How Long Does It Take to Sell a House in 2023?
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by Richard Morrison
- January 18, 2020
- Selling
- 0
Selling a home is often referred to as a journey. And like any cross-country road trip, there are many factors that determine how long it will take to reach your destination.
When a house first hits the market, eager sellers often wonder “how long will this take?” The truth is, there’s no simple answer. The timeline depends on everything from the current market conditions to the size of your moving truck. But understanding what impacts your time-to-sell will help you navigate this journey confidently.
Key Takeaway: In today’s market, the average home takes 54 days to sell. But your specific situation will vary based on your local market, home price, condition and more. With the right prep and pricing, you may sell much faster.
Factors That Determine How Long It Takes To Sell Your Home
Many variables affect how quickly you can sell your house. Here are some of the key factors:
Location, Location, Location
Real estate is hyperlocal. The market temperature in your city or neighborhood impacts time-to-sell. In a hot seller’s market with low inventory, homes sell rapidly. When supply outweighs demand, sales slow down.
Price Point
Higher priced homes sit longer, on average. Luxury home buyers are pickier and fewer in number. Consider local income levels when pricing. Homes priced appropriately for the area tend to sell quicker.
Curb Appeal
A home’s condition significantly sways selling time. Well-maintained properties sell faster. Deferred maintenance, major repairs or clutter detract buyers. Spruce up your curb appeal and declutter before listing.
Motivated Buyers
When buyers urgently need to purchase, they act quickly. Young families relocating for school, job transferees, empty nesters downsizing – motivated buyers make decisive offers.
Competition
When many comparable homes hit the market simultaneously, sellers must compete for buyers’ attention. Unique features that make your home stand out bring faster sales.
Realtor Expertise
An experienced agent who prices correctly and markets aggressively generates quicker sales. Agents with lower average days on market sell faster.
Showing Availability
The more available you can be for showings, open houses and inspections, the faster buyers will come. Limited availability drags out the process.
Luck of the Draw
The home search process has an element of randomness. The right buyers may happen across your home early on and make an offer immediately. Or it could take several buyer cycles for that perfect match.
How to Shorten Your Timeline To Sell your Home Faster
While you can’t control every factor, you can take steps to sell your home faster:
- Price it right – Set your listing at market value based on comparable sales. Price too high and you’ll deter buyers.
- Amp up curb appeal – Make exterior updates like fresh paint, new welcome mats, flowers and trimmed bushes.
- Declutter like crazy – Pack away personal items so each room feels spacious and buyer-ready.
- Make minor fixes – Replace broken fixtures, patch holes, fix leaky faucets, update outlet covers.
- Hire a great agent – Find an agent with intimate local knowledge and a proven speedy sales track record.
- Stage it to sell – Declutter, rearrange furnishings, and accent colors to enhance visual appeal.
- Be flexible for showings – The more available you are, the faster buyers can view and make offers.
With the right prep and pricing, you may sell your home much faster than average. Our journey’s duration isn’t fully in our control, but taking the high-speed route will get you to your destination sooner.
Seasons Impact Time-to-Sell And Average Days On Market
Spring and summer see upticks in buyers coming out of hibernation, families moving before school starts, and properties prepping for pool season.
Springtime listing strategies:
- Capitalize on buyer buzz – Lines up your home search with peak demand
- Make a great first impression – Manicured landscaping and exterior spring cleaning
- Turn on the AC early – Cool breezes draw hot buyers inside
- Accentuate backyard oases – Fresh plantings, patio furnishings, outdoor lighting
The Buying Process Length Explained
Once you receive and accept an offer, you still have to navigate the buying process before closing. Here’s how long each step typically takes:
Listing Prep (cleaning, repairs, staging): 1-2 weeks
Photography, Marketing Prep: 2-3 days
Listing Active on Market: 54 days on average
Due Diligence Period (inspections): 1 week
Appraisal Completion: 1-2 weeks
Financing Contingency Period: 30 days
Pre-Closing Walkthrough & Final Details: 1 week
Closing: 1-2 days
TOTAL: Approximately 90 days
And here’s the timeline from the buyer’s perspective:
Home Search & Touring: Weeks to months
Offer Made & Accepted: Varies
Loan Application & Processing: 1-2 weeks
Home Appraisal: 1-2 weeks
Loan Underwriting & Approval: 1-2 weeks
Closing Docs Prep: 1 week
**Down payment & Closing Costs Due: **Days before closing
Closing Appointment: 1-2 days
TOTAL: Approximately 45-60 days once offer accepted
As you can see, many factors affect how long it takes to sell a house. But a few weeks of preparation paired with smart pricing and marketing will help speed up your time-to-sell.
For buyers, the journey spans from initial home search through closing day. Here are the steps buyers take:
Home Search
Buyers scour online listings to identify potential properties. They preview photos, details and neighborhoods to create a shortlist of homes to tour.
Typical duration: Weeks to months depending on market speed and buyer urgency
In-Person Touring
Buyers visit open houses and schedule private showings to experience contenders firsthand. They evaluate features, layouts and neighborhoods in real life.
Typical duration: Weeks to months
Making an Offer
Once buyers find “the one,” they submit an offer purchase price and terms. Sellers may accept, reject or counteroffer. Negotiations continue until both parties agree.
Typical duration: Hours to weeks depending on market factors
Entering Escrow
The buyer submits earnest money deposit and signs paperwork to enter a mutually binding escrow period. Buyer can still back out based on inspection results.
Typical duration: 1-2 days
Property Inspections
Buyers thoroughly inspect home’s condition. An general home inspector checks structural, mechanical and electrical systems. Specialty inspectors may evaluate pools, foundations, fireplaces etc. Buyer can request repairs or credits for deficiencies found.
Typical duration: 1 week
Appraisal
The buyer’s lender orders a home appraisal to confirm purchase price does not exceed market value. If appraisal is low, buyer may renegotiate terms or walk away.
Typical duration: 1-2 weeks
Loan Processing & Underwriting
Lender verifies buyer income, assets and credit to approve financing amount and terms. Loan underwriting involves risk assessment.
Typical duration: 2-3 weeks
Closing Preparations
Lender provides final loan documents and closing disclosure. Buyer signs and returns. Buyer secures home insurance and provides downpayment funds.
Typical duration: 1-2 weeks
Final Walkthrough
Buyers do final property walkthrough within 1-2 days of closing to confirm condition and included appliances/systems operational.
Typical duration: 1-2 hours
Closing Appointment
Parties review and sign final papers. Buyer provides closing costs. Title transfers, keys exchanged. Property belongs to buyer.
Typical duration: 1-2 hours
Staging Your Home to Sell Quickly
Staging preps your home for its closeup before hitting the market. A few enhancements create maximum appeal so your home sells swiftly:
Declutter – Pack up clutter, so rooms feel clean and spacious. Store off-season clothes and excess furniture.
Clean – Scrub surfaces, steam carpets. Clean windows let light shine in.
Depersonalize – Take down family photos and religious items. Let buyers envision their own decor.
Rearrange and edit – Pull furniture from walls. Remove extra chairs to open up floor space.
Repair and touch up – Fix leaky faucets, cracked grout. Patch holes and touch up paint.
Brighten – Boost wattage in lightbulbs. Replace dated fixtures. Open blinds fully.
Neutralize – Avoid bold colors. Opt for timeless white, beige and gray tones.
Accent strategically – Use decorative pillows, throws and greenery to add personality.
Mind the flow – Rearrange furnishings to guide buyers from room to room.
Freshen up – Add scented candles, fresh flowers, baked goods aroma.
Focus on curb appeal – Manicure landscaping. Add pots of blooms by entry.
With strategic staging, you control the narrative. Your home shows at its absolute best so buyers flock in for a look.
Did You Know? Time-to-Sell Varies by List Price
According to a survey by Richard Morrison, lower and higher priced homes take more time to sell on average. Middle-priced homes tend to sell most swiftly. This is likely because expensive homes have a smaller pool of qualified buyers. And buyers may be more cautious about lower priced homes that require substantial investment. The fastest turnaround happens in the mid-range price point with the widest buyer appeal.
Closing the Deal
Once you accept an offer, you’ll enter escrow – the period between ratified contract and closing day. What happens during this phase?
Contingencies Period
Within the first 5-10 days, buyer can back out based on:
- Home inspection findings
- Challenge meeting financing terms
- Appraisal value dissatisfaction
Tip: Be flexible addressing repair requests to move smoothly to closing.
Loan Processing & Underwriting
Lender scrutinizes buyer’s income, assets, credit and debt to approve loan amount and terms. Issues can delay or derail deals.
Tip: Provide prompt verification of documents to keep momentum.
Title Search & Insurance
The title company researches property records for issues like liens, easements or boundary disputes. Title insurance protects against past title problems.
Final Walkthrough
Buyers do final property walkthrough within 1-2 days of closing to confirm condition unchanged since initially viewed.
Tip: Keep property in move-in ready shape throughout escrow. Address any inspection findings.
FAQs:
How long does it take to sell a house?
The amount of time it takes to sell a house can vary significantly depending on the market conditions, the market value of your home, and other factors. Generally, homes in a seller’s market (where there are more buyers than sellers) tend to sell quickly. On the other hand, if you’re looking to sell your home in a buyer’s market, it may take longer to find the right buyer. In addition, it may take longer to sell a home that’s priced higher than comparable homes in the area or needs major repairs. It’s important to work with an experienced real estate agent who can help you price and list your home correctly so that it sells as quickly as possible.
How long does it typically take to sell a house?
The average number of days on market for Canadian homes is currently 64 days. However, this statistic does not take into account seasonal factors or regional differences in housing markets that may affect how long it takes for a particular home to sell.
What are some tips for helping my home sell fast?
Staging, open houses and strategic pricing are all important elements when selling a property. Staging can help potential buyers envision living in your space and make them more likely to make an offer. Open houses give buyers an opportunity to view your property without having to make an appointment with their agent and can spark interest from multiple buyers at once. You should also consult with your real estate agent about pricing your home correctly.
When is the best time to sell my home?
Typically , spring and summer are considered the best times of year to list a property due both seasonal factors and increased activity from buyers . Seasonal demand , as well as local market trends , will determine when most people decide they want their new homes . Most real estate agents recommend listing around March/April , since this gives sellers ample time before summer vacation starts.
Conclusion
Selling a property can take anywhere from just a few days to months or even years depending on the market. After you receive an offer, typically you will have 10-15 days to make a decision on whether to accept it. To help your home sell quickly, you should price your house correctly and market your home well.
According to data from 2022, the average time to sell a home is dependent upon the right home being listed at the right time with great listing photos and other marketing components. In highly desirable areas homes may sell quickly whereas in slower markets they could take longer.
Renovating can also make a big difference in how quickly your house sells if demand is high among buyers for newly updated homes. Factors such as recently sold homes and total number of homes listed can help speed up the process if there are many new listings and buyers actively looking for more inventory in the area compared to fair market value for recently sold homes.
Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.
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