There is no way you can predict the time it will take to sell your home. It can vary from days, to months to years even. In United States, right now the average time of house on the market before sale is 60 days or 2 months. But you should remember that this is an average and does not mean that your property will sell in this timeframe as well. How long your house will take to sell depends on the are you live in and the current trends of the house market in that area.
To give you an idea of what factors might influence this time period, here are some important factors:
Nature of your real estate market
If you live in an area where the house market is hot, meaning there are a lot of house sales happening, it can mean that your house once listed will sell faster than the average period. Especially if the house does not have any major issues.
The time of the year
Believe it or not, the time of the yare while selling the house actually matters. If you want to get the best price for your property and reduce the time period of selling the house, your best bet is to sell the house during late spring. This might not be true for all the areas. Your agent can help you find the best time to list your property.
You must have heard of the phrase “location, location, location” when it comes to the housing market. The location of your house plays an important role in how soon you sell your house. If you live in a good school district, have a safe neighborhood, have nearby hospitals, restaurants, and shopping malls, your house will sell faster.
The price of the property
If you have a large and expensive property, it is likely that you will take a longer time to sell your house because the pool of potential buyers is smaller. Not everyone can afford expensive places to live and you might have to wait for the right buyer.
Time needed to prepare the house
Before you sell your property, you might need time to make repairs, do some renovations and update to the house as well. All of this take time, which means that once you decide to sell it can take a while before you can list the house and do all these chores.
Closing processes can also take some time, especially if the buyer is taking out a mortgage to pay for the house. Some other aspects of sale like home inspections and property appraisals may consume some time as well.
If you have put your house on the market and it is not selling, there might be some reason for that like:
- The house is too expensive
- The house is too cheap, and people are suspicious
- Your house is staged poorly
- You have not advertised well enough
- Your house needs some work and repairs