This is the time of year when many executives and professionals get confirmation that they’re being promoted and transferred to another part of the country.
It’s an exciting time – new opportunities beckon both professionally and personally. This new chapter will usually include selling your existing property and buying a new home.
Often, the clock is ticking. The pressure of time will likely become acutely felt once the excitement of a new posting or transfer wears off.
So, how quickly can you sell your home?
The average time it takes to legally settle a sales contract in the US is between 30-45 days.
The unknown is how long it will take you to find a buyer. How quickly are properties of a similar style and size to your own being bought in your neighborhood?
To get an estimate – not a guarantee – talk to a trusted real estate agent and ask for a Comparative Market Analysis (CMA).
The supply of this document is standard practice, and any agent should be more than happy to provide one for you. I’d be delighted to assist you.
The National Association of Realtors (NAR) says the average period it took to sell a property in October was 34 days, up from 29 days 12 months ago. Data from the Federal Bank of St Louis suggest the period is 63 days. This average does fluctuate quite dramatically, so it’s important to get the local picture.
Aggregator Zillow also tracks the speed at which properties sell. Its recent data suggested it took only six days to sell in Kansas and Cincinnati. However, Florida has several urban centers where it’s unlikely you’d sell in less than 50 days.
The most significant influences on the “days on market” statistic is the current volume of homes currently for sale in your area, interest rates and folks’ confidence in the local and national economies.
Here’s the basic timeline for a sale of a house, apartment or condo:
List and show – Work with your agent to create a compelling marketing campaign, leveraging property aggregators and the Multiple Listings Service (MLS). High quality photography, a floorplan and a good description will assist in generating interest.
Offers come in – Some buyers will make an offer contingent on a deadline, usually between 24 to 72 hours. So, be clear early on about how much you’re prepared to accept as opposed to how much you’re asking.
Home inspection – Once their offer is accepted, the ball is in the buyer’s court. If they want to stay in the race, they have around 10 days to complete their due diligence, such as a home inspection by a qualified contractor.
Counter-offers – If the home inspection finds any problems, expect haggling to begin. Buyers will want to adjust their offer if they face repair costs.
Closing – Once the negotiation is over, the closing period of between 30-45 days will begin. This is when the legal and financial aspects of the deal are dealt with.