The question on everyone’s lips when listing a property or looking to buy is: how long does it take to sell a house? There’s plenty of red tapes, I’s to dot, T’s to cross and numerous other factors that figure when selling or buying a property.
From the property itself to asking price and everything in-between, house buying is very rarely a straight forward and streamlined process, more so since the technological advances and widespread use of the Internet.
That said, there are trends concerning how long it will take to sell your house. To help lift the lid on some of the more common hold-ups and potential issues, we’ve put together a list of points on what to expect during a property sale.
Average House Sale Time
Experts predict that it generally takes around two months for a potential buyer to find your property on the market and partake in the necessary viewings before considering putting an offer in.
Once the wheels are in motion, you can expect the process to take around 2-3 months from the exchanging of contracts to everything being finalised. Of course, this can vary during the necessary property searches and surveys.
The location of the property also plays its part, for example, if your home is in London, you’ll wait longer on average than many other locations.
What Could Slow Down the Sale of Your House?
Of course, it goes without saying that you’ll want to sell your house quickly and finalise things as fast as you possibly can, but what could play a part in slowing down the sale process of your property?
Four of the most common factors are:
The Region & Location
Many locations are more sought after than others, and if your home sits in an area that’s in high-demand, sense says that it’s going to sell quicker!
A strong location boils down to important factors such as plenty of local amenities, good schools, low crime rates and also free parking in city locations. It’s also key to consider house prices in the area; do your research and make sure that the asking price of your property reflects those around it, leaving some wiggle room for the likes of extensions, loft conversions and other work that may have been carried out.
The Property’s Condition
Though you will get some buyers that are looking for a “doer-upper” and a good project to get their teeth sunk into, generally speaking, the majority of people will be searching for a property that doesn’t require much DIY and repairs that will cost them both time and money.
If you’re aware of any maintenance and touch-ups in or around the house, it’s always best to take care of these jobs before putting the house on the market. Not only will this increase the visual appeal of the property for those browsing, but it can also increase the house’s overall value too.
Chain vs No Chain
How long it takes to sell a house can depend heavily on whether or not there is a property chain. If a property has a chain (this can be as little as three houses, but often consists of many more) it will dramatically increase the length of time that it takes to both sell and buy, this is due to previous link (the house) in the chain having to sell before things can move on.
Breaking this chain can cause huge problems for both parties, from massive delays in proceedings to the buyer or seller pulling out altogether. The process involved in a property with no chain is much, much smoother, and the sale can generally be completed in and around just two months in most cases.
The Property Market
Of course, the property market as a whole can and will affect the purchase or sale of a property. This includes everything from the demand for houses to political events and the economic climate.
For example, if there are lots of houses for sale in your area, this dilutes the appeal of your property and means that you have a lot more competition to go up against. If the economic climate is looking particularly shakey, this can dissuade both buyers and sellers from entering the market at an uncertain time and losing out on money or making a bad investment.
For more property advice from the experts of quick sales and selling for cash, browse the We Buy Any House blog page.