US home sales rose steadily in 2019. A total of 690,000 homes were sold in March 2019 compared to 555,000 in December 2018.
But, how long does it take to sell a house? Read on to find out.
How Long Does It Take to Sell a House on Average?
According to Beaumont’s housing data, the median time on the market is 39 days. Of course, that is taking into account all homes across the country. It could look different in your neighborhood.
Most real estate agents have a very good idea of how long a property typically stays on the market in the areas they sell. Ask your realtor for that information.
If you decide to sell your home on your own, you may also take longer to sell. Visit gemstatehomebuyer.com for the reasons why this is the case.
There are also some other variables that affect the average time to sell a house.
The Market and Inventory
You’ve heard it before: buyer’s market, seller’s market, and so on.
As you may know, homes don’t always sell for what they are worth. They may sell for much more in a hot market or have to sell at a loss in a cool market.
How long does it take to sell a house in hot markets? It could be a few days or less than a month. In slow-moving markets, it might take up to four months to get a deal.
Another factor that impacts how long to sell a house is the current inventory. If there are many homes for sale in your area, you have more competition for the same number of buyers. But if there aren’t many listings, you have better odds of selling quickly.
How Long Does It Take to Sell a House?
Besides the factors of markets and inventory, there are certain steps in selling a home that take time.
Here are each of the home-selling steps and how long each could take.
List and Close
Most homes have a 30-45 day close. That means that if your home sits on the market for a month, your total time between listing and closing is 60-75 days.
If you get an offer during that time, you usually have 24-72 hours to accept.
Home Inspection and Financing
Usually, the buyer has up to 10 days after their offer is accepted to complete a home inspection. They may get up to 10 days to secure financing for the home as well.
Keep in mind that in hot markets it is common for buyers to waive the conditions of financing and home inspections. This means that the deal is firm as of the date the paperwork is signed.
Counteroffer After Home Inspection
If your sale includes a home inspection, there is sometimes a counteroffer based on the findings of the inspection.
This adjusted offer might be due to the need for substantial repairs. Sometimes the buyers ask you to fix them or to lower the price.
This re-negotiation process usually takes 24 to 48 hours.
Time to Sell Your Home?
So, how long does it take to sell a house? The answer is, it depends. The market, the inventory, the condition of your home, and where you live all play a role.
Yet we hope this guide has given you a good idea of the average days it takes to sell a home.
Check out our other articles for more home-related content.