Every year, there are more than 5 million houses sold throughout the U.S.
Some of these houses are priced to move and sell within just a few days. Others are overpriced and end up sitting on the market for weeks, months, and, in certain instances, even years on end.
If you’re thinking about selling your home soon, you should find out the answer to the question, “How long does it take to sell a house on average?” It’ll let you know what you’re about to get yourself into.
Answering this question can be difficult to do since it really all depends on a variety of factors. The average time to sell a house tends to vary based on everything from which city or town it’s located in, to how much a seller is asking for it.
If you’re wondering, “How long does it take for a house to sell?”, you should learn about the different factors that can have an affect on it. Continue reading to find out more about a few of them.
Location of a Home
You’ve probably heard (about a thousand times!) that there is one thing more important than almost anything else when it comes to real estate. That one thing? Location, location, location.
If a home is situated in a hot housing market, it’s going to sell quicker than it would if it were located somewhere else. It’s why you should take a closer look at your housing market prior to trying to sell a home.
In this day and age, the hot housing markets aren’t necessarily where you might think they would be. Some of the trendiest markets in 2020 are in places like Boise, Idaho, Colorado Springs, Colorado, and Akron, Ohio.
You shouldn’t have any trouble selling a home in one of those places right now. But you might see your home sit on the market if you have a home in a city like Chicago, Las Vegas, or Detroit, which are all on the slower side in 2020 as far as home sales go.
The location of your home is going to play a very important role when you’re trying to answer the question, “How long does it take to sell a house on average?” The number could spike for those in real estate markets that aren’t red-hot.
Features in a Home
When you’re preparing to sell a home, one of the first things you’ll do is sit down and create a long list of its features. You’ll try to pick out things about your home that will be attractive to buyers.
The problem with this, of course, is that not everyone has the nicest features to brag about in the listing for their home. There isn’t a great way to let people know that you’re selling a home that only has two bedrooms and one bathroom when there are plenty of three and four-bedroom properties with two or three bathrooms in your general area.
The more positive features that your home has, the better your chances of selling it in a hurry. You won’t have to worry about, “how long do most houses stay on the market?”, since your home will sell quickly when it’s jam-packed with things home buyers want in a house.
Condition of a Home
Your home might have a million and one features that homebuyers are going to love in it. But what about if it also has:
- A roof that is in desperate need of either repair or replacement
- A cracked foundation that needs to be fixed ASAP
- A swimming pool that is falling apart and needs to be filled in
- An outdated kitchen that needs to be remodeled
- A basement filled with mold that needs to be tended to
Homes that need to have one or more of these types of things done will typically sit on the market for a long time until the right buyer comes along. You may have to wait for a company that says, “We buy any house,” to make you an offer.
Price of a Home
You might want to get, say, $300,000 out of your house even though the market says that it’s only worth $250,000. You’re more than welcome to list it for $300,000, but doing this will often result in you waiting for a longer time to find a seller.
Home sellers know how to spot an overpriced home when they see one. It’s more expensive than similar homes in its area, but it doesn’t offer anything extra for the high price tag on it.
You’re likely going to see your home sit and sit, and sit some more if you price it too high. It’s essential for you to hit the sweet spot where people feel like they’re going to be getting a great deal if they buy your house.
Climate Surrounding a Home Sale
Is there anything going on in the country or the world that could impact everyone’s ability to successfully buy a home and pay top dollar for it? If so, it could cause your home to sit on the market for longer than you hoped it would.
This year, for example, the coronavirus pandemic has caused problems for those trying to sell homes. Home sales have gone way down as people have struggled to sell their houses amid the pandemic.
The answer to the question, “How long does it take to sell a house?”, can change up in a hurry when these kinds of current events affect the national housing market. It’s good to keep an eye out for them so that you can adjust your expectations when selling a house.
So, How Long Does It Take to Sell a House on Average? It Depends
As you can see, it’s not easy to provide a definitive answer to the question, “How long does it take to sell a house on average?”, when there are so many factors thrown into the mix.
You should consider each of these factors prior to selling your home. They’ll help give you a much better idea of how long it might take you to sell your house.
Read our blog to find some tips on how to sell a house faster than usual.
