Trying to sell a house these days is accompanied with a slew of procedures that may easily produce nausea and make you wish you hadn’t put your property on the market in the first place. It’s no secret that the real estate market is unique from any other; it takes significantly more time and effort to sell a home than anything else.
Of course, there are numerous ways to sell property, and not all of them are equally time-consuming and energy-draining. There is no such thing as a one-size-fits-all strategy to sell a home, and each has its pluses and disadvantages. The question of how long it takes to sell a piece of real estate is difficult to answer because there are so many variables involved. Your chosen selling approach is only one of many elements that influence the estimate.
You should consider your starting asking price, the state of the real estate market in your region, as well as the national economic climate.
It is, for example, considerably more difficult to sell houses through conventional techniques in 2020 than it was previously. The worldwide economy has been harmed by the COVID-19 pandemic, making it more difficult to sell homes via traditional methods. It takes longer to set up all of the paperwork needed to begin the procedure and the “average days on market” period has been extended significantly. The social distancing rules have made it difficult for real estate agents to do their jobs — open houses are no longer an option due to the high danger of contamination, and meetings between purchasers and sellers have become increasingly difficult to arrange for the same reason.
In today’s market, it may be worthwhile to explore alternative methods to sell your property. Not every house that goes on the market needs a Realtor to manage the transaction, and there are ways to accomplish it without involving third parties.
Ways of Selling Houses
It’s safe to assume that you’re aiming to sell your home as quickly and for the highest possible price, given that you’re reading this article. The real estate market has changed quite a bit in recent years, owing much to the Internet’s rise. This part describes the most popular approaches to selling property, their benefits and drawbacks, as well as how much it costs to sell via each one.
Realtor or Real Estate Agent
The most common approach to sell your house is to hire a real estate agent. For many important reasons, hiring a real estate agent to sell a property is still the most popular technique in the United States and elsewhere. Real estate agents can assist you in connecting with purchasers who are prepared to pay the asking price within days and advertise your home in such a way that makes it seem even more appealing than it already is.
However, there are differences between various intermediaries. There are various names for real estate agents, and one of them is “realtor.” The latter are individuals who have devoted their entire lives and careers to the art of selling property, and their abilities have been verified by the National Association of Realtors. To join that selective society, you must first demonstrate your abilities. Hiring a Realtor is far superior than working with a real estate agent in terms of how long it will take them to get your house on the market and how much it will cost.
However, if you’re short on time and don’t have whole weeks to wait for the sale to finish, working with an agent may not be the best choice for you. The most lucrative purchasers are generally those looking for a mortgage loan to purchase the property, which is both time-consuming and laborious in and of itself. You could be waiting weeks, if not months, to sell your house when you add up all of the factors.
You can always take the bull by the horns and do it all yourself as a Realtor. To accomplish so, you may put your property up for sale as a “for-sale-by-owner” (FSBO) on one of many online or offline marketplaces dedicated to these kinds of transactions. You won’t have to give away a large portion of the money to your realtor as commission, but you must keep in mind that you’ll be responsible for everything. Without any assistance, we can sell your property for top dollar with experienced marketing services that include: preparing open houses, obtaining appraisals, and interacting with potential buyers. As a result, the time it takes to sell the home may be significantly longer.
If you’re knowledgeable in the real estate market and don’t mind getting your hands dirty, go for it. If you have little time to waste, however, you’ll be much better off selecting another option.
iBuyers (Cash Offer)
When it comes to selling houses, these are relatively new alternatives, but they don’t imply that they aren’t worth looking into, especially if you’re a seller who wants to minimize the average days-on-market of your property as much as possible. iBuyers are firms that advertise themselves online and buy property directly from owners without using any middlemen in the transaction. The cash offer is their preferred method of doing business, which means you’ll get the cash right away if your home is accepted by the company.
Yes, cash offers do represent a smaller amount of money than if you hire a Realtor to manage the transaction, but only on paper. In actuality, after accounting for the agent’s fee, appraisal, and open house costs, as well as mortgage issues, you’ll receive a very close to real amount in true dollars.
Which Method is the Quickest?
Accepting a cash offer from a genuine, qualified iBuyer is, without a doubt, the quickest and simplest method to sell a home. The time it takes you to sell your property is roughly equivalent to how long the buyers take to estimate its value and evaluate the information you’ve supplied them. Accepting a respectable business’s cash offer is, without a doubt, the finest technique to sell a home when it comes to the “days-on-market” benchmark.
Most Common Selling Mistakes
When it comes to selling a home, many first-time sellers are astonished by the lengthy periods it might take. They don’t understand that their poor selling strategies were partly responsible for the excessive length of time. When you’re putting your property on the market, avoid making these 10 most common sales blunders.
- Bad timing. Sometimes, the time to sell isn’t right. Particularly if you want to work with a Realtor or give it a shot yourself. 2020 is going to be an interesting year. Hundreds of thousands of people have lost their jobs as a result of the pandemic, and banks are hesitant to provide mortgages to families. If you don’t want to accept a cash offer, take some time to study the market and wait for the perfect opportunity to sell your property.
- Trusting the wrong agent. There are a lot of fly-by-night real estate firms out there. Not every real estate agent is a Realtor, and if they claim to be one, you should inquire about their credentials. If they aren’t members of the National Association of Realtors but attempt to defend themselves by claiming that they received their qualifications from elsewhere, you should cut them off immediately.
Asking for too much
Selling your house is frequently accompanied with a range of emotions. Emotional people are difficult to value, and sellers may sometimes ask for too much money for their home, confusing sentimental worth with actual characteristics.
The Bottom Line
How long does it take to sell a home? The answer is debatable. It all depends on you, and the decisions you make throughout the process. It can be a lengthy, drawn-out process hampered by your agent’s lack of experience, timing the sale incorrectly, or underestimating how long it will really take to sell real estate on the market.
Not every home is the same, and not every region of the country is as lucrative. The length of time it will take to sell your house is largely determined by local market conditions and the relative prosperity of the people who live there. If you conduct business in the traditional manner, selling houses in rural regions is a lengthy and difficult process, and even city property does not sell as quickly as it once did.
If you need to sell your house fast and don’t want to spend months on end in a bidding war, consider taking a cash offer for your home. You won’t discover a quicker approach to get your property off the market at an excellent price with no additional costs incurred, whether you do it via an iBuyer or happen upon someone who has the cash to pay up right away.