Over the last year, houses have been selling fast on the Housing Market! Mortgage rates hit a historic low during the COVID-19 pandemic, and buyers scrambled to lock in those interest rates. Houses sold in less than a day in some areas while bidding wars broke out in others.
Are you thinking about selling your house? How long would the process take? Read on to learn more about the average time a house is on the market and what factors influence that timeline.
Selling Process
Before we get into all the factors that can impact your house’s time to sell, let’s talk about the selling process.
The first step in selling your house is prepping it for sale; this includes everything from making minor repairs and repainting to decluttering and packing away personal items.
Once your house is listed on the market, you’ll have to wait for an offer and negotiate with the potential buyers. From there, you’ll have to deal with timely inspections and further negotiations while waiting for their mortgage approval. Once completed, you can, finally, get to the closing day and, in turn, get the money from the sale of your house.
Your Location
One of the biggest factors influencing how long your house takes to sell is where you live; Certain states have hotter real estate markets than others, and your house could spend fewer days on the market.
Houses in Washington, Oregon, Idaho, Montana, Utah, Arizona, New Hampshire, Vermont, and Maine will all sell quickly. Houses in Louisiana, Mississippi, Alabama, Arkansas, Oklahoma, New Mexico, Wyoming, North Dakota, Illinois, West Virginia, and Maryland will take longer to move.
Your particular location in your city will also impact your house’s time on the market; houses in more desirable neighborhoods will move faster than those in rougher areas.
Condition of the Housing Market
Of course, the current condition of the housing market will also greatly impact how long your house sits on the market.
Last year, we saw one of hottest real estate markets in our lifetime. Houses were selling in hours, and the biggest problem for buyers was getting an offer in before anyone else.
Some of the real estate market frenzy of this year is starting to slow down, so we’re likely to see houses taking a little longer to sell. Experts don’t predict that the housing market will slump, just that it will return to more normal conditions.
However, you shouldn’t count on your house selling in less than 24 hours if you go through the traditional sale process.
Your House
Another enormous factor impacting the sale time of your house is your house. Although there are buyers for every price point, the overall condition of your house will change how desirable it is to buyers; how your house looks in the listing and on tours will particularly change whether buyers are excited to make offers.
Part of the reason for preparation work on your house is to ensure it’s as appealing as possible to potential buyers; making small repairs and painting walls a neutral color can make it easier for buyers to see the turnkey potential. Also, packing away personal items and decluttering will help buyers envision themselves living in your clean and beautiful house.
Your List Price
In addition to the state/condition of your house, the price you at which you list it at can make a huge difference in your time your house stays on the market. Many sellers worry that if they list their house too low, they’ll lose money that they could potentially make from the sale. But on the other hand, if you list it too high, you’ll drive away potential buyers, even if you lower the price later.
Before you list your house, it’s a good idea to talk to a realtor about how much you should list it for. You can also look at nearby houses that are similar in size and the same number of bedrooms, and take that information to base your home’s listing price; to calculate the Fair Market Value (FMV) of your house.
Overall Average Sale Time
So, with all these factors accounted for, how long should you expect your house to spend on the market before it sells? As of September 2021, houses in the United States spent an average of 43 days on the market before they went under contract. That’s up a little from the historic low of 37 days in June of the same year!
It’s important to note that the number of days on the market is not the same as your overall sale time; once you accept an offer, you’ll still need to review the inspection and mortgage process with your buyer. One way to avoid that and keep your house’s sale time short is to sell to a cash buyer who will agree to buy your house as-is.
Conclusion
The number of days your house spends on the market will depend on several factors; everything from where you live and the condition of your house, to your list price and the current market temperature can change your sale timeline. But overall, the average time a house is on the market is around forty-three days.
If you’d like to learn more ways to sell a house fast, check out the rest of our site at Selling.House. We can help you sell your house fast, as-is for cash! Plus, we’ll beat the other guys’ offers!
Contact us today and sell your house with no fees in as little as 24 hours!
