If you are thinking of selling your home, you might be wondering what the average time to sell is. You will need to factor this information into your next steps, whether you are buying a new home, relocating, or jetting off to travel. In the United States (US) the average house is listed on the market from listing to closing, for approximately 70 days. However, this can vary depending on several factors. To help you understand the average time to sell a house in Connecticut, here are a few things you need to consider.
Every Sale is Different
Every house sale is different, even if they are properties of the same size and in the same location. Many factors contribute to the average time it takes to sell a property, which makes each one unique, such as the characteristics and condition of the property. Many external factors will influence how long it takes for a property to sell on the Connecticut market. Some of these include the economy, the global housing market, the supply and demand in the local Connecticut housing market, and unforeseen events such as the pandemic.
The average time it takes to sell a property is made up of the time it takes to prepare your home, the days on the market (DOM), and the total time to close. The DOM is the time the property is listed without a buyer. Then once a buyer has made an offer, there will be more time between you accepting the offer, and the closing of the sale. In this article, we discuss all three parts of the house sale, so you can better understand the timeline of selling a house.
Preparing Your Property to Put on the Market
The moment you decide to sell your property is when the timer begins the process. You will need to find a real estate agent, organize photographs and inventory, and get the listing up on the Internet for buyers to look at. However, before this happens, there is a lot of preparation that may be involved that can take anywhere between 1-3 months.
The preparation of a property that is going to be listed on the market will vary based on what condition the property is in. You may have a property that is in good condition, or you have already invested in renovations. In this case, there will be little that you need to do before you put it on the market. However, if the property is in bad condition, then you will have to choose whether to invest in renovations or upgrades, which will take time and money but allow you to offer a better price, or you can sell the property as is. You may ask your real estate agent for help, as they will be able to advise you on what needs to be done to make the property more attractive.
On average, a homeowner will complete the following activities before putting their house on the market:
Clean and Declutter
Your home must be clean, and ready for prospective buyers. This will make a huge difference to the impression the home gets. In addition, you will need to declutter your home. This may take more time, as you will need to consider all the items that you have, what you want to take with you on your move, and what you do not. A home that is clear of clutter will be much more attractive. You can also hire a storage unit if there are items you want to keep, but you feel would be best moved out of the way.
Repair and Upgrade
Homes always need small repairs. It can make a huge difference if you take some time to make as many small repairs around the property as possible, that are easy and affordable to do. You can also spend a small amount of time making upgrades around your home, for example, refreshing the paint, replacing fixing leaks, and much more.
Add to the Curb Appeal
If you have the time and budget, you may also choose to add to the property’s curb appeal, by upgrading the landscaping, adding plants, cleaning windows, and more.
Putting Your Property on the Market
When you put your property on the market, several factors will impact the timeline. These include the state of the market, the condition of the home, pricing, and the circumstances of the buyer.
State of the Market
The state of the market at the time you list your property for sale will have a huge impact on how long it takes to sell your home. You always want to try and put your property on the market when it is a seller’s market – this means that there are plenty of buyers and the demand for houses is high. This will increase your chances of selling your home, and ensure that it sells quickly. If you sell during a seller’s market, which typically starts around the Spring, you may find that your property is not on the market for very long. It is important that you speak with your real estate agent, as they will be able to advise you on what the market is currently doing and when is best for you to sell your home. The market will vary depending on the type of property that you have, the location, the economy, and much more.
Condition of the Home
Unlike the state of the housing market, which is something you cannot control, the condition of your home is something that you can improve. The condition of the property will impact the time it takes to sell. If the property is in bad condition, especially compared to others that are on the market, it will be more difficult to find a buyer. This is because they will need to take it on as a project and need the time and funds to do it. Many buyers want to buy a home that is ready to move into. A property that is in bad condition, and appears to have problems, will deter buyers and make the process much longer.
Pricing
The pricing needs to be just right when considering how long it will take to sell your home. If the property is too expensive, it will sit on the market for a much longer period. The longer it is on the market, the more difficult it becomes to sell. If you sell your home at a higher price, it may also take longer to close, as you may run into problems when it comes to the buyer seeking an appraisal and funds from the bank, if the offer is higher than the value. You may then have to enter negotiations or put your property back on the market because the buyer pulls out.
Pricing is vital – if the property is sold at a good provide point, then it may be on the market for as little as 30 days or less.
Buyers Finances
Around 88% of home purchases are financed, according to the National Association of Realtors (NAR). This means that even if an offer is accepted early on, there could still be delays out of your control as the buyer seeks finance for their property. Some buyers will pay with cash, but these are rare.
Real Estate Agent
The real estate you choose to work with may also impact the process. If they are skilled and experienced in the Connecticut market and know how to sell a home efficiently, the gap between listing and closing will be much smaller. They will be equipped with the tools and knowledge to sell your home at the right time and attract buyers to your listing.
Top Tips to Speed Up the Sale of Your Home
While there are many things that you cannot change, such as the market conditions, there are still actions that you can undertake, to speed up the sale of your property.
Find a Good Real Estate Agent
The best way to hit the ground running when selling your house is to find a local and trusted real estate agent. They will be able to help you decide what preparations your home needs before selling, will be able to speed up the process by attracting the right buyers, and will be able to give you more specific information about how long your house will take to sell.
Avoid Major Renovations
Upgrades are always a great idea when selling your home. They should always be quick and affordable to complete and ensure that there is a return on investment (ROI). Unfortunately, if you attempt major renovations, you may not yield the return on your property that you want, and can even risk getting rid of any equity opportunities. It will also take a lot of time to plan and complete. Avoid anything aesthetic, and aim for functional upgrades.
Hire Contractors Early
Contractors get booked up very quickly. If you have work that needs doing on your property before selling, make sure you enlist the help of contractors early on in the process, so no further delays are caused. This will ensure the time to sell your home is reduced.
Keep Your Home Clean
You will have to stay on top of your cleaning regime much more strictly than usual when selling your home. This will ensure it is always ready for when buyers come to view your property. Buyers are more attracted to properties that are spacious, open, and clean. This makes them easier to navigate, and easier to imagine it as their own. It can be difficult to do when it is dirty and filled with clutter. This will impact the sale time.
Organize a Pre-Listing Inspection
A pre-listing inspection is a great idea. This will enable you to find any problems as early on in the process, so you can get them sorted. If not, buyers may find them after making an offer or during an appraisal, which can cause delays and renegotiations.
Be Flexible with Your Viewing Schedule
Where possible, be as flexible as you can with your viewing schedule. This will open up lots of opportunities for viewings, and increase the chances of your home selling quickly.
The average time it takes for a property to sell can be anywhere between 1-3 months. It will be different for each home, as there are many factors to consider. Follow these top tips to help you understand how long it will take for your property to sell. For more support, contact Venture One Realty today.
