Selling a home is both an equal share of excitement and dread. Sellers are excited about the prospect of buying a new home and putting their current home in the past, but the process of selling a home becomes stressful if issues arise.
A straightforward property sale where the home is in order and ready for a new owner takes less time. Yet, other factors can play a role in how long a home remains on the market. Talk to a real estate agent about the projected time it will take to sell your home.
List the Property
A property sale starts with a listing, and the real estate agent lists the property on the market through their agency. A property list appears on the Multiple Listing Service with explicit details about the home, including the square footage, the HVAC details, and what features stand out.
At the bottom of the listing is a description of the home, the neighborhood, and facts that are appealing to buyers. Talk to a real estate agent if you are planning to sell your home.
Accepting Offers from Buyers
After the listing goes live, buyers can see the details through their real estate agent or via a search online. Once buyers find a property they like, they set up a viewing and walk through the property.
If they are ready to buy, the buyers submit an offer through the real estate agent to the seller. Sellers review the offers and decide if they want to accept the offers. Once an offer is accepted, the buyer and seller sign a sales contract.
Home Inspections and Official Appraisals
After the offer is accepted, the buyer sets up a home inspection, and if they prefer, they can hire a licensed appraiser to complete an appraisal.
Home inspections reveal any issues with major systems like plumbing or electrical installations. If there are problems, the buyer can negotiate with the seller to get repairs.
Managing Possible Contingencies and More Negotiations
Buyers apply contingencies if they want changes to the property or certain upgrades. Typically, contingencies are added to the sales contract when the buyer makes an offer, but if too many problems are revealed during the home inspection, the buyer can add more contingencies based on these discoveries.
The real estate agent negotiates with the seller to get these changes, and if it takes longer to complete them, the home won’t sell until they are.
Prepare for the Closing
Before the closing, a title company conducts a title search to verify that the seller has the legal right to sell the property. Buyers are advised to purchase title insurance so they won’t lose their down payment or earnest money if the sale falls through. How quickly the property sale closes defines how much longer it takes to sell the property.
The duration in which property remains on the market averages between 18 to 57 days. However, several factors play a role in how fast the property sells. First, the demand for a property like the home, its listing price, and the state of the housing market.
Real estate agents offer beneficial services to help sellers advertise their properties to potential buyers, and the agents advertise the homes online and through the MLS. Find out more about selling your home from a local real estate agent.