How Long Does It Take To Sell A House (And Why)?

Exact Answer: Approximately 20 – 60 Days

A home is a place where everybody feels safe. It is accommodation which everybody desires. Some love to change their abode more often than others while some plan on spending their entire life in their own house. But for people who might be required to sell their house due to any of the myriad reasons, it is natural for such people to wonder how long would it take to sell a house to plan other related things accordingly.

House is not an easy item to be sold off. It is a huge investment for the buyer buying the house and a good capital gain for the person selling it. The process of selling a house requires various formalities to be fulfilled which need not get completed in a jiffy. There is in reality no logical answer to how long it takes to sell a house as this depends on each case of trade and the house required to be sold.

How Long Does It Take To Sell A House?

The speed at which one might be able to sell one’s house could depend on factors like real estate market condition, time, condition of the house, the efficiency of the agent, location of the property, etc Though one can sell the house even without the help of a real estate agent, such agents come handy when one is unable to sell the house even after a lot of trying.

Agents are usually well acquainted with the number of days usually taken by a house in a particular locality to be sold off. Thus, such expertise can help find the correct buyer for one’s house in the minimum possible time.

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Sometimes houses get sold off super fast which might happen to a person with sheer luck when a buyer for that particular house offered for selling is present at the right place at the right time. Thus, there is in reality no fixed parameter to accurately determine exactly how long a house would take to sell. Location of the property has a huge role to attract buyers as a house in a metropolitan city is always in high demand.

Location of the houseDuration to sell the house
Rochester, New York29 Days
Colorado Springs, Colorado32 Days
Seattle, Washington35 Days

Why Does It Take So Long To Sell A House?

Market conditions and time of selling have a great significance in determining the duration of the sale of any particular house. Also, the price quoted for the property should be appropriate as per the condition and location of the house, and should be fixed by taking into consideration factors like whether the house is furnished or unfurnished, has access to good schools and restaurants in the vicinity, availability of recreational activities is nearby or far away, etc

The owner of the house can sometimes sell a house faster than real estate agents when transactions are made between parties that already know each other. In such cases, the necessity of a middleman selling a house is eliminated and the house can be sold even faster and quicker. However, in all other cases, an agent’s tactics, experience, and overall market reach and know-how can prove quite beneficial while selling a house at the price the seller desires.

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Seasonal demands also affect how long a house takes to get sold. Depending on where a person lives and where the house required to be sod is located, the peak months for selling a house may vary. Typically, November, December, January, and February are regarded as the slowest times for home sellers as these periods tend to be less profitable as property prices are lowest during the last quarter of the financial year.

Lastly, one of the major factors determining whether the house will get sold or not depends on its condition. If the house is in tip-top shape, it is very unlikely that any buyer in need of a home would deny buying a house in good condition. Also, if the house is in prime locations of the city, one can rest assured that it would get sold within a month at maximum.

Conclusion

According to the data by NAR (National Association Of Realtors), on average, it takes about 24 to 46 days to sell a house in appropriate condition. However, each house to be sold is different as well as unique and thus, it is not possible to define exactly how long it could take to sell a house. Sometimes, it could even take over 100 days for a house to get sold. Just like any other market, the real estate market is also unpredictable and therefore, time to sell a house would depend on its demand in the market and the price quoted by the seller for the house.

References

  1. https://www.sciencedirect.com/science/article/pii/S1051137704000166
  2. https://link.springer.com/article/10.1007/s11146-019-09725-9
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