How long does it take to sell a house?

Most homeowners consider selling their property when they plan to upgrade or relocate, while some look for financial gains when market prices appreciate. Selling a house is a major financial decision one may have to make in their lifetime. The process can be time-consuming, and it may take months or sometimes years to get the best deal. According to some industry experts, there are a lot of factors influencing the time taken to sell a house. Home selling process may take around four to six months. However, some suggest it may take around a year to a year and a half, depending on the market conditions. Hence, prior planning is necessary whether you are a first-timer or a seasoned property seller. Besides, timing is crucial if you want to sell your property fast. However, the reasons for selling your property influence the timing. For instance, if you want to sell your property for maximum returns, you may have to wait for the market conditions to be right for you. If it’s a seller’s market, you may get the price you desire.

A seller must know that there are a lot of factors that determine the time it takes to close the deal once they list their property for sale. We will discuss these factors in detail in this article.

Timeline for selling a house 

The process of selling a house involves various phases, from property valuation and determining the price to home staging, listing the property, and final negotiations. One can estimate the average length of time required for each phase to estimate the total time taken to sell the property.

Let us discuss each phase in detail.

#1. Property valuation

This phase involves studying the neighbourhood to understand the price trends of similar properties. The price will depend on factors such as connectivity, accessibility to amenities, upcoming infrastructure projects, etc. One can approach a local broker or professional property valuation services. The process will involve the submission of documents, property inspection, report preparation, etc. 

After a thorough property valuation, the seller must determine the asking price. A seller must be careful about the price. An unreasonably high price can turn off potential buyers. On the other hand, underpricing may lead to fetching the amount for which the property is worth.

Time required: The property valuation process may take a few days to complete, depending on several factors such as the size of the property, availability of data, etc.

#2. Home staging

Home staging refers to the process of preparing the house for sale. This is a crucial phase in the house-selling journey as it helps attract the right buyers. It involves inspecting the house and undertaking essential repairs or renovation. Since it significant costs are involved, a seller should spend some time determining the budget for the renovation project or repair work. Home stage may take a few days to a few months, depending on the degree of renovation or repair work required.

Time required: For major upgrades (kitchen, bathroom, modification in layout), a seller may need one to three months or above. For relatively moderate upgrades such as painting, flooring, etc.), the process may stretch from a few weeks to around a month or above. However, if minimal repair work and basic cleaning are required, it may take only one to two weeks to complete.

#3. Clearing of dues and documentation

However, before initiating any property sale transaction, a seller must ensure they have cleared all the dues related to the property. These include payment of property taxes and utility bills (electricity and water bills,other maintenance charges, etc.) This is one crucial step before you list your property for sale. The seller must take some time to arrange all the property documents required during the sale.  These include the sale deed, building plan, encumbrance certificate,  completion certificate, occupancy certificate, payment receipts of property tax and utility bills, NOCs from various authorities, and bank approvals. Make sure to enquire about the transfer charges and processes, if applicable in the housing society.

These documents help establish the right ownership of the seller over the property, while documents like encumbrance certificate prove that there are no pending legal or financial liabilities.

Time required: Obtaining property-related documents from government authorities may take some time. Most state revenue departments have online portals, which enable citizens to apply for documents like encumbrance certificates online. The process may take up to a month.

#4. Listing the property

Once you have the house ready for sale, the next step is to list the property to attract prospective buyers. Traditional methods include publishing ads in local newspapers. Other options for print advertising include circulating flyers, brochures, etc. Many home sellers also find word of mouth approach effective, which includes referrals from friends, family, community contacts, etc. However, the most popular offline method to sell a house is by seeking the professional services of a local property broker. The real estate agent will help attract buyers from their networks or outside. One can use references from friends and family. Checking the reviews of those who have recently sold their property will provide you with useful insights to plan your property-selling journey.

Nowadays, many home seekers start their home search online. So, listing a property for sale on popular real estate platforms can help find buyers quickly. Moreover, this is the fastest way to place your property for sale in the market. Make sure to post all the relevant details of the property, including the number of rooms, bathrooms, parking facility, amenities, etc. You can also quality pictures and videos of your house, which will capture the attention of prospective buyers.

Time required: In case of the offline mode of selling a property, the process may take up to a few days or weeks. However, if one is opting to list their property online, the entire process may take up to a few hours to a few days.

#5. Time on the market

This is the most significant phase in the home selling journey as the process depends on external market conditions. In this phase, most sellers negotiate with prospective buyers and make counter offers.

Factors that influence a property’s time on the market include:

• Specific periods such as the festive season or tax season, results in a rise in property purchases. Sellers can benefit during this time as many buyers look for properties around during this time.
• The visibility of the online listing will influence the property’s time on the market. One can plan to reduce this time by attracting the right buyers by posting all the relevant details of the property, including latest pictures, videos, etc.
• Time involved in negotiations between the potential buyers and the seller.

Time required: Typically, when the market is favourable for a seller, the process will be completed in a few weeks. Otherwise, it may stretch up to several months.  

#6. Negotiation and deal finalisation

This is final step in the home selling process and begins once a seller has identified the right buyers for their property. This phase can also stretch if you do not set a timeline. Buyers, generally, tend to offer a lower price than what the seller has fixed. This leads to a counteroffer by the seller. Placing a deadline on your counteroffer will force the buyer to act quickly. However, the timeline should not be too short. If the buyer does not accept it, the seller can move ahead with other prospective buyers who may be willing to pay more.

Time required: The time taken to close a property deal may range from 20 days to 45 days.

Factors that influence property selling timeline

• Market trends: The market supply and demand dynamics significantly impact the time it takes to sell a property. In case of a sellers’ market, the time is expected to be significantly reduced.
• Location: This is a crucial factor determining how quickly your property is sold. For example, if your property is close to a metro or an airport, it is most likely to attract a lot of prospective buyers, resulting in closing of the deal quickly.
• Interest rates: Low interest rates by banks and financial institutions can increase the demand for properties, making easier for sellers to find buyers in the market.
• Festive season: There is a rise in property purchase during festive owing to the auspiciousness of the time. Sellers can benefit during this time as many buyers look for properties around the auspicious dates.
• Tax season: Many people prefer to make investments in real estate before the closing of the financial year to save tax. So, this period also sees a rise in the number of buyers.
• Economic conditions: Factors such as inflation rate can impact the property purchase decisions of buyers. Economic factors also influence the real estate market. Further, an upcoming infrastructure project can drive demand for properties.

Tips to sell a property quickly

• Understand the market: Make sure to research the market and the latest trends. The factors discussed above play a key role in how fast your property will be sold. It is essential to know if there is demand for properties similar to your house in your neighbourhood. If it is not, you should wait for the right time when the demand starts increasing again.
• Prepare the house for prospective buyers: It is important to depersonalise the space and prepare the house for potential buyers. For example, this involves decluttering by discarding unwanted items and adding neutral colours.
• Set a realistic price: It is essential to set a competitive price for your property. Setting a higher price in a lower-priced locality may not put off potential buyers and may unnecessarily delay the process. At the same time, under-pricing the property may not justify the value for which the property is worth. So, it is important to price your property accurately. For this, you can use online tools or approach a professional.
• List your property online: The online mode of selling a property is quicker, easy and reliable. Make sure you post quality pictures and a detailed video tour of your property. Add a good description to catch the attention of potential buyers. Further, make sure to respond to the queries of prospective buyers, as they may move on to the next seller if there are delays in responding.

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Once you have decided to sell your property, it is necessary to estimate the time it will take to close the deal. This will provide you with adequate time to plan your next investments. A seller should be aware the phase involving documentation may take up significant time as it may involve coordination with relevant authorities. Thus, it is important to consider these factors when estimating the total time to sell a house. You can consider working with an experienced real estate agent who can guide you through the property valuation process, listing your property and negotiation and finalising the property deal.

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