Even in the hottest markets, selling a house is by no means a transaction that happens overnight. Every step—from listing your house to getting an offer to closing—takes time. But how much time?
To help you pace yourself, here are the steps to sell a house, and how long each one typically takes so you can plan accordingly. Depending on where you live, you may need to settle in for a long ride!
How long does it take to list a home?
Answer: 3 to 5 days
It will take your listing agent a few days or a bit longer to gather all the necessary info on your home (e.g., square footage, special features, and photos). But once your agent has it all, things generally happen fast. Your agent will then upload these details onto the multiple listing service, which will make the listing viewable to agents. A shorter, consumer-friendly version of the MLS listing will also appear on sites like realtor.com®—and since this site refreshes its data at least every 15 minutes, your home will be in front of plenty of eyeballs in no time at all.
How long does it take to get an offer on a home?
Answer: 65 days
The current average age of properties on the market is 65 days. That said, this varies greatly by location and time of year, so there’s no one rightanswer to how long you’ll wait for that blessed first offer. Is your market hot or chilly? San Francisco residents might sell their house in a hot second, but if your place is rural, expensive, or unique, you’ll probably wait longer.
How long does it take to close after we receive an offer?
Answer: 50 days
Currently, there’s an average of 50 days between when buyers apply for financing and when they get approved and can close on a home. Yes, that’s a long time, especially if you’re selling and eager to get on with it. But buyers and mortgage companies need to do their due diligence—and you certainly don’t want any last-minute surprises before the buyer takes possession. Closings fail for a number of reasons, like contingencies (perhaps the buyer’s home didn’t sell, or the bank rejected her loan). Whatever you do, don’t be a pain and not fix issues that arise during inspection (assuming, of course, you agreed to fix them). Final walk-through surprises can delay closing even longer.
How long before I get paid?
Answer: 0 days!
Here’s good news: Your money should be available immediately after you sign on the dotted line. Cash is typically disbursed by the title or escrowcompany, which will wire the money to your bank account or cut a check on closing day with little to no lag time. Make sure to check with your attorney or real estate agent, though—they’ll be able to provide specific details on the process for your sale.
How long do I have to move out?
Answer: 0 days, except by special agreement
Typically, sellers are expected to move out by the day they close on the home so the new buyers can move in as soon as they’ve signed on the dotted line. Most people move out in advance of the close, but if you need more time, you can negotiate a rent-back agreement, which allows the new buyers to essentially become your landlords for a few months while you find a new place to live. But considering how long the home-selling process takes, odds are you’ll be chomping at the bit to get out!
courtesy of realtor.com