Selling a House: How Long Does It Take?

How long does it really take to sell a house? While there is not one person who can give a definite answer to this frequently asked question, there are a numbers of factors that can help you determine how long your house would sit on the market.

How Long Does It Take to Sell a House? 5 Main Factors to Consider

Price

It is a commonly accepted fact that an overpriced home takes longer to sell, and may eventually sell for less than its market value. On the other hand, a house that is priced a little lower than its market value attracts multiple offers and would sell for more than what the home is worth. In addition, houses in the lower price ranges tend to sell faster since there are more people who can afford to buy them.

Condition

Houses that are in poor condition and are in need of repairs will take a longer time to sell because home buyers will find it hard to picture themselves living there.

Location

Houses that are located in a highly desirable neighborhood will sell a lot faster.

Season

It may take longer to sell a home right before winter or the rainy season since most people who are planning to move would rather do so in decent weather. This explains why the average market time is shorter during spring and summer.

Economy

The average time a house sits on the market decreases when interest rates are low and house prices are on the rise. If housing is not plentiful, rising home prices can also make for a seller’s market even if mortgage prices are moderately high. However, in conditions wherein there is an oversupply of housing, interest rates are high and prices are steady, you can expect houses to sit on the market for an average of 12 months.

For more valuable tips on selling or buying a home, please visit my site at http://www.pamsantoro.bhhsgeorgia.com/. You can also contact me at 678-656-6627 if you have any questions about local market conditions, financing or anything that can help you with in your search for real estate. Remember, no one sells a home like a Mom!

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