It may surprise you to learn that typical homes in the US cost over $330,000 as of 2023. As a result, sellers have had to wait a bit longer than they had in the past to find a buyer. The length of the home-selling process will vary from case to case, and there are numerous factors that play a role when selling a house.
Let’s explore the key information you need to know.
Buyer Financing
Unfortunately, this is something entirely out of the seller’s control. If local buyers are having trouble obtaining financing, sellers might find themselves waiting an extended period of time before someone can afford the house.
Depending on where you live, this may or may not become an issue. Those who live in highly desirable areas will likely encounter someone who already has the capital to purchase the home. Those in less popular areas, though, could have to deal with this problem when planning a move.
Property Condition
As you might assume, the condition of the property will play a large role in how fast it will sell. Houses that are newly renovated and have great curb appeal will be highly enticing to buyers.
In contrast, homes that need work, have outdated hardware, etc. won’t be nearly as captivating. This can place a seller in a difficult position where they need to decide between waiting longer for a potential buyer or making the renovations themselves.
It’s worth noting that property conditions may become a nonissue if you live in the right area. For example, let’s assume that the house you’re selling needs $50,000 worth of work in order for it to be in “good” condition.
However, the property is also located in the middle of a busy downtown district. There are likely plenty of people who are willing to buy the property now and worry about the renovations later. When in doubt, you can ask a real estate professional for the best course of action.
Asking Price
This problem has existed since the inception of the real estate market. An asking price that is too high will deter potential buyers.
It might also cause many people to attempt to negotiate the price instead of making an offer. This can prove to be frustrating while also wasting your time.
If you listed your house and notice you haven’t had much feedback, you might need to lower your asking price. Check out what similar homes in the area are listed for so that you can have a better idea of what’s reasonable. It’s important to be flexible when looking to sell your home fast, as being stubborn when it comes to the asking price will only serve to hold you back and prolong the process.
Keep in mind that you should also have a price floor when it comes to listing so that you don’t settle for too low of an offer. Otherwise, you might find yourself regretting your decision in the future.
Market Conditions
It should come as no surprise that poor market conditions can have an adverse effect on how long it takes for you to sell your home. In a buyer’s market, those looking to purchase a home will have much more leverage when searching for property. This occurs when there’s an abundance of available property compared to the number of buyers.
In a seller’s market, the inverse is true. There will be far more buyers compared to the number of homes available. This gives sellers much more leverage when it comes to setting asking prices and finding someone to buy their homes.
How to Sell Faster
One of the best things you can do is make your house look as nice as possible. This includes cleaning the interior, the exterior, and focusing on curb appeal.
Curb appeal is a concept that helps potential buyers envision themselves living at the house. If they feel good while pulling into the driveway, they’ll be more interested in buying the house.
Working with a real estate professional can help you sell your home fast. They have all the tools and resources required for you to get the best results possible. When searching for someone to work with, consider their past reputation so that you have insight into what you can expect.
It’s also worth looking for a cash buyer. These buyers aim to purchase homes as quickly as possible and sell them for a profit later.
So, they’re often interested in buying homes that need work. This makes it much easier to connect with the right individual.
Finally, you can attempt to market your home yourself.
Using social media is a great way to let others know that you’re selling. You can also tell friends and family to see if they’re interested. There’s a chance that they might know someone who’s looking to buy.
Keep this in mind when moving forward so you can minimize the time your home spends on the market.
Expedite the Home-Selling Process
Although selling a home can be difficult, it’s possible to find a buyer quickly. Keep the above information in mind so that you can ensure the home-selling process goes as smoothly as possible.
Our blog has plenty of other useful lifestyle articles that you can use to make better decisions in the future. Be sure to check them out today to see what you can learn!
