How Long Does It Take To Sell A House (Plus Ways To Reduce It)
Buying and selling are common practices in the real estate industry. There’s always someone looking to sell their house, which brings about the buying aspect. People sell houses for various reasons. Some are developers and others want to upgrade their homes, or they have new needs their current houses aren’t meeting.
Factors Affecting The Selling Process
The selling process takes approximately two to three months to sell. However, this period depends on various factors, which are:
Your Chosen Real Estate Agent
Real estate agents help buyers get the property they want, and sellers sell their property. The type of agent you get determines how long it’ll take to sell a house. For instance, working with experienced agents like Highcastle Estates can streamline the process and help you secure a faster sale.
Should you hire a reactive agent, expect to sell slower. They’ll wait for issues to happen for them to act. However, a proactive agent like Chatburn and others will take it upon themselves to sell your house faster by eliminating any events that could slow down the process. They’ll get all the documentation before listing your property and screen buyers before accepting their offers, among other practices.
Your Chosen Buyer
The type of buyer you get determines how fast you sell your house in terms of their payment. There are different ways a buyer can finance their property-buying. A buyer can pay cash, take a mortgage loan, or adopt a rent-to-own strategy. Cash payment is the fastest way to sell a house—it might even take hours to sell. With mortgages, it depends on the buyer's down payment and the period they have to pay the balance. The longer the period, the longer it’ll take to sell your house.
The Asking Price
The asking price refers to the amount you sell your house. In most cases, if the asking price is high, expect to take longer to sell your house. This period extends further if the price exceeds your property’s market value. Buyers want the best deal and value for their money without necessarily spending a fortune.
The Condition Of The Property
The condition of your property references its physical appearance. Like in the real world, first impressions matter.
Your house should offer convenience to its buyer. If your house has leaking taps, damaged floors, and peeling-off paint, it won’t offer convenience to the buyer. The buyer has to take more time to settle in since they have to handle repairs. The result is your house taking long to sell; it’ll be unwanted by buyers.
However, if your house has top-notch finishes, is well-maintained, and doesn’t need repairs, you’re likely to sell it faster. It offers convenience in that the buyer only has to arrange the space upon moving.
Reducing The Selling Time
Suppose you aim to sell your house as fast as possible. Here’s how to do it:
Hire An Experienced Real Estate Agent
It’s always advisable to leave some tasks to the experts. When selling your house, the expert to work with is a real estate agent. They’re gurus and will help you in various ways to quicken the selling process. They’ll do this by ensuring it’s in good shape and gives a good first impression, listing your property, and helping you arrive at the right asking price. For the right asking price, they’ll appraise your house to get this figure. The aim is to sell within market value.
It’s crucial to acknowledge that only an experienced agent can assist you in reducing the selling period. Therefore, be wary of whom you hire. See their portfolio of clients and their records of success. This insight will help you gauge their capability to sell your house faster.
Adopt The Right Marketing Techniques
Marketing works to inform the public about a good or service you’re selling, in this case, a house. Putting up a sale signboard at the front of your house and leaving it at that won’t do you any good. You must tell the public about it, which is where marketing comes in.
Start by identifying your target group. Who are your ideal clients? If it’s a family home, your focus should be on those with families. You should aim at those with high incomes if it's a luxury house.
With the identification, identify marketing strategies that resonate with your target audience. Which technique will help you reach them faster and get their attention? For luxury clients, you want to advertise on shows that showcase the luxury lifestyle. They're likely to watch such shows, increasing their chances of seeing your house on sale. You can also highlight the property’s features that attract this audience like a gym, swimming pool, or sauna.
All in all, the secret is to customize marketing to your target audience.
Conclusion
Selling a house is a process that can bring about a lot of emotions for the seller. As a seller, you’ll wonder how fast you can sell and how much profit you’ll make. This discussion gives insight into the factors that determine the selling period and tips for reducing it. Therefore, as a seller, consider implementing these tips. You’re likely to have an easy time with the process.
