Selling a house can be a grueling as well as rewarding task. But, how long does it take to sell a house actually? You will ask yourself this when selling. The answer is in seasonality, price, and condition. The median days on the market was 44 days in May 2024. Sellers should understand the typical selling timeline. This will ensure to make an informed decision and speed up the selling process. This article will give you insights into the selling timeline and factors affecting selling speed.
The Ever-Changing Landscape: Overall USA Average Selling Time Frames
In the USA, the current national average days on the market was 44 days in May 2024. This average can vary because of regional market conditions and property type. In high-demand cities like San Francisco, the average days on the market was 22 days. On the other hand, in the low demand and less populated areas, the average days on the market can be 60 to 90 days. The houses tend to sell faster in the spring and summer season and slower in the winter season.
Single-family homes tend to sell faster in desirable areas. The condos and townhouses selling timeline depends on their location. Lastly, luxury homes take a longer time to sell as the target market is smaller for luxury houses.
In the given chart by FRED, you can see in the beginning of the year the houses stay on the market longer. On the other hand, in the mid-year the houses sell faster. We can see a significant drop in the median days on market in early 2021. The reason was the rising demand of the housing market during the post pandemic. The demand started to slow down in early 2022.
Regional Timeframes for Selling a House: California
According to Zillow, the average California home goes pending in around 12 days as of May 31, 2024. But the locality, community, or zip code area impacts the selling speed. The market conditions and property type also influence the selling process.
According to Redfin, the median days on market in California is 26 days in May 2024. Let’s have a look at the median days of the market in different cities of California.
| Name of the cities | Median days on market |
| Los Angeles | 39 days |
| San Francisco | 22 days |
| San Diego | 14 days |
| Sacramento | 11 days |
| Fresno | 13 days |
| Long Beach | 35 days |
| Santa Barbara | 37 days |
| Bakersfield | 22 days |
Source: redfin.com
Factors Affecting Your Selling Timeline
A seller must understand the factors affecting the selling timeline. Let’s have a look at some of these major factors.
Market Conditions
Market demand and supply play a vital role in determining the speediness of selling a house. You need to evaluate if the market is a buyers’ or sellers’ market. The buyers’ market is a cold market. Supply is more than the demand in the real estate buyer market. So the selling process takes a long time as there are more houses and fewer buyers.
On the other hand, the sellers’ market is said to be a hot market. The selling speed is much higher in the sellers’ market as there are fewer houses than the demand. It is important to determine the conditions of the market to dive into the selling process.
Pricing
Competitive pricing always helps. The right price is a must. The location, demand and conditions are key considerations. Overprice and buyers will leave. Undercut and you face a loss. You should look around and compare for setting the right price. This gets the right buyers. You can take advice from real estate agents to pick a profitable pricing strategy.
Property Condition
The property conditions have a vital impact on selling time. The marketability of the house depends much on the house’s condition. Houses that need major repairs may have to sit on the market for a longer time. Sellers should opt for work in curb appeal and staging to make the house appealing. It is easy to sell the house that is well-repaired and maintained. The sellers should also declutter and stage the home to make it look larger and attract potential buyers.
Marketing and Agent Expertise
Agents’ expertise will guide you to market the real estate property. Their comparative market analysis will ensure quick sell of the house with profit. Their expertise helps increase appeal. They guide the staging and maintenance to attract buyers. Agents show you the ropes to negotiations. Their skills will save you time and effort. Otherwise, it can become cumbersome.
From Pending to Sold: Understanding the Closing Process
The last frontier is closing and cashing in. In this stage, you can’t show the property to other prospects. It shows that the sale is closing.
Steps in the Closing Process
The major steps in closing are closing process are:
Buyer’s Loan Approval
In the pending stage, the buyer needs to get the final approval of the loan. The lender’s underwriter reviews the buyer’s financial documents to approve the loan.
Inspection, Appraisals, and Title Searches
In this step, the buyer arranges a professional home inspection to check the home’s condition. The inspector checks the condition of the home structure and appliances. Also, home appraisal is done by the lender of the buyer. The lender evaluates the property value before finalizing the amount of the loan. Usually, an attorney conducts a title search. The attorney verifies the property ownership and legal issues.
Repairs and Closing Costs Negotiation
The buyer and seller negotiate on the issues that arose after the inspection and appraisal. The closing costs are owned by both parties. It is inclusive of the agent’s part, repairs, escrow and others.
Transfer of Title Ownership
The repairs must be done before selling. The prospect checks before finalizing. Once done, papers are signed to close the deal. Average deal time after going pending is 30 to 45 days. This timeline differs due to negotiation time, lenders’ efficiency, and inspection scheduling.
Strategies to Streamline Your Selling Timeline
Price Your House Competitively
The listing price of the house attracts buyers who are searching for a home in that location. You should conduct thorough market research and price competitively to attract buyers quickly. Check the condition and demand to put up a feasible number.
Pair up with an agent
A veteran agent makes it so much easier for you. They help chalk out the strategy, setup and appropriate valuation. The wisdom makes the deal quick and profitable.
Show ready house
Buyers always chase a house that shows them the possibilities. You have to stage it so that they can see the dream, the magic of living in that space. Clean it up and make repairs for a pristine look.
Leverage Effective Marketing
Make technology your friend to sell the property- use pinterest-esque shots, reels and videos. Sell the dream. Also, the house sells faster when online marketing tools are used. Again, real estate agents are great at helping to figure out these strategies.
Flexibility in Showings
You should keep enough options in time slots to show the house to prospective buyers. You should try to be accommodating of the time slot requests. This will keep them at ease and help the process.
Conclusion
The time period to sell the house off will depend on the conditions of the market, state of the property, demand and of course the monetary question- pricing. Thorough analysis and quick changes to the plans will allow faster selling. A qualified agent will help ensure optimization of the process and get you the quick money with maximum profit.
FAQs
- What is the fastest way to sell my house?
All-cash offers are the fastest way to sell a house. But it will not give you the best price. You can opt for flat fee MLS platforms to get the best price.
- What is a good time of year to sell a house?
Late spring and early summer are the best time to sell a house.
- How long does it take to close on a house after an offer is accepted?
It takes 30 to 45 days to close a house after an offer is accepted.
- How can I speed up the sale of my house?
Consulting with skilled real estate agents can speed up the sale of your house. Their local expertise and market knowledge will help in the selling process.
