Do you have the time? It’s a legitimate question to ask yourself once you decide to sell your home. There are several options to choose from, and the path you take can depend on how big of a hurry you’re in to seal the deal. This article examines the typical timeline for selling your home with a real estate agent as well as other options like selling to a wholesaler or cash buyer if you need to sell your home faster.
- Factors Influencing the Timeline for Selling a House
- Timeline for Selling a House: Pre-Listing Preparations
- Timeline for Selling a House: From Listing to Offer
- Timeline for Selling a House: From Offer to Closing
- Frequently Asked Questions About the Timeline for Selling a House
Factors Influencing the Timeline for Selling a House
Several factors can significantly influence the timeline for selling a house. Understanding these factors can help sellers set realistic expectations and prepare accordingly.
Local Market Conditions
The dynamics of the local real estate market play a crucial role. In a seller's market, where demand is high and supply is low, homes tend to sell faster and often at higher prices. In a buyer's market, where the supply of homes exceeds demand, it may take longer to sell a property, and sellers might have to adjust their price expectations.
Property Condition
A property's condition also affects the selling timeline. Homes that are well-maintained and require minimal repairs typically attract buyers quickly. On the other hand, properties needing significant repairs or updates might linger on the market longer.
Time of the Year
Seasonal trends also impact the house selling process timeline. For instance, the market is generally more active during spring and early summer, aligning with the school year's end and favorable moving conditions. Sales might slow down during fall and winter when fewer buyers are looking to move.
Timeline for Selling a House: Pre-Listing Preparations
Step 1: Start Your Homework
To initiate the pre-listing process, gather all relevant documentation related to your property. This includes records of repairs, renovations, and upgrades such as HVAC and fireplace maintenance. These documents will be crucial for the real estate agent, home inspector, and appraiser to assess the condition and value of your home.
Step 2: Choose a Real Estate Agent
Selecting the right real estate agent is pivotal. Homeowners should start this process about three months before listing to allow ample time for market analysis and home preparation strategies. Utilizing tools like agent-matching services can simplify finding a top-performing agent, crucial for navigating negotiations and optimizing the sale price.
Step 3: Clean, Declutter, & Stage the Home
A thorough clean and strategic staging are essential to making a good impression on potential buyers. Declutter the house to enhance the appearance of space and reduce distractions, making it easier for buyers to envision themselves in the home. Staging should focus on maximizing the property’s appeal by highlighting its best features through furniture arrangement and decor.
Timeline for Selling a House: From Listing to Offer
Step 4: Listing Goes Live
Once the property is listed, it will appear as "for sale" in the Multiple Listing Service (MLS), signaling to all potential buyers that your home is on the market. It's crucial for the home to be in show-ready condition immediately upon listing, as this allows for immediate showings. A for-sale sign will be placed in your yard, and a lockbox typically installed on the front door to facilitate easy access for agents showing the home to prospective buyers.
Step 5: Home Showings
Your real estate agent will arrange for various types of showings. These include broker-only open houses during weekdays and public open houses, usually on Sundays. This period is vital as your agent will gather feedback, make necessary adjustments, and host additional showings. For the best outcome, you should not be present during these times to allow buyers to explore freely and discuss the property openly.
Step 6: Receiving Offers
In the initial weeks following the listing, expect the highest number of showings and potential offers. Any received offer, even if it seems low, opens the door to negotiations. It's important to respond promptly and keep communication open with interested parties. During this phase, your agent plays a crucial role in advising on the best steps forward, ensuring that all offers are presented and considered fairly, keeping in mind the goal of achieving the best possible sale outcome.
Timeline for Selling a House: From Offer to Closing
Once an offer is accepted, the due diligence period begins, typically lasting from a few days to several weeks. During this time, the buyer completes necessary inspections to assess the property's condition. It's crucial for the seller to ensure that the home is accessible and all agreed-upon repairs are completed before the final walkthrough.
Step 7: Accepted Offer & Due Diligence
The buyer and seller sign a purchase agreement, which outlines the terms of the sale, including any contingencies. Common contingencies involve financing and inspections. The buyer may have a set period, usually 5-15 business days, to conduct a home inspection.
Step 8: Appraisal & Inspection
An appraisal is next, required by lenders to confirm the home's value matches the purchase price. This process can take 1-3 weeks, depending on the appraiser's schedule and the market demand. Any issues identified during the home inspection may lead to further negotiations if repairs are needed.
Step 9: Negotiations & Finalizing the Deal
If the appraisal comes in lower than the sale price, the buyer and seller may need to negotiate. The buyer could choose to cover the difference, or the seller might reduce the price. All terms must be finalized before moving to closing.
Step 10: Closing the Sale
Closing involves reviewing and signing numerous legal documents, a process that can last about 30 to 90 minutes depending on whether it's a cash purchase or financed. The seller may not need to be present if documents are pre-signed. After closing, the buyer receives the keys, and the seller receives the payment, completing the sale.
Closing involves reviewing and signing numerous legal documents, a process that can last about 30 to 90 minutes depending on whether it's a cash purchase or financed. The seller may not need to be present if documents are pre-signed. After closing, the buyer receives the keys, and the seller receives the payment, completing the sale.
Frequently Asked Questions About the Timeline for Selling a House
What is the timeline for selling a house with a real estate agent?
When you decide to sell your house with a real estate agent, you should expect to close the deal in three to 12 months. The average timeline is six months. First, you have to prepare your home for the market, which includes making repairs, staging for showings, and upping your curb appeal. Then you must wait for an offer. How long your home remains on the market can depend on the list price, as well as your home’s condition, marketing, and availability. Finally, when you get an offer, the closing process itself could take 30-45 days if the buyer needs to secure financing. An advantage of selling a house with a real estate agent is that they do most of the work when it comes to marketing, paperwork, and negotiations. You’re also likely to get the best price for your home. A disadvantage would be that the real estate agent and other entities take a good chunk of your money through commission fees and, potentially, closing costs. Also, if the buyer has trouble getting a loan, the deal could fall through.
What is the timeline for selling a house with a wholesaler?
Selling your home with a wholesaler could be quick, but there’s a chance it may take some time. The timeline to close is usually anywhere from seven to 30 days. A wholesaler is the middleman of the transaction. They work to get a property under contract, then assign that contract to a buyer at a higher price. So the longer it takes the wholesaler to find a buyer, the longer your house remains in limbo. There is also the risk that your contract could fall through if the wholesaler is unable to find a buyer, putting you back at square one. One advantage of selling with a wholesaler is that they will buy the property as-is, which means there are no repairs or prep work for the homeowner to do. There also aren’t any fees (like commission and closing costs). The main disadvantage is you probably won’t get paid what your home is worth. The wholesaler is looking to make a profit between buying the home from you and selling it to someone else. So, they will likely not offer you market value even if your home is in peak condition.
What is the timeline for selling a house with a cash buyer?
When a cash buyer purchases your home, you can close in as little as seven days. That’s it! The reason a cash buyer can work so quickly is that there is no need for financing, appraising, inspections, and other steps that often take time in the home-buying process with a real estate agent. Plus, a cash buyer is not looking for another buyer during the time your home is under contract (like a wholesaler). There are so many advantages of selling your home to a cash buyer. You don’t have to make any repairs or mess with curb appeal. There’s no staging your home and scheduling showings. You don’t have to worry about financing falling through and starting over with a new prospective buyer. You can even leave belongings in the home you don’t want. When you sell your house to a cash buyer, you likely will not get top dollar for your home’s value. However, you will get a fair offer and peace of mind that you no longer have to deal with the property.
Speed up the Timeline for Selling a House with New Again Houses
The decision to sell your home with a wholesaler, real estate agent, or cash buyer depends on how fast you want to sell, how much work you want to do, and how much money you want to get. Choosing to sell your home with a real estate agent is going to be the longest process, while a wholesaler or cash buyer can close the deal much quicker. You’ll probably get the best offer with a realtor, but you’ll have less prep work to do with a wholesaler or cash buyer.
A cash buyer like New Again Houses® will give you a fair cash offer for your home as-is and can close the deal in as little as a week. No banks, no cleanup, no hassle. Contact us today!
