offering you a cash deal, then your house can close in as few as seven days. Financed buyers like those with FHA or VA loans will take a bit longer. The rule of thumb is to establish a 30-day close of escrow once you get a buyer with a loan.
If you have any questions about selling a home or real estate in general, don’t hesitate to reach out to me. We’re here to be your resource.