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Selling a house is a long process. There are lots of considerations that you need to take. The clock starts ticking once you decide to sell a home. The only question is, how long will it take to sell a house? If you are wondering about the process, you can check on a website to have a smooth and easy sales process.
Most homes available in the market take an average of 56 days to be sold. It can take 45 days for the potential buyer to take out a mortgage loan. This process happens after the offer and listing, so the seller should wait for at least 11 days to secure a suitable buyer.
How to calculate the average days of property in the market
Real estate agents understand and process the listings of a property in the market. So, if you want to sell a property, you can ask agents about the average days on the market. But, there is also a possibility that you can calculate it yourself. All you need to do is figure out the day a property was released in the market and the regular days to determine the pending. So, add the number of the property together, and divide it by the number of homes available.
- Average time of Selling a Home (Legal Completion) – The average time to sell a house is about 129 days in the United Kingdom. And if you are in a cold market, the average time it takes to sell a home is 114 days, while the hot market takes 176 days. A cold market refers to having fewer buyers, and a hot market refers to the multiple offers in one listing or property. It is incredibly advantageous to the seller.
- Average Time in Accepting an Offer – Considering all the property listings available, it takes 50 days for a buyer to accept the offer. Under the cold market, it takes 101 days to get the request, and it only takes 34 days for the hot market in the United Kingdom.
- Average Time from Acceptance to Exchange – It takes 65 days for all the market types to become available in the exchange. The cold market needs 62 days to wait for the listing and 65 days for the hot market.
- Average Time for Completion – Waiting for the listing to be completed needs lots of patience. It will take 14 days to be labeled as completed for all types of markets and hot markets. At the same time, the cold market takes 13 days to complete.
- Average Number of Viewings – If you sell a property, viewing must encourage potential buyers to buy it. Under all market types, the median number of views is ten, the cold market is nine times, and the hot market is 11 times. The hot market has more because more people want to buy a property, so the number of viewings is greater than the rest.
What are the Factors that Greatly Impact the Time to Sell
There are lots of factors that impact the buyer buying a property listing. Here are the top three reasons that you need to know.
- Price – The price is directly related to the property. It means it is the overall value of the property that you will buy and has the most impact on the time it takes to sell. The good news is, you control the price. Know that overpriced properties rarely find a buyer.
- Market Heat – The hotness or coldness of the market competition dramatically impacts the time to sell a property. Know that you have no direct control over this, except for postponing the sale and wait for the market to improve. The process is, under the cold market, the buyer has the upper hand in manipulating the price of the home. On the other hand, the hot market favors the sellers. Homes are quickly sold, and a bidding war is present for negotiations.
- Quality of the Available Solicitors – Remember that solicitors play an essential role in selling the property listing. For example, if the solicitor responds to all queries and makes sure that the potential buyers are in control, it is easier to sell. However, if it takes ages and buyers do not feel the solicitor’s presence, it dramatically impacts the time. It also reflects that if something terrible arises, the solicitor is nowhere to be reached. Know that solicitors play an essential role in the overall buying process. Make sure that you get a quality solicitor, not just based on the price itself. Also, know that cheap solicitors also mean that they are overworked.
What Makes a House Sell Quickly
There is no direct explanation nor math for how long it will take for a property listing to be sold. But, it boils down to the following reasons.
Market Competition
Remember, the market competition plays a vital role in the sale, and under a hot market, it sells faster. It means that more buyers are interested in the property and willing to bid for it. The law of supply and demand dictates the price, and since the demand for property is greater, the property is easier to sell.
Location
The location dictates the demand for a property. Suppose the property is located near the city and everyday needs that a household needs, then the selling process is more straightforward. Some factors that make the place attractive are the nearby schools, malls, shopping centers, hospitals, and even the market. The better the location, the higher the demand.
Condition of the home
Homes in good condition sell faster than having a home that needs some repairs. Of course, who wants a house that needs a lot of repairs? Living in that kind of house can be tiring and stressful on the part of the buyer.
