The Home Selling Process: How Long Will It Take?

Over 6 million homes in the United States were sold in 2021. So, if you’re looking to put your home on the market, you’re not alone.

There are a number of reasons to sell your home. Maybe you want to upsize or downsize. Or you’re relocating to a new city for work, education, or adventure.

Regardless of the reason you’re getting rid of the property, one thing is certain: you want the home selling process done over with quickly.

Unfortunately, selling a home isn’t akin to selling an old stereo on Craigslist or other free classified ads sites. There are a lot of processes and paperwork involved.

Read on to learn what to expect.

How Long Does It Take to Sell a House on Average?

Although every home sale is unique in terms of how long it takes to complete the transaction, on average the process takes anywhere from 30-70 days. According to surveys, most houses sit on the market for about 18 days before getting a good offer and then take an additional 30-50 days to close.

There are different factors that will determine how fast you sell your house. Let’s dig in next.

The Type of Buyer

In real estate transactions, there are two types of buyers: cash buyers and lender-financed buyers.

A cash buyer has the money at hand while a lender-financed buyer, such as one taking out a mortgage, must get a significant chunk of the money from the lender. Cash transactions can close much faster, often in under 10 days.

On the other hand, transactions involving lender-financed buyers can take several weeks after you have accepted the offer. This is because the buyer, assuming they already have a mortgage pre-approval, must go back to the lender and apply for the final approval. In 2021, the average time lenders took to approve a mortgage was 51 days.

If you’re planning on selling a house fast, now you know the type of buyer to sell to. Look up places that buy homes for cash in your area and you’ll be good to go.

The State of the Real Estate Market

The forces of demand and supply in your local housing market play a major role in determining the time it takes to sell a home.

If it’s currently a buyer’s market, it means the supply of homes exceeds the demand. This has big consequences on your plans since there’s a shortage of prospective buyers in the market. It will take longer to receive an offer and your house can sit on the market for several months.

If it’s a seller’s market, the supply of homes is lower than the demand. Buyers are in bidding wars, trying to snap up the available homes. In such a market, you’ll likely get a good offer quickly, sometimes a day or two after listing.  

Be sure to monitor the market before putting your house up for sale. If you’re in no rush, wait until it’s a seller’s market. You’ll not only have the best chance of selling the house fast but also getting the best offer.

The Condition of Your House

The vast majority of buyers are looking for houses that are move-in ready.

Is your house ready for occupancy as soon as it’s purchased? If yes, you have a great chance of getting an offer soon after you’ve listed it – as long market conditions are favorable.

However, like many existing homes, yours likely isn’t move-in ready. Perhaps it needs some repairs here and there; maybe a fresh coat of paint. Making the necessary repairs will eat into your budget, but it’s also your best chance of ensuring a fast sale at the best price.

What if you want to sell your house as-is? This can become your only option when you don’t have adequate funds to make the necessary repairs or when you’re short on time.

It’s possible to sell it as-is, but expect potential buyers to low-ball you. Try to get offers from companies that buy homes as-is for a quick deal.

The Time of the Year

Real estate experts have done the research and established that, according to historical trends, March is the best time to sell a house when your goal is to sell fast.

Why March? It’s early spring. People are starting to get outdoors and explore after the cold of winter. People are now more willing to hunt for new homes and prepare for summer moves.

This isn’t to say you can’t sell your house faster during other months. Summer months are also ideal for selling, but try to avoid selling during winter.

DIY or Professional Help?

You can sell your house on your own (For Sale By Owner) or get the help of a seller’s agent. Both methods have their pros and cons, but one thing is clear: getting professional help will help you sell quickly. An experienced real estate agent knows the steps to take to prepare your home for a quick sale.

Shorten the Home Selling Process

Whatever your motivation for selling your home is, you don’t want to spend several months on it. However, the home selling process can be shorter or longer depending on a number of factors, including the type of buyer, the state of the housing market, and real estate market conditions. There are moves you can make to shorten the timeframe, though.

Explore our blog for more home selling tips.