Immediately you make the decision to sell your home, the selling process begins. The process involves many things and being an emotional process; many sellers would want to know how long the process will take and if it’s possible to speed it up.
While there are a number of factors determining the duration of your house on the market, an average estimate can be given, so you try to work with it. Besides, there are several things that can be done to fasten the process so you get it over with soon enough.
How long does it take to sell a house?
According to the National Association of Realtors (NAR) statistics, a typical house in the U.S would take an average of 24 days on the market. An expert estimated an average of 46 days for loan purchases. That is a total of 70 days, which may increase from the listing to closing the purchase or sell process.
However, every house means a different sell process. Therefore, your sale may differ from the statistics depending on several factors like the demand and the house features. Actually, an average of 24 days is fast, according to the history of house sales. The same NAR statistics reported an average of 98 days for sales in 2011 and 68 days in 2012.
The average number of days vary depending on the year and the market. Houses that take less time now may have taken more time to sell some years back. There has been a dramatic change in the duration since houses recorded as high as 140 days in the market in 2010. Demand depends on the house’s location as statistics show that 16% of houses sold were in rural areas, 33% were in urban areas, while 51% were in suburban areas.
How to Speed up the process of selling your house
An average is simply an average. While the average time from listing to closing is about 70 days, some houses sell faster on the market. On the other hand, other drag even more and take ages before they sell. Although the duration depends on things like the market condition, seasonality and demand, there are ways to fasten the process. Join houses that sell faster by avoiding the following:
- Poor condition of the house
- Selling on the off-season
- Lack of appeal from the outside
- Pricing too high
- Building your house in undesirable location
Instead, utilize the following tips to push your house in the market and sell it quickly with the help of agencies like WeBuyAnyHome:.
- Sort your finances: Planning a mortgage may take several weeks, so it’s wise that you start this process early enough. Besides, have a lender’s agreement on how much they can lend you, so you operate on your budget. With such an agreement, sellers and agents will know you are a serious buyer so that they will proceed quickly.
- Book the survey early: The lender will want a valuation of property for it to provide security for the loan. Although they will arrange a valuer and charge you for it, you need to understand that this is for their benefit so arrange for your survey to fasten the process.
- Get a good solicitor: A good and experienced solicitor will always be a step ahead. Get the best solicitor from research and reviews from friends or relatives as he or she will ensure you get started on the process right away. Besides, a solicitor knows exactly what to do and when to do it to do everything on time.
- Identify issues early enough: issues with the house may delay the process as you try to negotiate with the buyer. To avoid delays, honesty is the key factor. Inform your solicitor of any issues related to the house that you are aware of so you create solutions with the buyer as soon as possible.
- Speed up the searches: the solicitor will conduct several conveyancing searches like the local authority search. It reveals specific statutory matters such as planning enforcement notices that may affect the property. The searches may take time, causing delays. Therefore, choose a proactive conveyancer that will use modern time-saving technologies.
