Over the last couple of years, the US has had a white-hot housing market, with the number of homes sold in 2021 alone hitting 6 million. With demand for homes still high, home sales may hit even higher levels this year.
If you’ve been thinking of selling your home, this year might be a good time to do so. Home prices are still high, having risen by 18.4% in October 2021 compared to the same period the previous year.
So, how fast can you sell a house in today’s market? It’s a valid question, with most sellers looking to sell their houses in as short a timeframe as possible.
In a universe of variables, knowing the exact amount of time it’ll take to sell a house is hardly possible. There are lots of factors to consider. In today’s blog, we look at these factors and throw in a few surefire tips for a shorter home selling timeframe.
The Type of Buyer You Target
As a home seller, you have various options when it comes to who you sell your home to. The kind of seller you target can significantly determine how fast you can sell your home.
An increasingly popular option for US home sellers is cash buyers. In 2021, 30% of all homes sold in the US were bought by all-cash buyers, the most since 2014.
One of the biggest benefits of selling your home for cash is the short amount of time it takes to seal the deal. It’s hands down the best way to sell a house fast.
By selling your home for cash, you get to skip the song-and-dance of getting your home ready for sale, including staging the house. You request a cash offer right away, bypassing agents and open houses. If a buyer offers you a price you like, you proceed to the next step.
The entire process takes mere days, with money hitting your account within no time. Click for more information on how to get a quick offer for your home.
If you decide to sell your home the natural way, it will add more time to the home selling process. That’s because there are mortgage lenders involved, as well as preparing your home for selling, listing, marketing, negotiations, home inspections, and so on.
Prevailing Market Conditions
The type of market you’re selling your house in determines how much competition there is for homes. If it’s a seller’s market, you can expect to sell a house quickly. The inventory of homes is low, and demand is high, increasing the competition among home buyers.
In a buyer’s market, homes take much longer to sell. That’s because they have more options from which to choose, so they can afford to bide their time and be picky.
Generally, people opt to move when the weather is decent. That means during unfriendly weather, homes don’t sell quickly as no one wants to move in such conditions. Listing your home just before winter is a bad idea if you’re looking to sell quickly.
If possible, consider selling your home during the summer or spring when the weather is fair. You could also list your home at the end of the school year in your state, as most buyers want to reduce the upheaval in their kids’ education.
Location is another huge factor when it comes to how quickly you can hope to sell your home. If your home is located in a highly desirable location, you can expect it to get snatched up quickly.
So, what makes for a desirable home location? A neighborhood in a central location with top-ranking schools and modern amenities attracts more buyers.
If the home is located in a remote location, close to a busy roadway, away from high-performing schools, and where amenities are scanty, it’ll have a problem attracting buyers. The property may take longer to sell. The best way around this challenge is to sell to a ‘We Buy Homes’ company, as these buyers tend to be less particular about location.
A home’s listing price is arguably its most visible, make-or-break factor when it comes to selling. The average home buyer has a budget in mind. Sure, they may be willing to negotiate the price with the seller, but some prices may be immediately off-putting, even for the most interested buyers.
It’s important to set a competitive listing price if you’re looking for a fast, profitable sale. That means researching what comparable homes in your area are listed for and adjusting your selling price accordingly.
Consider setting a slightly lower price to attract lots of offers. Remember, when you garner more offers, it’s likely that your home’s price will automatically increase. Buyers who are especially determined to get the home will try to outbid their competition, which is good news for you.
The Condition of Your Property
A home in great condition will naturally attract more buyers than one in deplorable condition. That’s the reason it’s always a good idea to get your home in as good of shape as you can before you list it. This way, you get to sell it quickly and for a good price.
Of course, if you’re selling to a ‘We Buy Homes’ company, the state of your home isn’t a factor in how quickly you can close on the sale. The company will offer to buy your home as-is.
How Fast Can You Sell a House? Now You Know
Hopefully, we’ve fully answered your question, “How fast can you sell a house?” As you’ve seen, there are a variety of factors involved, so it’s hardly possible to give a straight answer. However, for those who want to get done with the process quickly, looking for a cash offer is always the best option and maybe you can reach out Sell My House Fast For Cash LLC .
Would you like to read more great content like this? Keep visiting our blog.