What is the average time to sell a house? This is a question commonly asked by homeowners when they want to sell. The time it takes to sell a property is referred to as Days on Market (DOM). This is the number of days from the time the home is listed to the day it is sold.
So, how long does it take to sell a home? Statistics from Realtor.com reveal that the average time it takes to sell a house in June 2021 was 37 days. This was a 48% drop compared to the same month in the previous year.
Factors That Influence the Average Time to Sell a House
The average time for a house to sell is influenced by multiple factors. The impact of some of these factors can be reduced with some effort, while others are beyond the seller’s control.
- Location: When it comes to the average time to sell a house, it has been said that the most important thing is location, location, location. There is a usually higher demand for safe neighborhoods that are close to amenities like good schools, malls, restaurants, parks, and hospitals. Unfortunately, you cannot do anything about the condition of the neighborhood.
- Price: An overpriced home will stay on the market for a longer duration. However, this doesn’t mean that you should set your prices too low. Find a sweet spot somewhere in the middle that would make your property appealing to buyers.
- Condition of the home: If a home requires a lot of repair and renovation, finding buyers could be difficult. If your property is move-in ready, it will significantly reduce the average time to sell a house
- State of the market: Market forces of supply and demand will play a major role in determining the average time to sell a house. This is another dynamic that sellers can’t control
- Curb appeal: How your house appears from the street is very important since it’s the first impression potential buyers will have. If the property looks terrible from the outside, potential buyers will assume the inside looks the same and thus lose interest
- Agent experience: At times, the average time to sell a house boils down to how experienced your real estate agent is. Working with an experienced agent can significantly minimize the time between listing and closing
When is the Best Time to Sell a House?
Just like location, timing is also very important when it comes to selling a home. Traditionally, spring has always been considered the best time to sell property in the US. Longer days and warm weather mean that home buyers spend more time looking for homes. Curb appeal improves as grass, flowers, and trees bloom. Tax refunds that are released in late winter or early spring mean that buyers have money available for renovations and repairs.
The second best time to sell property is summer. Just like spring, summer has favorable weather and more daylight hours. Since it is the vacation season, you and the buyers can be more flexible with showings or home tours. Buyers have a sense of urgency to find a home and get their kids settled before school reopens.
How to Speed Up a Home Sale
While you cannot control factors like location and the state of the market, there are some things you could do to reduce the average time to sell a house.
Choose the Best Time to Sell
Before you place a ‘For Sale sign on your front yard or list your house for sale, take time to analyze the housing market. Read real estate blogs, magazines, and newspapers to get an idea of the latest trends. You could also talk to professionals like real estate agents, property managers, and mortgage experts.
You should also think about seasonal demand before listing your home. As mentioned earlier, spring and summer are the best times to sell. However, the demand will also be influenced by the location of your home.
Get the Price Right
A comparative market analysis (CMA) will help you determine the best price for your home. CMA looks at similar properties (real estate comps) in the same neighborhood that has been sold in the last six months. These homes should be within a radius of no more than 0.5 miles from yours and should be similar in terms of age of construction, square footage, number of bathrooms and bedrooms, and upgrades.
Get a Pre-Listing Inspection
Sellers are required to disclose any defects on their property. This includes structural damage, furnace problems, and attic leaks among others. When a home inspection is conducted before listing, it accelerates the home selling process since buyers don’t have to do their own inspections. In addition, a pre-listing inspection will show you what repairs and renovations you need to make before putting your house on the market.
Find an Experienced Real Estate Agent
Selling a home fast requires a good understanding of the area, the latest trends, and negotiation skills. While it is possible to sell a home on your own, working with an experienced real estate agent helps reduce the average time to sell a house. When vetting agents, here are some of the questions you could ask:
- Do you have a license?
- Are you a member of the National Association of Realtors (NAR)?
- How long have you been in business?
- Are you a part-time or full-time agent?
- Which clients have you worked with previously?
Stage Your Home
Home staging involves highlighting a home’s most impressive assets in order to impress buyers and sell it fast at the highest possible price. Spaces to focus on in-home staging include the living room, kitchen, bedrooms, and bathrooms. Start by getting rid of any clutter that would distract buyers from your property’s features. This includes papers, toys, clothes, and shoes that you don’t wear, old furniture, and expired food in your cabinets. The less clutter you have, the more spacious your home will appear.
Once the clutter is gone, go room to room and remove any personal photos or artifacts. De-personalizing your home will make it easier for buyers to visualize themselves living in that space. This should be followed by a thorough cleaning of all the rooms in your house. From the baseboards to the corners of your ceilings, make sure the home is squeaky clean.
Another thing to consider when staging is the color of your walls. Bright colors could be a major turn-off if they don’t express the personality of your buyers. To make the home appealing to all buyers, paint your walls using neutral colors like white, gray, or taupe.
To make the most of natural light, be sure to open all blinds and curtains when showing your house. This will highlight the best features and make your home look more inviting. Also, make sure the closet lights and lamps stay on during showings.
The exterior of your home should also be spruced up during staging. Make sure your trees, hedges, and lawns are well pruned. Give the windows a thorough wash, as well as the sidewalks. Adding a patio or deck with patio furniture can also significantly enhance your curb appeal.
Get Listed on the Mashvisor Property Marketplace
The Mashvisor Property Marketplace is a one-stop-shop for off-market properties like foreclosures, short sales, bank-owned homes, and tenant-occupied rentals. Buyers can not only find a property on this marketplace but can also analyze the investment potential of homes. Getting your home listed is free and simple. All you need to do is submit the property address, city, price, type, number of bedrooms, and number of bathrooms.
You will also leave your email address and phone number which buyers can use to reach you directly. Homes listed on the marketplace are marketed to thousands of agents, investors, and other committed buyers ready to make a purchase. This will help reduce the average time to sell a house.
How long does it take for a house to sell? The Days on Market for your home will be affected by factors like state of the market, location, price, condition of the home, and agent experience. To minimize the average time to sell a house, consider things like timing, price, pre-listing inspection, and home staging. Finally, don’t forget to list your home on the Mashvisor Property Marketplace.