Are you looking to sell your house in San Diego but pressed for time? If your listing spends too long on the market, your house’s marketability may decrease. This lowers your chances of attracting solid offers and better profits. To prevent this from happening, it’s best to sell your property as fast as possible.
Read on to find out the average time to sell a house, the factors that affect this process, and tips for selling your San Diego property quickly.
Calculating the Average Days on Market
The Days on Market (DOM) is a key metric that represents how long it takes to sell a house. DOM lets buyers know the number of days a property has been listed on local multiple listing services (MLS) until an offer has been made for that house.
DOM is also a critical factor if you are a seller. If your house stays on the market for a long time, the less likely you will get your asking price. This can indicate that there is something wrong with the property.
Buyers will think that the seller is desperate to sell their property. It can also mean that the seller’s asking price might be more than the true value of the house. These things can affect your ability to sell your property.
You can determine your house’s DOM by using a metric called Average Days on Market. It measures the average time a property has been on the market for a particular location. Once your house’s DOM goes beyond the average DOM, your property is considered as having been “too long” on the market.
First, you need to gather all the listings in your area for the past six months to calculate average days on market. Find out when these listings became pending, then count backward until you reach their first listing date. The number of days between those two dates is the DOM.
After getting all the DOM of these listings, add them up and divide the sum by the total number of listings. The result will show the average days on market for all houses.
Home-Selling Length and Milestones
It generally takes around six to nine months to sell your home. This includes the time spent for preparation, such as cleaning, repairing, repainting, and staging. You also need to undergo the process of choosing a real estate agent before you find a new owner for your house.
Depending on the size of your house, preparation can extend for another three to six months. With that, the entire selling process can take up to 12 months. You can break down this lengthy process into milestones, which have their own timeframe.
Listing Your Property
Finding a buyer is the next step after you have decided to sell your house and selected a real estate agent. Once you have made the necessary preparations, you can list your property on an MLS or other real estate platform.
It usually takes about one to two months until a prospective buyer reaches out to you and makes a formal offer to buy your house.
Accepting an Offer
After the buyer submits their formal offer, you can either accept or reject it. You are given up to 72 hours, but the time may vary depending on your state.
Once the offer is accepted, the buyer will be given up to ten days to conduct a home inspection. It is an opportunity for the buyer to understand the property’s layout, systems, and intricacies. This process helps discover any issues needed to be resolved before moving forward with the contract.
A typical home inspection takes less than a day, which depends on the size of the house. Meanwhile, the formal reports can take up to two days to come out.
Based on the findings during the house inspection, your buyer can make a counteroffer. They can ask for a lower price if they have found any issues with your property.
Buyers can also ask you for repairs or renovations. This negotiation process can take 24 to 48 hours until both parties have agreed on the final price.
The deal enters the closing phase after you and the buyer have reached an agreement. This phase takes about 30 days to provide enough time for fulfilling the requirements.
The buyer and the seller usually enlist the help of an escrow service and a closing attorney to ensure that the process goes smoothly.
Factors Affecting the Home-Selling Process
The average time it takes to sell your house depends on various factors. To help manage your expectations, here are some factors that affect your property’s average days on market.
One of the factors you have direct control over is your asking price. It can significantly affect the time your house spends on the market.
Your property’s asking price is directly proportional to how quickly and easily it can be sold. The lower the price, the faster it is to sell, and the less time it stays on the market. Generally, you will have a harder time selling expensive houses since they are less accessible to most buyers.
In such cases, it is not always ideal to lower your asking price. A lower price would give you lower profits. Buyers will also view your property as “problematic” if you are willing to sell it for less.
Location is another critical factor in selling a property. Properties located in desirable areas or neighborhoods are more appealing to buyers. Thus, these kinds of properties will not spend a long time on the market.
Zipcodes are also a factor that influences the average time to sell a house. Some zip codes and cities allow you to sell homes faster than others. For example, a property in San Francisco takes an average of 49 days to sell compared to a house in Florida, which can take 148 days.
The overall appearance and condition of your house impact how fast and easy it is to sell. Buyers often find houses with nice exterior lighting or spacious outdoor areas more attractive. If your property has these features, you have a higher chance of getting offers for it.
Decluttering is a simple and easy way to improve your home’s condition. Take out your personal stuff and unnecessary furniture to provide more space. By doing this, you can make potential buyers feel as if they are already living in your house.
The current market climate lets you know how “hot” the housing market is in a particular area. You can either be in a “warm” seller’s market or a “cold” buyer’s market.
You want to be in the seller’s market because it has more buyers than sellers. It gives you more opportunities of getting offers on your house, resulting in a faster selling cycle. You also have the chance to get into a bidding war where you can receive offers from multiple buyers.
How To Sell Your House Quickly
Set a Competitive Price
You can lower your average time to sell by setting the right price for your house. Keep in mind that a lesser price does not equate to better value. Properties priced excessively low can leave a negative impression on buyers.
Find the Right Timing
You will see faster selling times and better profits in a seller’s market. You can choose to hold off on selling until you find the best time to sell. However, if you really need to sell my house fast San Diego, consider I Buy SD!
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