How long does it take to sell a house on average? This is one of the most common questions asked by property owners when they want to sell. The duration it takes to sell a home is often referred to as days on market (DOM). Days on market is basically the number of days from the time the property is listed to the day it is sold. According to Realtor.com, the typical US home for sale stayed on the market for 80 days in February 2020. Here is Mashvisor‘s March 2020 data showing the average days on market you can expect in a few different states across the US housing market:
- California: 97 DOM
- Florida: 259 DOM
- Texas: 154 DOM
- Arizona: 110 DOM
- New York: 683 DOM
What Affects the Days on Market of a Property for Sale?
The days on market for your property will be affected by the following factors:
- Asking price – This is the most important factor when it comes to selling a house. Properties that are overpriced are likely to stay longer in the real estate market, even if they are in a prime location or in great condition.
- Home condition –Buyers are often looking for homes that require the least amount of repairs. Therefore, the condition and age of your home can determine how long your property stays on the market.
- Location – There is usually more demand for properties that are located in a good neighborhood with amenities nearby.
- Housing market conditions – Your home is likely to sell faster in a seller’s market since the demand for property exceeds supply. However, things can be very slow in a buyer’s market when supply exceeds demand.
- Seasonal factors – The sale of homes in the US real estate market fluctuates based on the season. Usually, spring is the best time to sell your house.
DOM is very important because it shows buyers’ levels of interest. When your property’s DOM is above average, it creates the impression that something is wrong. You should, therefore, think of ways of how to sell your house fast.
5 Ways to Sell Your Home Faster
Here are some things you can do to reduce your days on market:
Select the best time to sell
Before listing your home for sale or placing a ‘For Sale’ sign in the front yard, take time to study the housing market. You will enhance your chances of selling a property if you place it on the market when demand is high. Read leading newspapers, real estate magazines, and blogs to get the latest intelligence on the national and local US housing market. You can also learn a lot by talking to family, friends, and real estate agents.
Check out Mashvisor’s resources for sellers here.
You should also consider seasonal demand before putting your home up for sale. As mentioned earlier, spring is traditionally a good time to sell. The bright weather can greatly enhance the appeal of your property. Besides, families usually want their home purchases to coincide with the conclusion of the academic year. Autumn is another opportune time to sell since the weather is great and there aren’t any major holidays. Seasonal demand, however, will depend on the location of your property. So study the trends of your local housing market.
Find a good real estate agent
Selling a home takes time, negotiation skills, and understanding of the neighborhood. While it is possible to sell using a ‘For Sale By Owner’ (FSBO) approach, it is advisable to work with an experienced real estate agent. You can find an agent by checking ‘For Sale’ signs, attending open houses, and searching online and offline listings. When vetting home sale agents, ask the following questions:
- How many years have you been in operation?
- Do you have a license?
- Are you a member of the National Association of Realtors (NAR)?
- Do you operate part-time or full-time?
- Which clients have you worked with in the past?
Related: Listing Agent vs Selling Agent: What’s the Difference?
Price your home correctly
If you want to sell quickly, you need to price your home correctly. Consult your real estate agent to get an accurate valuation for your house. Most agents will conduct a comparative market analysis to compare your home with other similar properties (real estate comps) in your area. When examining real estate comps, the following characteristics should be similar:
- Age of construction
- Number of bedrooms and bathrooms
- Square footage
- Amenities and upgrades
Get listed on the Mashvisor Property Marketplace
The Mashvisor Property Marketplace is one of the best property listing sites out there. The good news is that getting your property listed on this platform is absolutely free. Your off market listing will be promoted to thousands of agents, real estate investors, and other serious buyers all over the US. Potential buyers will be able to analyze the investment potential of your home based on metrics such as cap rate, cash flow, cash on cash return, occupancy rate, and monthly expenses. Having this data with your listing will help you get a quicker sale.
Prepare your home for sale
When it comes to selling a home, first impressions are very crucial. How long does it take to get a house ready to sell? It depends on how much time and money you are willing to invest in preparing your home. You can start by simply getting rid of all the unwanted items such as furniture, toys, books, and ornaments. This will create a feeling of more space and make your home look neater. Clean up your kitchen and bathroom, as well as your windows, sofas, carpets, walls, and all surfaces. You could also give your walls and doors a new coat of paint. To boost your curb appeal, you could cut the grass, repair damaged fences, clear pathways, and trim the flowerbeds.
Related: 8 Real Estate Staging Tips to Increase Value
How long does it take to sell a house? The time it will take to sell your house will be influenced by a complex interplay of asking price, property features, neighborhood characteristics, and market dynamics. Weigh all these factors and make a rational decision about how and when to sell your home.
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