The Complete Home Selling Timeline: How Long Does It Take To Sell a House? (2023) (2024)

FAQs

How long do most houses take to sell? ›

After an offer is accepted, home sales typically require an additional 30- to 45- day closing period before they are officially sold. Therefore, the average time it takes to sell a house is 55-70 days in the U.S.

The deposit will usually need to be paid by the buyer at the exchange of contracts. However, no funds will be transferred until after completion, including the deposit. There is a period of time between the exchange of contracts and completion day that lasts between 7 and 28 days.

One of the most effective ways to sell your home fast is to price it competitively. If you price it too high, you detract prospective buyers out price out potential bidders. In addition, it make take longer to settle the negotiation process if prospective buyers want your price to come down.

Fall and winter are the worst seasons to sell

Just like in the warmer months, the weather plays a factor in the winter months, too. As the days get dark earlier and temperatures drop, people tend to stay close to home. This means less foot traffic for sellers.

According to historical NAR data, the months of November through February tend to be the slowest months of sales activity, with January as the slowest. And according to HomeLight's data, homes that sell in the months of December, January, and February spend more time on the market, on average.

Sometimes home sellers try to sell their home themselves as a FSBO. Many times these stay on the market for months, simply because home sellers can't make time to show the home because they're at work. A realtor may have taken over the listing when the FSBO gave up on selling the home.

If you have had a house on market for six months or longer in most markets, then it's time to take a closer look at the home and why it may not be selling. Questions to ask yourself include: Is the price too high? Competitive pricing is critical to selling a house quickly in any market.

For many homeowners, January can be a good time for selling. With the winter holidays out of the way, buyers are ready to focus on their property search. In fact, some statistics suggest that properties put up for sale in January often sell quickly.

It depends on whether you have a mortgage or not. If you still have a mortgage when you sell your home, the proceeds from the sale are used to pay off your existing loan balance. If you don't make enough from the sale of your home to pay off your mortgage, you'll have to keep paying it.

How long do you move in after completion? ›

Once the payment has been received, completion has legally taken place. The buyer will then receive the keys to their new house. The seller must move out of the property by the completion date. The target time to move out is usually 12 pm, but this can change depending on how big the property chain is.

Completion day is the last step in the process of buying and selling. It is the day when ownership is transferred from seller to buyer, the buyer gets the keys to the property and the seller must move out.

The most common reason why a house fails to sell is because the asking price is too high for the current market or for what the home offers. If your asking price is unreasonable and doesn't compare favorably to similar properties, it's unlikely your house will sell.

Your price is too high

No doubt about it, the most common reason for a home not selling is that the asking price has been set too high. The reasons for setting your price too high, to begin with, are many. Ranging from over-enthusiastic listing agents to unrealistic seller expectations.

Wednesdays are also a popular choice because they help drum up excitement for weekend showings, which can help drive up the number of offers and, ultimately, the sale price of the home. This tactic definitely benefits sellers the most and may actually lead some buyers to make rash moves to nab the house they want.

Thursday is generally thought to be the best day of the week to list a house for sale. Studies show that homes listed on Thursdays are more likely to sell faster, and for a higher price. Talk to your agent about whether listing your property on a Thursday should be part of your home-sale strategy.

Winter is usually the cheapest time of year to purchase a home. Sellers are often motivated, which automatically translates into an advantage to you. Most people suspend their listings from around Thanksgiving to the New Year because they assume buyers are scarce.

Thousands of sellers have been in the exact position you are in right now and the first question they always have is: “Will this house sell for less because it is empty.” The short answer is yes, empty houses do take longer to sell than furnished, occupied or staged homes.

What season do most houses go up for sale? ›

Spring is when most houses go on the market.

Your home will likely sell more quickly if it is move-in ready. This covers small repairs, from leaky faucets or chipped paint, to major eyesores. Overlooked minor repairs don't look enticing to potential buyers, leading them to wonder if more important areas have been neglected.

The conveyancer will work in your interest to check the home and all the paperwork. The conveyancer will run requests for information, look at survey findings and coordinate dates for the exchange of contracts. This can be the longest part of the process of buying a home.

Length of Time on the Market

A home that has been on the market for a long time raises red flags. “This typically indicates some deficiency with the listing,” Glass says. He points out that some of these homes may have undisclosed physical problems, or that the real estate photos don't accurately represent the home.

Ideally the time for a home to get an offer is within the first 30-60 days of being on the market. If the home is on the market for longer than 60 days with no offers the seller and the real estate agent should be revisiting a number of things in order to determine why no offer has come in.

Experts largely agree that you shouldn't own unless you plan on staying in the home for at least five years. That's because, thanks to their high start-up costs, houses don't usually make great short-term investments.

In a buyer's market, it can be reasonable to offer as much as 20% under the asking price if the home requires extensive repairs, such as replacing the roof or if there are foundation issues. Offers of 5 – 19% under price are also acceptable depending on the need for remodeling or upgraded appliances.

Spring (March-May)

The spring months are often considered the best month to sell a house. In fact, across the country, the first two weeks of May are often the busiest and most lucrative time for sellers. The spring has warmer weather, longer days, and lush landscaping opportunities that boost curb appeal.

To decide if it's a good time to buy a house, take a look at your financial situation and the current price of homes in your area. If you have money saved for a down payment and your estimated mortgage payment is the same or less than your monthly rent, buying now may be a good choice.

Reporting the Sale

Additionally, you must report the sale of the home if you can't exclude all of your capital gain from income. Use Schedule D (Form 1040), Capital Gains and Losses and Form 8949, Sales and Other Dispositions of Capital Assets when required to report the home sale.

What is the 2 out of 5 year rule? ›

The 2-out-of-five-year rule states that you must have both owned and lived in your home for a minimum of two out of the last five years before the date of sale. However, these two years don't have to be consecutive, and you don't have to live there on the date of the sale.

Selling Your Home While on Social Security Benefits

With the sale of your home, your income may increase enough to make you no longer eligible for SSI and Medicaid. After you sell your home, you have three months to buy a new home.

Who decides the completion date? It's up to the buyer and the seller to agree on the completion date (and the other parties if there's a chain). These negotiations usually take place through the estate agent as they can talk to everyone directly.

After you finish signing at the closing of your new house, you're handed the keys and the house is officially yours.

Moving day is also usually completion day which means you need to have paid for your new home. This is all in the hands of solicitors and conveyancers so you won't get the keys until they confirm you legally own the property. Your solicitor will transfer your funds (including mortgage loan) to the seller's solicitor.

You can choose to complete on any day that both the seller and the buyer agree to (read more on how long between exchange and completion). Most people choose Friday as their completion day so they can tie in moving in with the weekend; maximising the time to unpack and get their life in order.

In simple terms, completion day is the day in the house buying and selling process on which ownership is transferred across – the buyer will get the keys to their new home and the seller will move out.

The date of completion is one that is agreed by both parties prior to exchange, commonly one or two weeks later. It is the date on which full payment is made to the seller, ownership transfers to the buyer and moving day takes place.

What are 3 reasons not to buy a home? ›

One of the most common reasons a home doesn't get offers is incorrect pricing for the market. While you may assume this means pricing too high, this isn't always the case. Sometimes pricing low causes potential buyers to think there is something wrong with the property and avoid visiting an open house altogether.

It's hard to know how many saves on Zillow is good in 2022 because Zillow only keeps track of views and saves from the previous 30 days, and it fluctuates. But in a high seller's market, a couple hundred Zillow saves usually means that your house will sell quickly and for a good price.

Changes in the real estate market can lower the value of your home. Natural disasters and climate change can lower your property value because the property is a greater risk to purchase. Foreclosures in your neighborhood can also drive down property value.

The late Zig Ziglar said that there are five main reasons why people don't buy, No need, No Desire, No Money, No Hurry, and No Trust.

Unique properties — such as very large, high-end or expensive houses, or homes located in unusual areas or with quirky features and style — aren't for everybody, so they usually take a little longer to sell.

Is It Too Soon To Sell Your House? Real estate agents suggest you stay in a house for 5 years to recoup costs and make a profit from selling. Before you put your house on the market, consider how your closing fees, realtor fees, interest payments and moving fees compare to the amount you have in equity.

35% of homeowners have lived in their homes for 10 to 15 years. 16% have lived in their homes for less than five years. The average length of homeownership years is eight years.

Price is Too High

Every home will sell at the right price, and if it's the wrong price, then it will just sit on the market for forever. Buyers most likely jumped when the home was put on the market, and after seeing the property, decided to buy something that was a better value.

The most common reason a home isn't selling is that it's priced too high. Many home sellers are advised by their Realtor to enter at close to the market rate, but they decide to take their chances - figuring they can always lower the price later.

Why do sellers take so long? ›

There are quite a few reasons why a seller might take longer than usual to respond to your offer. The first is if they received multiple offers. “Typically, response time increases if there is more than one offer on the table,” says Ross. “Sellers may take their time to choose which offer is best for them.”

Spring is the best time to sell as the weather tends to be improving after a grey and cold winter. Natural sunlight helps homes to look their best. Trees have begun to get their leaves again, and flowers and plants are in bloom adding to curb appeal and the desirability of any outdoor space your property may have.

How much equity should you have before you sell your house? At the very least you want to have enough equity to pay off your current mortgage, plus enough left over to make a 20% down payment on your next home.

How do I avoid the capital gains tax on real estate? If you have owned and occupied your property for at least 2 of the last 5 years, you can avoid paying capital gains taxes on the first $250,000 for single-filers and $500,000 for married people filing jointly.

The average lifespan of a newly constructed house is 70–100 years. Factors such as weak housing materials and damaging weather exposure can shorten a home's lifespan. Routine repair and maintenance can improve the longevity of a home.

According to an analysis of sale record data from CoreLogic by Realtor.com from January 2001 through August 2022, homeowners stay put the longest in McAllen, Texas; New York City; Baltimore; Miami; and Washington, D.C.

What day of the week do most house showings occur? Sunday is the day of the week with the most home showings.

The fact is, the bigger and more expensive a house is, the farther it is from the norm. That might make it more enjoyable to own — but as an outlier, it can also be inherently more difficult to sell. “Higher-end, older, dated, and more unique homes take longer to sell, in general,'' Nguyen said.

Humans have a hard time dealing with change, so it's not a surprise that relocating to a new home can be anxiety-inducing. That upheaval is one reason why selling a house can be stressful. The other big factor is not having any control over the outcome.