When you need to sell a house, you usually want it done quickly, right? Of course you do. The quicker you sell, the sooner you move on to your next adventure – and stop paying your mortgage. But how long does it really take to sell a house? There are many factors that will contribute to that…so let’s take a look.
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1. Listing with a Realtor Vs. FSBO
Statistically, when you list with a Realtor, your house gets sold faster and for more money. Realtors are used to selling houses – it’s literally their job! They have leads, marketing material, access to the MLS, contracts, and other Realtors with willing buyers at their finger tips. When you sell on your own, there is much more room for error. Many times FSBOS are priced wrong, not marketed enough, and not shown by many Realtors. I had a guy down the street from me try to sell on his own. He was way overpriced, and had Open Houses every single weekend, which he sat himself. Many people don’t want the homeowner there. Especially not when the homeowner is still very much emotionally attached to the house. There should be some separation. Needless to say, it took almost a year. He ended up listing with a Realtor, and it finally sold.
2. Time of Year
Depending on when you need to sell, keeping in mind the time of year is important. In the dead of winter, houses don’t look as pretty. The leaves are down, it’s cold, your driveway is slippery, and unless you have a beautiful fireplace, it’s just not going to be much fun to show. If you need to sell though, check out these 8 Simple Ways to Increase Your Curb Appeal.
Many buyers take a break to enjoy the holidays and wait for the spring market, too. The upside of selling in the winter though, is more serious buyers are out there. There may be fewer buyers, but overall it tends to be the people that really need to move are the ones searching all year round, not just in the springtime. It will take longer though. In the winter, homes usually stay on the market longer and sell for less.
Many seller’s opt to list in the spring market. This is smart, because there are many buyers ready to look, the flowers are blooming, everyone wants to get out and about to Open Houses, and people are in a better mood. The spring has always been a time of multiple offers and quick sales. This is the time of the Seller’s Market. There are a lot of buyers that take a break from looking for the winter and are ready and waiting in the spring. Just make sure you’re one of them! And make sure your house looks the best – it can still be very competitive.
3. Interest Rates
There are a lot of buyers out there keeping track of interest rates. It can save them a lot of money per month to lock in a house when the rates are low. So, if you keep track too, this will help you know when to list. If the rates are really high and you put your house on the market, it can take a little longer to sell – as people are waiting for the rates to drop again. If the rates are low and expected to stay low for a while, that’s a great time to list, as people will want to snatch up a house and get locked in at a great rate. It can also help them afford more house for their money.
4. Condition of the House
The condition of your house has a lot to do with how quickly it will sell. If your house is the nicest one on the market, with an updated kitchen, newer bathrooms, and a clean, neutral look throughout, you will do just fine. But, if there’s a lot of wear and tear, it’s looking pretty run down, and is completely outdated, you need to really price it aggressively or fix it up. Don’t be afraid to put a little money into a few easy updates or staging. It can definitely help your house sell faster and for more money. I had a listing last year that hadn’t sold with their previous Realtor. I had them paint the kitchen and stairwell, move a few things into storage, take down a beat up falling down shed, and replace their front door. Guess what? It sold quickly after that and for more than the asking price they had dropped to with their previous Realtor.
5. How Long it Should Take
The actual timing that it should take to sell your house is 60-90 days. The really good ones have a lot of interest right away, and offers in the first 2 weeks. Then once you get through all the steps of the process, and depending on if it’s a cash buyer or a buyer with financing, it can be a month or it can be 2-3. If you plan ahead and have your house really ready for the market, plan to be out in 60-90 days. Check out this 11 Step Guide to Selling a Home for a step by step explanation of the whole process.
If you don’t listen to any of the advice I just gave you, it can take 6 months to a year to sell your house. Or more. I’ve seen it happen. Then, once it’s on for a long time, your buyer pool sinks drastically. Everyone things there must be something “wrong” with a house that’s on too long.
Generally speaking, if you list with a great Realtor, pay attention to the market and interest rates, and your house is in good condition, your house will sell quickly.