Selling a house is more than just waiting for the right buyer to come along. There are a few steps in the selling process, and each step can take a little time.
Here’s everything you need to know about how long it takes to sell a house.
Step 1: Pre-Listing Prep
Even before you put your house on the market, there’s some work to do.
Pre-listing prep is all about creating the best possible first impression for buyers. First impressions are critical in real estate. You want your house to be perfectly show-ready before you put it on the market.
- Decluttering and removing extra furniture so each room looks larger.
- Organizing closets and cabinets to make your storage spaces look bigger.
- “Depersonalizing” by removing family photos and personal memorabilia. This will make it easier for buyers to imagine themselves living in the house.
- Deep cleaning and taking care of necessary repairs to assure buyers that the house is well-maintained.
- Stage the house to feel inviting. This usually just means arranging the furniture and adding a few accents to help buyers feel at home.
Did you know that 84% of all buyers (and 93% of buyers under 40) use the Internet to search for homes? And many of these buyers get notifications when a new property hits the market. So we want to make sure they see your home at its best on Day One when all these buyers are notified of your new listing.
Because so many people will see photos of your house online before they come to tour, we need those photos to impress. So once the house is ready, I bring in talented local real estate photographers who take the listing photos that will help your home shine in online searches. These photos are part of my service and won’t cost you anything!
How Long Does Pre-Listing Prep Take?
The time it takes to prepare a house for the market depends heavily on the condition of the home.
If the home is in good repair and is already exceptionally clean and clutter-free, it might just take a day or two to depersonalize and stage the house. More often, it will take a couple of weeks for sellers to make repairs, give the house a fresh coat of paint, remove excessive furnishings and other belongings, deep clean, and stage.
And if you’ve been in the house for decades, it may take you a month or two because you’ll have a lot more to do. You’ll need time to decide which belongings you’ll keep and which should be cleared out. Then you’ll need to clean out all the storage spaces and probably make a few inexpensive cosmetic upgrades to fixtures before you can deep clean and stage.
Step 2: Getting an Acceptable Offer
When people talk about how long it takes to sell a house, they’re often asking how long the house will sit on the market before a buyer comes along and makes an acceptable offer so the house can go “under contract.”
As we’re seeing in this post, this is only part of the process, but it gets a lot of focus. Sellers often focus on this step for two key reasons:
- It’s a big question mark. Homes can go under contract the day they hit the market or it can be months before the right buyer comes along.
- Sellers’ control over this timeframe is somewhat limited.
Factors That Affect the Time It Takes to Get An Offer
Several factors determine how long it takes to get an offer. These include:
- Market conditions. Homes sell more quickly in a seller’s market than in a buyer’s market.
- The marketing of the listing. This is where the marketing expertise of your Realtor® is critical.
- How many buyers the house appeals to. If your home is in an in-demand neighborhood or price point, it will sell faster.
- The condition of the house. Move-in ready houses typically sell faster than fixer-uppers. But this isn’t always the case. If you have a fixer-upper to sell, contact me. I can help you decide if it’s worth making the home move-in ready or if it makes more sense to sell as-is.
- The price. Adjusting the price can overcome any shortcomings of the property or the market.
How Long Does It Take to Get an Acceptable Offer?
As mentioned, a house can go under contract immediately or it can sit for months. The best way to get a general idea of how long it will take to get an acceptable offer is to look at the median number of days a house sits on the market.
As of February 2020, the median number of days it takes a house to get an acceptable offer and go under contract in Litchfield County is 75 days. And in Hartford County, it’s just 57 days.
If you want a better idea of how long it might take your house to sell, contact me. I can look at recent sales of similar homes to see how long they took to sell. I won’t be able to guarantee a timeframe, but I can give you an idea of what to expect based on tailored market data.
Step 3: Closing Escrow
Many sellers forget to factor the escrow period into their estimations of how long it will take to sell a house. As a quick reminder, in case it’s been a while since your last real estate deal, escrow is the name for the period between accepting an offer and actually transferring ownership to the new buyer.
During escrow, an entire team of real estate professionals (like escrow officers, title reps, appraisers, inspectors, and lenders) gets to work on satisfying all the legal requirements of transferring a property. Some of the main tasks include:
- Confirming that you have clear title to the property and are legally allowed to sell it
- Having the property inspected and correcting any issues that could prevent the sale
- Getting the property appraised
- Giving the buyer time to secure their mortgage loan
There isn’t much for you to do during this period as the seller. You’ll just need to make sure the necessary professionals can access the home. And you might need to make a repair or renegotiate the terms of the sale if the inspection uncovers a serious issue. As an experienced real estate agent, I can advise you after the home inspection, so you don’t take on unnecessary repairs or leave money on the table.
How Long Does It Take to Close Escrow?
The entire escrow process typically takes somewhere between 30 and 60 days. Your team of professionals has the process down to a science. And I’ll be there to make sure the process is on track at every turn.
The most time-consuming part of escrow is usually the buyer’s financing. This is why some sellers prefer all-cash offers. With all-cash offers, you don’t need to worry about the buyer obtaining financing since they’ll be paying cash for the home.
But all-cash offers don’t come along every day. If your buyers need financing, you could ask that they get pre-qualified for a home loan before you will accept their offer. This offers some assurance that they will be able to get financing so we can close your deal on schedule.
So How Long Does It Take to Sell a House?
The entire process from pre-listing prep through closing day typically takes somewhere between six weeks and six months.
I know that’s a large window, but if you want a quick sale, there are several things you can do to speed things along.
What Can I Do to Sell My House Faster?
There are several ways you can expedite the three steps to sell your home faster.
- Start preparing early. If you know you want to sell in a few months, you can start decluttering, repairing things around the home, painting as needed, and deep cleaning. That way your house will be ready to list when you are.
- Appeal to a wide range of buyers. While your home should reflect your unique personality while you live there, buyers want a neutral palette they can customize. So tone down loud paint colors and store quirky art pieces. You want buyers to focus on the structure instead of your belongings.
- Price correctly. If you overprice your home, you miss out on all the excitement over your home as a new listing. Buyers and their agents might dismiss your listing as being overpriced then forget about it. Worse, when you lower the price later, buyers might wonder if there is something wrong with the property that required you to reduce the price.
- Hire an experienced Realtor® with a comprehensive marketing plan. Knowing how to reach buyers is everything in real estate. Not only do I have a comprehensive marketing plan for you, but I customize the plan to best suit each unique property. I know how to find you a buyer!
- Make sure buyers are pre-approved for a home loan. To avoid snags in the buyer’s financing, we can make sure buyers are pre-approved for a mortgage loan before we accept their offer.
- Respond promptly to requests during escrow. As mentioned, your role during escrow is mostly to wait patiently as the various professionals handle the transfer tasks. But you may be called on to sign additional documentation or respond to an issue on the inspection. Responding promptly will help us close your deal on time.
Are You Thinking of Selling Your House?
For more information on the home selling process, check out my page for sellers. I’m also happy to answer all your questions personally. Even better, I can give you a custom analysis of your home’s value and discuss a marketing plan to sell your home quickly. Contact me today!
