Photo by Tierra Mallorca
If you’re trying to sell your house, you probably want to know how long it will take. The answer to the question, “how long does it take to sell a house?” isn’t so clearcut, unfortunately. There are several factors that contribute to how long a home stays on the market.
Despite that, we’re going to try to give you a little more clarity though, and explain what impacts the process and what you can do to speed it up.
Average Time on the Market
Days on Market (DOM) is an important factor in judging how well the real estate market is doing. On average, homes in 2018 were on the market for 42 days. This number, of course, varies based on where you are in the country.
In states like Michigan, Wisconsin, Ohio, Nevada, Washington, and Colorado, for example, the average time was less than 41 days. In other states, though, like Oklahoma, Louisiana, Alabama, and North Dakota, the average time was 61 to 75 days.
What Impacts DOM?
There are certain things that impact the DOM. Some are in your control while others are not.
Things like time of year impact how long a house is on the market. The best time of year to sell a house is in June, followed by May. The worst time, not surprisingly, is December. Most people aren’t thinking about packing and moving while they are focused on the holidays.
The overall real estate market will impact DOM as well. If there is a large supply of houses and low demand, prepare for your home to sit longer. If it’s a seller’s market, though, expect that your home might go quickly and be prepared to move!
The price also impacts DOM. If it is priced too high, it’s going to sit longer and you will likely have to drop the price at some point. This is especially true if it is priced much higher than comparable homes in your area.
How to Sell Faster
You can always choose to sell your property for cash if you have to move quickly or just want to offload the house.
If you’re hot in a huge hurry, though, there are things you can do to sell it quicker. Staging your home, improving the curb appeal, doing small upgrades (don’t spend too much on remodeling, as you might not get a good return on your investment), and pricing it right can all reduce the DOM.
An experienced real estate agent can guide you through this process, give you an idea of how long your home might stay on the market, and can guide you on what you can do to shorten that time.
How Long Does It Take to Sell a House? It Depends
There are many factors that need to be considered to answer the question “how long does it take to sell a house” including the time of year, condition of the house, and the state of the housing market overall.
If you found this helpful, be sure to check out some of our other advice posts.