Most people, at some point in their lives, put their home on the market. But how long does it actually take to sell a house?
Unfortunately, there is no definite answer to that question; some houses sell quickly, whereas others can take many months or even years to complete.
According to statistics from the Post Office Money Mortgages, the average home in Britain sells in 102 days, and time on the market varies from city to city. For example, houses in Edinburgh take an average of 39 days to sell, whereas properties in London spend an average of 126 days on the market.
The length of time it will take to sell your property will depend on a variety of factors. In this resource, we’ll talk you through what these are and how they might influence your selling process.
Factors that play a part in the house selling process
The price of your property
Houses can take longer to sell if the price is higher than average, and lower-priced properties are likely to attract more buyers, which in theory would mean a shorter selling period.
When it comes to working out the asking price for your house, make sure the final decision presents an accurate picture of the property’s market value. Highly-priced houses take a longer time to sell, but that doesn’t necessarily mean you should go too cheap. If a valuation seems suspiciously low, people might assume there’s a hidden problem with the property and avoid pursuing a sale.
An effective way to bring in more prospective buyers is to price your home slightly under the market value, as this might lead to a faster sale, or at least more viewings. To get an idea of the value of your property, get an Instant Valuation with Chancellors.
The condition of your property
It stands to reason that ready-to-live-in homes tend to sell faster than houses that require a lot of work being done to them.
Though some buyers are looking for properties they can renovate, many simply want homes that are ready to be lived in without having to spend money and time on repairs, decorating and exterior work. If your home does need a bit of work before it’s ready to sell, check out our guide on how to add value to your home on a budget.
Another factor to consider when you’re thinking about how your home’s condition comes across to potential buyers is photography. When selling your house, use high-quality imagery that displays your property’s best features and makes rooms look big and spacious. Even if this doesn’t lead to a sale, it’s still likely to bring in more viewings.
A property chain
a property chain occurs when sellers and are linked together because the sale is dependent on another purchase. For example, if you were selling your home at the same time as buying another one, this would create a chain as you would need complete the sale of your home in order to buy your new property. The person you are buying from might also need to arrange buying their new home before completion of your purchase.
Even one in the chain can have an impact when it comes to selling speed, and all parties need to have a home ready to move into in order to keep the selling process ticking along on track.
If you’re looking for a quicker sell, it might be worth selling to a buyer who isn’t in a chain, that is, they don’t have a house to sell. This could be a first-time-buyer or someone looking to buy an additional property, such as a holiday home or a buy-to-let.
Another option is to move into short-term accommodation, either rented or with friends or family. This will free up the sale and enable you to sell your house in a shorter time frame, but there’s no guarantee that you won’t be waiting a long time to move into a new home of your own.
In short, there is no definite time frame when it comes to selling a house, but there are several factors you can consider to help speed up the process. For more information on how to sell your property quickly, check out our guide on how to sell your house fast.