What is the Average Selling Time for a Home?
Across the nation, the average selling time for a home varies. Even within a single city, some houses sell in one month while others sit in the market.
According to Zillow, the average selling time for homes nationwide is 65-93 days, meaning homes are typically on the market for one to two months before an offer is accepted. The good news is that the housing market has improved quite a bit in recent years. In 2010, for example, the average number of days on the market for homes was 140. Now, 10 years later, that number has been reduced by half.
What Factors Impact the Selling Time of a Home?
How long it takes a house to sell depends on a few things. The real estate market is very specific to local areas, cities, and even neighborhoods. The market in your area plays a large role in how quickly your house will sell. If it’s in a desirable neighborhood, close to nightlife or near public transit, for example, your home may sell more quickly. Other factors for the speed of selling homes are demand (more buyers than sellers is a good thing!) and season (homes are more likely to sell in the spring and summer than in the fall and winter).
Additionally, the size of your home may impact how quickly it will sell. Three-bedroom homes tend to sell the most quickly, as they appeal to the broadest group of people. Smaller or larger homes are often more difficult to sell because the demand and market for those homes is smaller.
What are the Steps to Selling a Home and How Long Do They Each Take?
- Listing and showing: according to the national average, most sellers accept an offer within 30-60 days of listing their home. In some areas, an offer might be accepted on the day that the home is listed, and in other places homes may be listed for months before an offer is accepted.
- Accepting the offer: Once an offer is submitted, the buyer typically includes an expiration of the offer, which might be 24-72 hours after it’s submitted. This is the amount of time that the seller has to respond to the offer.
- Inspection: Once an offer is accepted and a purchase price is agreed upon, the buyer typically has 5 to 10 days to complete a home inspection. Depending on the results of the inspection, the buyer may ask for certain concessions from the seller or for the seller to make the necessary repairs before continuing with the sale.
- Closing: The total time to close is determined by the mortgage company and is usually 30-45 days. Some loans, like VA loans, take longer to process and may require a longer close time, while conventional loans can usually happen within 30 days of the offer being accepted. If you are looking to speed up the closing process, the best option is to go with an all-cash buyer who may even waive the home inspection and can close much more quickly than a typical buyer.
Local Home Buyers Can Help
If you’re looking to sell your home quickly and the average selling time is making you wary, call Local Home Buyers today. We buy homes in any condition in Huntsville, Alabama, and the surrounding area. We can give you an all-cash offer for your house with no fees and no need to list your home. We’ll even pay closing costs. Looking forward to talking soon!