Selling a Home: How Long Should It Take?

There’s no sure answer to how much time you need to sell your home. Some homes take days to sell, while others take months. A study done by the National Association of REALTORS® in 2004 found that most people sell their homes within four weeks.

But don’t get discouraged if a sale takes longer. Instead, see if you can determine why it’s not selling and ask your listing agent if there’s anything you can do to help speed things up.

• Curb appeal. First impressions go a long way. Before you list your home, give it a quick face-lift. Take care of minor cosmetic repairs both inside and out. Wash your windows, de-weed the garden and trim back any overgrown shrubs or trees. Give your front hallway a fresh coat of paint, replace light bulbs and dust for cobwebs. All of these little quick fixes make a big impact on selling your home quicker.
• The price is right. Listing your home at the right price is key when it comes to selling quickly. It can be difficult for homeowners to determine their homes’ true worth because of emotional ties and lack of exposure to the market. So get your listing agent to do a competitive market analysis (CMA) to objectively pinpoint your home’s optimal price. You don’t want to scare off potential buyers with an unrealistically high price. If your house has sat on the market for a long time, maybe it’s time to re-evaluate and consider lowering the price.

Often, the time it takes to sell your home will depend on factors that are beyond your control.

• Market demand. If your neighborhood’s hot and there aren’t many homes for sale, you have what’s called a seller’s market. So if the demand for homes is greater than the supply, you should sell quickly and receive a good offer. On the flipside, if you’re selling in a buyer’s market where supply exceeds demand, it will likely take longer to sell your home.
• Economic influences. The local business climate and fluctuating interest rates can also influence how long it takes to sell your home. For instance, if interest rates fall, more people buy new homes. However, if the area’s largest employer announces layoffs, very few people will be thinking about buying new homes. The best way to get a good understanding of the market conditions in your area is to ask your listing agent for a CMA.