How Long Will It Take To Sell?

Selling a house can be pretty straightforward.  You find a broker, determine a listing price, get some photos taken, have an open house, get offers, accept one, go through inspection, address any concerns with inspection, hire an attorney, draft contracts, mark up contracts, sign contracts, run title, address any concerns with title, await clearance to close from the buyer’s lender, then set a closing date, then close.

On second thought, maybe it isn’t so straightforward.

A rule of thumb is that selling should take between 45 and 120 days.

Some factors that can impact how long it takes to close a sale (i.e., actually get the money):

1. Price- The more important the bottom line price is, the longer it takes to sell.  Anyone who tells you otherwise is misleading you.
2. Staging- If your house isn’t presentable, you need to make it presentable.  This staging process can be as simple as making the beds, or as complicated as patching the walls and fixing a leaking roof.  Issues like this should be addressed when your broker sees your house.
3. Terms- If you need creative terms (post-possession, long escrow, etc.) that can slow down a deal.
4. Property condition- If your property is “not mortgageable” (i.e., less than move in condition), this can make a deal take longer (as you’ll potentially need a cash buyer).
5. Open permits/co’s- When buyer’s attorney gets a deal, he will “run title.”  If there are open permits or missing certificates of occupancy, this can slow down the sale process.  If you have a deck, finished basement, or fence that you never told the government about, this may be an issue.

If you have a date you need the money by, you should work with your broker to figure out when you need to list.  Work backwards.  You don’t want to be rushed and end up lowering your price when you’re desperate.  Information and communication are key.

‍