In March of this year, house prices broke records. The average house sold at over $375,000.
If you are currently in the process of selling a home, that might sound like exciting news. However, not all sellers are lucky enough to have their house snapped up in this hot market.
If that’s you, it’s worth getting to know the home selling process and, specifically, how long it takes to sell. We have the answers here for you.
What the Current Market Tells Us
Selling any home depends on the state of the housing market. For instance, it might take months to sell a home during a housing market crash. So it’s essential to understand what the market is doing in 2022.
Currently, house prices are rising, and there is much demand. Some analysts believe the current trajectory shows similarities to 2007 before the housing bubble burst.
But with all these homes for sale, could there be a housing crash around the corner?
No one can say for sure. But remember that the risk of the market fluctuating is there when you are selling a home. If you are in a hot market and get a reasonable offer from a buyer, keep that in mind!
Average Home Selling Timeline
Let’s look at the average selling timescales in the current climate. You can use this as a baseline for your home if it’s on the market.
Remember that house demand is impacted by other things, too, such as location and house type, so your home might be quicker or slower than this average.
The most recent figures we have come from 2021. The average figure peaked at 15 days by the summer of 2021. That’s up from the previous year, where most houses took on average 25 days.
In 2019, the average figure was between 30-45 days, depending on the time of year. So demand is increasing, and timescales are currently fast.
Can You Sell Faster?
Perhaps you put your house on the market over a month ago, and you are now wondering why it isn’t selling as fast as the typical house.
Many factors determine the demand for a house, and each of these could speed up the process. Here are some of the main things you can do to get a quicker sale:
Lower Your Price
Price is the biggest lever you have available when your home isn’t selling.
Be realistic about what you can achieve with your home sale, even if similar houses have sold for more. Lowering the price will attract more people to view your property if you need to sell in a hurry.
If your realtor isn’t attracting regular buyers to view your property, it might be worth searching for a new one. Ask locally for some recommendations from people who have successfully sold their homes.
Sell for Cash
A guaranteed way to sell your home fast is to use a third-party company that will buy your house directly. When you sell a home for cash, you cut out the lengthy process of showing your home to buyers and negotiating with realtors.
Mastering the Home Selling Process
There is no dark secret to selling your home. Use this guide to help you understand the timescales of the home selling process. A successful house sale needs perseverance, patience, and a realistic outlook.
For more home selling tips, head to our real estate section.