According to Zillow’s 2017 Consumer Housing Trends Report, “nearly a quarter (24%) of sellers say they would begin the process of selling a home earlier.” And we also know that the average number of days a home stays on market varies greatly throughout the year. Using housing sale data compiled by the Northern Virginia Association of Realtors (NVAR), we know that homes selling in the month of February have historically been on market for an average of 74 days. Compare that to the 35 days that homes on are market when sold in the month of May.
So how long does it take to sell a home? It’s a question that is often asked, and it’s almost always answered with a response of “it depends.” And it truly does depend on any number of factors. Time of year, type of home, price of home, market demand, condition of home, etc. all impact how quickly a home will sell.
Using NVAR data from 2015 – 17, we have compiled some simple timelines you should keep in mind if you are thinking about selling your home this spring. Here’s how we did it . . .
Prep Time = 14 Days
We’re assuming that you have already made the decision to sell your home and have likely spent some time updating your home – the same Zillow study mentioned earlier reports that “8 in 10 sellers give their homes some TLC before listing.” The prep time we are talking about here involves selecting an agent, deciding on a listing price, signing a listing agreement, photographing your home, etc.
Days on Market = Monthly Average (see the chart below)
When selling a home, “Days on market” is the number of days between the listing date and the day the home has a ratified contract.
Closing = 30 Days
Once a home is under contract, we find that it generally takes 30 days to close on the home.
Keep in mind that these are just averages. In 2017, the average number of days on market for homes listed by UpsideDoor was 22. If you’re thinking of selling your home this spring, you can start by finding out what your home is worth right here.
For more information on how to sell you home check out these posts!