Are you looking to sell your home?
Moving home is always an exciting new chapter in your life. It’s a chance for a fresh start and a new adventure with your family. But, it can also be a daunting, lengthy and frustrating process at the same time. Especially if you’re waiting for your home to sell.
It doesn’t have to be though! Keep reading for our guide on how long it takes to sell a home so you know what to expect.
How to Sell A Home: It’s a Unique Process
Each house sale is unique because of 3 factors: the house, the market, and the people. According to the NAR (National Association of Realtors) homes were on the market for 24 days.
There was a further average of 46 days to close on the loan, making it 70 days from listing to closing. For comparison, their same study from 2011 saw an average of 98 days to close, and in 2012 it was 68 days.
You need to bear in mind that there are external factors that can create delays. For example, during the current pandemic, it’s caused some sales to take more than 60 days to close.
Don’t despair though, it’s not as uncontrollable as it might seem at first assessment. If you want to sell a home fast, there are things you can do and things you can avoid to get the ball rolling faster. We’ll explore that more in our guide below.
Prepping Your Home For Sale (1-3 months)
Once you’ve decided to sell your home, there are stages to go through before your home hits the market. There is always some degree of work you’ll need to do before your house is ready.
From deciding to sell to your home hitting the market expect it to take anywhere between 1-3 months. The amount of preparation time you need will depend on how on top of maintenance you’ve been. The more maintenance you need to do, the longer it will take.
The process usually gets started with the agent you’ve chosen inspecting the house. They’ll tell you what they think you need to fix, and what you can get away with not fixing up.
While you need to do some prep work to get buyers through the door, you don’t need to aim for perfection. There is a lot of jobs homeowners waste time doing that doesn’t speed up the house sale or get more buyers in. As a guide, we’ve listed some common pre-listing preparations that make a difference.
De-clutter
Pair down your items and use this as an opportunity to get rid of things you don’t want or need. You can declutter your house fast with the right attitude and plan in place.
Go from room to room and make piles of your items as follows:
- Keep
- Throw out
- Donate
Make decisions right away. You also want to pack away any personal items while you’re at it. Buyers want to walk into a home and see a blank canvas. Seeing your life sprawled across it won’t help them picture how theirs will fit into the space.
Do the Low-Cost Repairs
As the weeks go by before your listing, get as many of the smaller, easier, low-cost repairs done as possible. Things like replacing handles that don’t match, or fixing a leaky faucet/loose railing.
If you have a long list of things to do, then consider bringing in a handyman to help out. Usually, they can get a lot more done in a day, and you can focus on the bigger repairs.
Maximize Your Curb Appeal
A well-maintained exterior and entryway will make a great first impression. And first impressions are crucial. It doesn’t matter how nice the interior is at first. If a buyer doesn’t like how your house looks from the outside, they may well walk away without ever going inside.
Make sure your lawn is tidy and you cut the grass. Consider adding pops of color with a bright front door, or flower pots on either side of your existing one. Draw buyers in and make them excited to open up your house and see more.
Selling Homes Fast: What Impacts the Timeline?
Once you list your house, this is when the factors out of your control can set in. If you want to quick sell your home, these are the factors that could slow you down.
State of the Current Market
Market forces, along with supply and demand, will play a huge role in how quick homes sell. This is one of the big factors you can’t control. Research the market before you sell to find out whether it’s a buyers’ or sellers’ market.
The Home’s Condition
As we stated above, repairs are important. Most buyers want a house that’s ready to move into, where they only need to decorate to put their stamp on it. If major repairs crop up or defects, this can delay the sale and may even cost you the sale.
The Asking Price
If your asking price is too high, your home is more likely to sit on the market for longer. Even if you do get the higher asking price, during the appraisal, you could see this challenged.
For example, a bank won’t approve a loan if an accepted offer is over the appraised value. The buyer then needs to provide a higher downpayment, or you will need to reduce the price to the appraisal amount.
In the worst-case scenario, the entire sale could fall through. This means you need to put your home back on the market and start all over again. While your home holds a lot of value to you, it’s important to set the price at a realistic market rate to avoid disaster.
Buyer’s Finances
Cash offers are always best, but they’re not normal. So, don’t expect one if you’re selling the conventional way. The NAR state that 88% of buyers have to finance buying their house.
Even if the whole process goes well, there is the chance that the buyer’s loan could see a delay. Or, even worse, it could fall through completely, putting you back at square one.
Sell a Home the Quick & Easy Way
So, there you have it! Now you know how long it can take to sell a home, you know what to expect.
Each house sale is unique, so it’s hard to predict how long your home will sit on the market. If you make the repairs and do your prep, you’ll put yourself in a better position for a quick sale.
Of course, you can always skip all that hard work, cost, and effort. If you want to sell homes quick, contact us today. At Homebuyers Acadiana we have over 10 years of experience in quick, easy, hassle-free sales.