How Quickly Can You Sell a House?
Hey, Dave Edwards, Treasure Valley Dave in Nampa, Idaho. I want to talk about the burning question in your mind: How long does it take to sell a house? Well, that depends on so many things.
When it comes time to sell your house, many steps are involved. Some of them apply to everybody; others do not. We’ve taken the typical case and made a worksheet to show you how long to expect that phase. We will also discuss different things that can affect each step, things you have control over, etc.
Decide to Move
Decide to move. That’s the first step, and you have total input over that. I was going to say “control,” but you don’t have any control over that. It would take a day to make that decision. But as you know, it could be a long time coming.
Find and Plan With Your Real Estate Agent
Find your real estate agent and make a plan with them. I was checking out NAR statistics for 2023, and they said that 81% of the sellers go with the first agent they talk to. That’s it. That takes half an hour.
When you meet with your agent, you can have a sit-down conversation. You will talk about your motivations, fears, desired results, and what the process should look like for you. That’ll likely take a few hours because you’ll have many good questions. And as your agent, I will have many great questions to ask you to get the thought process going.
- How quickly do you have to sell a house? Or do you have to sell soon?
- Does your house need repairs?
- Does it require a minor cleanup?
- Does it need some significant work?
- Is it going to be sold as is?
Make Appropriate Repairs
Make appropriate repairs that coincide with your plan. Also, there are some improvements that you’re going to do before cleaning, decluttering, and staging.
Depending on your house, you can stage with your items, and that’s decluttering. We also want to depersonalize and clean. And you know what? We have vendors who can do repairs and cleaning jobs fabulously. They’ve done great jobs for our past clients. So, if there’s something that you need particular help with, let us know.
How Quickly Do Most Houses Sell?
So, how long does all that take? Those two steps combined should take about ten days. It depends on your motivation and budget.
Are we just going as is? Then, we’re going to do it today. It could take longer to get a couple of different vendors out.
Pictures, Marketing, House Listing
Then, the next step is to take pictures, do marketing, and get the listing ready to go live.
We have great professional photographers who can come out to help you. I know some agents pull out their phones, and that’s it. But no, we have professionals who can do it — even with drone footage.
As for marketing, we want to put flyers together and different online marketing campaigns all figured out. Often, we need the pictures to do that. It depends on each case, but it will take about five days to happen.
Open houses — that’s kind of a subcategory of marketing. We will also do showings and get feedback from buyers and agents who have come. That’s one way to know if we missed something we need to address. This is part of the “days on the market” — the DOM you hear so much about.
You may see it when you go online and say, “Oh, this has been on the housing market for 90 days or whatever.” This is what comes into that.
Another thing to know is whether it’s a buyer’s or seller’s market, what interest rates have been, etc. There’s only a little that you can do about those big macro things going on. But there’s always something you can do if it comes to that.
Days on Market
When creating the video for this blog, we’re sitting at almost Thanksgiving of 2023. I’m outside; I’m not on vacation in some tropical place. This is Idaho right here. You gotta love Idaho, right?
In Ada County, homes stay 34 days on the market. Canyon County is like 32. So, on average, Idaho homes remain on the market for 33 days.
Now, the days on the market will be different depending on your price category. It will go like that if you’re in the $250,000 range. It will probably be a bit longer if you’re in the million-dollar range.
Start the Negotiation Process
The following fascinating step is when we receive and negotiate some offers. Usually, that’ll take between 24 and 72 hours. When we accept an offer, we begin that transaction process. However long that is, it’s something that’s negotiated between you, the seller, and then the buyer.
It could be something as quickly as two weeks or go for as long as six weeks. Again, on average, it’s about 30 days.
During this time, you’re going to be moving out. Once we get to the final day, everything’s been done, and we can do the closing.
When we add all that up for a typical transaction and typical motivation for a typical house, you’re looking at about 82 days. That’s how long it takes for you to go from “We gotta go!” to “We just went.”
Now, these numbers are typical, but you may have a situation that requires something different or allows you to do something different.
Let’s say you must have this house sold in 12 days. Can it be done? Absolutely. Are you going to get top dollar for it? Probably not. You need to sell your house as is. You don’t have time or money to make any repairs or anything like that. Can it be done? Absolutely.
Everything must be addressed with a price; it could be sold in days, depending on your price. I could get an investor here within a few hours, and we could close it by tomorrow morning.
You have total control over how long it’s going to take for your house to sell. You may not be happy with some things that must be done. If you have to sell it immediately, that price has to decrease. But in a typical situation, you can do things that will make your house more attractive to the market, and your agent will help you. But it all does come down to price.
Next spring, we may have so much more demand and interest rates could be down, and it’s like, “Whoa, Katie bar the door!” But for the moment, it’s about 82 days.
Hey, thanks for stopping in! When it comes time to sell a home, buy a home, or even relocate to the Treasure Valley, your Treasure Valley Dave team is your real estate expert by your side, helping you get home.