The real estate market all over the world experiences swings and ups and downs based on a few obvious factors and a few that aren’t so obvious. When you’re ready to sell your house, you need to be prepared for the length of time it may take. Besides just the amount of time your home is sitting on the market waiting for someone to love it enough to make you an offer, there are other time considerations as well. Here are some things that make the process of selling your house longer, and to keep in mind when you are planning how long selling your home will take.
Time of year
Spring and summer are widely considered to be optimal times for selling one’s home. Warmer weather gets people out of doors and looking at homes, and encourages people to make changes they’ve been considering over the winter. Besides that, people with children may want to wait until school is out to make a move that will send their kids to a new school, so they’ll be looking for a new home in the spring with hopes of moving during summer break.
Putting your house on the market in spring is always a good idea, but don’t limit yourself. If you need to move at a different time of year, your house may sell quickly too. People have to move all the time because of new jobs, changes in their family situations, and other reasons. They might need to make a move to a new area quickly, and your home might just be the one they are looking for.
Once you have a buyer for your home, they will most likely request a home inspection. The inspector is sure to find a few things wrong with your property even if it is in tip-top shape – a leaky faucet, an outlet that doesn’t work properly, or even something more serious like critters in the attic or a cracked foundation.
The inspection doesn’t take long, but your buyer will have a few days to request that you fix items. Then, you as the sellers can agree or try to negotiate with them. This process can take a week or longer of just going back and forth with your buyer until you come to terms.
Once you agree to what will be prepared, you begin the onerous task of finding contractors to make repairs, scheduling estimates, and getting the work done. Depending on the type of repairs that are needed this can take even more time. Typically you have until closing to do these repairs, but the repair process could hold up the closing process if your buyers want everything done before they are willing to move forward.
Your buyers will most likely need an appraisal to qualify for a mortgage to purchase your home. An independent licensed appraiser will come and look at your home, write a report comparing your home to other homes in your area and give the market-value to the bank who is lending the money to the buyer. This process can add time to the home-buying process as well.
All in all, the minimum amount of time from listing your house to leaving the bank with a check is at least six weeks, and that is if everything runs smoothly and your home sells quickly. From start to finish the process could take several months, so when you’re selling your home be prepared with the knowledge that it will probably be a while before the process is actually complete.
What if I can’t wait that long?
If you’re selling your home and need to sell it fast, you’re not alone. Many homeowners find themselves with sudden life changes which mean they have to move far sooner than they planned, and they don’t have time to mess around with fixing up their home and try to find and negotiate with a seller. Companies like We Buy Ugly Houses Minneapolis can quickly make you an offer on your house without an inspection, and offer you a cash payment and close within weeks.
Selling your house takes a lot of time and it can take a lot of money, too. The costs of selling your home include both financial costs and time costs. Your home is an investment you’ve put your money and time into, so before you sell it be sure you’re ready to spend the time and money you need to get the best price for your home.