On average, a house spends 56 days on the market. The number of days has significantly risen to 31 at the start of 2022.
Sellers also need to consider closing, which takes around 50 days more. It all depends on the buyer’s financials and if the lender approves their loan. You are looking at a little more than three months for a house sale.
Factors That Impact the Sale Time
According to a survey, the following thirteen factors impact how long it takes a house to get off the market:
- Price Asked: 10%
- Market Heat: 8%
- Quality of Solicitors: 8%
- Quality of Estate Agents: 7%
- Buyer’s Position: 7%
- Length of Chain: 7%
- Title or Search Problems: 6%
- Neighboring Property Conditions: 6%
- Leasehold vs. Freehold: 5%
- Local Authority: 4%
- Time of Year: 4%
- Condition of Property: 4%
- The uniqueness of Property: 4%
Top 3 Factors
1. Price Asked
As a seller, your asking price is always a sore point for the buyer. Everybody bargains, even if the Orlando real estate is under their budget. The good news is that this is totally under your control. If you set a high asking price and think the house will sell without any negotiations, you are mistaken! It would be best to consider the comps in the surrounding area to set the numbers.
Your overpriced property will get dozens of viewings and tours, but you will have trouble finding a buyer willing to sign on the dotted line, no matter how much they like the house.
2. Market Heat
If the housing market is hot, there will be a lot of competition, but you will get multiple offers. Do not hold out for a big one and lose the ones made by potential buyers in your greed. You don’t have control over this factor, so proceed wisely.
In a buyer’s market (cold market), buyers have the upper hand, forcing sellers to price their houses competitively. In a seller’s market (hot market), sellers have the upper hand in bidding wars.
3. Quality of Solicitors
You need to get the paperwork checked by a solicitor to ensure the sale is on the up and up. The slower they work, the more delays you will face. If you have rented furniture to stage your house, you will spend hundreds of dollars until the property is sold.
This factor, too, is not under your control. You are not bound to choose the solicitor your real estate agent recommended. You can do your own research and pick one on reference provided by your friends or family members.
Currently, mortgage interest rates are low. People are scrambling to buy a house, which has burdened real estate agents. As a result, they are overburdened and taking their time to ensure a successful sale. So, it might take more than three months to sell your house.
If you have trouble selling your house, visit the Megan Dowdy Realty website. Contact a qualified Orlando realtor to help you through the process. We offer listings in Windermere, Orlando, Ocoee, and many other cities in Florida. For more information, call 407-509-9279.
