How much time should you expect to spend selling your home? The answer depends on several factors, such as location, price, and condition of the property.
Selling your home is a complex process that requires careful preparation. There are many things to consider before putting your home on the market.
Are homes selling fast or slow?
In 2022, homes are selling faster than normal due to extremely low home inventory. In a sign of just how competitive things are, 23% of buyers waived an inspection contingency, and 23% of buyers waived an appraisal contingency from their contracts in Feb. 2022.
What factors impact the speed of the selling process?
Location, supply and demand, buyer preferences, and seasonality are all examples of variables that can impact the selling process.
Real estate varies at the local level depending on things like supply and demand for the area, housing needs, resident income, net population influx or outflow, and employment opportunities.
Most local markets across the country are currently seeing a low inventory, high demand situation. This is causing homes to sell much faster than normal. This trend has been driven by the historically low interest rates seen in 2020-2021 and a surge in remote-work & pandemic-related relocations.
As of Feb. 2022, the inventory of unsold existing homes was 870,000 — equivalent to 1.7 months of supply, according to data from NAR. To put that into perspective: 6 months of supply is considered to be a balanced market.
With mortgage rates on the rise again, it’s possible that demand could even out eventually – but we’re likely to see a wave of buyers rushing to lock in a lower interest rate before they rise.
The condition of your home
Even with the market moving as quickly as it is, you still need to make sure your home is in sellable condition. If your home is overdue for repairs or renovations, it can discourage buyers who are looking for a move-in-ready home. If your home inspection uncovers safety issues or problems that could negatively impact its value, it could lead to negotiations or delays in the process.
What can I do to sell my home more quickly?
Take care of maintenance and repairs
You should reduce clutter before selling your house. Consider using 1-800-JUNK-USA or Junk King to get rid of unwanted items in your house. You should drop off donations to Goodwill or the Salvation Army. If there are too many things you’re not ready to part with yet, consider renting a storage space to store them until you’ve decided what to do with them.
Try to make small, low-cost improvements and repairs. In the time leading up to the sale, try to knock out a few of these easy, inexpensive fixes. Fix leaky faucets, replace mismatched cabinet knobs, and touch up scuffed walls. Hire a handyman who can finish the job quickly.
You should pressure wash your home before you show it off to potential buyers. Pressure washing makes your home more attractive and increases curb appeal. You should also consider adding flowers or other plants to your yard. Flowers and plants give your yard an inviting feel.
Consider a pre-listing inspection
A pre-listing inspection gives you the chance to see what could be wrong with your house before the buyers do. This allows you to fix things before the buyers even come over. Consult with your realtor about whether or not a pre-listing is right for you.
Find an agent
Team Melton has over 50 combined years of real estate experience to assist you through every step of the process. Contact us today to get started on selling your home!