The average time to sell a house in America is 55 to 70 days. Multiple factors like your home’s condition, location, and demand can affect this timeline.
By employing certain marketing strategies like listing on MLS, and competitive pricing, you can reduce this time significantly. Here’s a detailed analysis of the factors that affect the speed of your home’s sale.
Factors That Affect the Speed of House Sales
In 2022, the average time to sell a house was around 30 days. This was due to mortgage rates, a slow market, a shortage of houses for sale, and strong demand from buyers.
- Market Condition
A real estate market can either be a seller’s market or a buyer’s market. A seller’s market, also known as a fast market, favors the sellers.
A buyer’s market is the opposite of a seller’s market. Plenty of houses are up for sale but only a few buyers. The current condition of the market will affect your home’s selling time significantly.
Houses that are priced competitively tend to sell faster. Hence, it is essential to work with your local real estate agent. They can help you in setting the right price.
- House Location
Location plays an important part when listing and selling your house. You can sell your house faster if it is located in a highly demanded area.
For example, December is considered the best time to sell your house in Florida.
- House Condition
Buyers may demand major repairs if your house is in a bad condition. This can easily increase your home’s Days on the Market. Conducting a home inspection in advance can help you sell faster.
Is It Good Time to Sell House?
Yes, it is. The spring months are considered the home-buying months. Seasonality influences factors such as inventory (the number of available homes for sale) and purchase price. During spring, inventory is plentiful, but competition among buyers may cause prices to rise.
Families with children often look to move before the start of the new school year. This increased demand can lead to a more competitive market and potentially higher sale prices.
Best Ways to Sell Your House
The most common ways to sell your home are to hire a real estate agent, List on MLS, Sell FSBO, etc.
Here are the best ways you can sell your home:
- Hire a Real Estate Agent
Hire a real estate agent if you want to sell your house fast. They can help you price your home correctly, market it effectively, and negotiate with potential buyers.
- Sell FSBO
For Sale By Owner helps you save listing agent fees as you market outside the MLS. Additionally, it will give you complete control over the transaction. You will be responsible for all the marketing and negotiating activities.
- Discount Broker
Selling your house with a Discount broker or low-commission real estate agent will help you maximize your profits and sell your house quickly.
- Cash Buyer
Some investors will purchase homes for cash, which is a quick and easy way to sell your house. However, you may not get as much money for your house as you would if you sold it on the open market.
iBuyer or instant buyers is a real estate company. They directly buy houses for cash by making all-cash offers in 24-48 hours. But they are not the best way to sell a house quickly as their coverage is limited. You cannot negotiate their offer and you end up paying additional fees.
What You Can Do to Sell Your House Fast?
- Get on the MLS: Homes listed on Multiple Listing Service (MLS) sell faster and for 17% more. It will give you maximum exposure.
- Prep Your Home: Fix any major issues, before putting your House on the market. Small repairs can also make a big difference in the eyes of potential buyers.
- Hire a Pro Photographer: A pro real estate photographer will know how to showcase your house. High-quality photos and videos of your house can attract more potential buyers and showcase your House’s best features.
- Set a Competitive Price: Selecting a strategic price for selling your home is necessary. Overpricing your home may result in delays. To determine the best price for your home, consult with a local real estate professional.
The decision to sell a house should be based on various factors, including the current market conditions in your local area, personal financial goals, and the condition of your property.
If you want to sell your house fast and save thousands in commissions, sell your house with Houzeo.com. Houzeo is a tech-centric For Sale By Owner website and real estate platform that gives you access to tools only real estate agents have.
Here’s how Houzeo works to maximize your savings and exposure.
Frequently Asked Questions
1. What is the slowest month to sell a house?
The slowest months are October and December. This is because the winter season makes it more difficult to show homes and for potential buyers to attend open houses.
2. What not to fix when selling a house?
When selling a house, there are some things that you should avoid fixing like cosmetic issues, minor repairs, landscaping, and structural issues.
It may be helpful to consult with a real estate agent to determine what repairs or upgrades are worth investing in.