How Long Does It Take To Sell A Home?
In 2020, homes spent an average of just 25 days on the market before going under contract. After an offer is accepted, home sales typically require an additional 30- to 45-day closing period before they are officially sold. Therefore, the average time it takes to sell a house the traditional way is 55-70 days.
It does vary by state. The average time it takes to sell a house in Arizona in 2021 is 72 days — 37 days to get an offer and 35 days to close.
Under three months is fast, but it can be an eternity depending on your situation. Thankfully, there are faster ways to sell your home.
We’re going to go over the five ways to sell a home — outside of listing it on the traditional market — and rank each of them based on how quickly they can get your home sold.
Fastest Option: Sell Your Home For Cash
Nearly 30% of U.S. home purchases (between January-July 2021) were paid for with all cash, and for good reason. Selling your home for cash, whether to a buyer or a reputable cash for homes company, is the fastest and simplest way to sell a home.
When an individual buyer purchases your home for cash, you don’t have to worry about mortgages and loan approval. When a cash for home company like us buys your house, you don’t have to worry about repairs and renovations, showings, closing times, and so much more.
“Property Spot simplifies real estate. We cater to the seller’s needs, whatever it is,” Kusay said. They can give the homeowner an offer in 24 hours or less and close on the home in less than 14 days. No other method of sale can compete with that speed.
“Property Spot simplifies real estate. We cater to the seller’s needs, whatever it is.”
– Braden Kusay, Property Spot
Mitchell Meyers added that not every sale needs to be that fast either. We are extremely flexible and allow you to set your own closing date, meaning the sale can be completed in 14 days, or 120+ days. Not every cash for home company offers this, so be sure to do your research when you’re looking into this option.
How Selling to a Cash for Home Company Works
Selling your house to a cash for home company is very different from selling your home for cash on the traditional market. Sellers don’t need to worry about home repairs and renovations, inspections, or the fees that come with using a real estate agent.
Instead, the company may send an evaluator out to inspect the condition of your home. These evaluations aren’t the same as an inspection — they don’t look for things that the seller needs to fix. Property Spot will never ask a seller to make repairs.
“It’s really simple and transactional,” Meyers said about our process here at Property Spot. “We’re just going to walk through the house. With the sellers permission, we take photos and videos for our records.”
Kusay added there is no red tape, suits, or ties — they’re just looking around to get an idea of the layout of the home and its base condition. After the evaluation is complete, Property Spot will get your Guaranteed Cash Offer out in 24 hours or less.
Benefits of Selling to a Cash for Homes Company
In addition to being one of the fastest ways to sell your home, using this method of sale is also one of the easiest. When using a reputable company, you don’t have to jump through hoops to complete the sale and, in our case at Property Spot, we do most of the paperwork for you.
It’s also more affordable for you to sell your home this way. You don’t have to make any repairs — including fixing structural or roof damage — and there are no additional agency fees, photoshoot expenses, or staging costs.
Disadvantages of Selling to a Cash for Homes Company
No method of sale is perfect. If you need a quick sale, there may be some trade-offs to consider. When selling your home for cash, it is unlikely you will receive the full market value of your home, though you will receive a fair offer. Some companies may only offer what you still owe on your mortgage, while others will go above and beyond.
The other disadvantage is navigating through the scams. While this is an established industry, there are still things you want to avoid, such as trusting a “Cash for Homes” sign on the corner of the road. You will need to do plenty of research to find a trustworthy company who will work with you.
Fast Option: Work with a Top REALTOR®
Not all real estate agents are top REALTORs®. Top agents are the ones who are thriving in the industry, those that know it inside and out and have the experience to back it up. They boast a strong number of transactions in your area for high market values and low days on market.
“Homes sold with the assistance of an agent went for 35% more than homes sold by owner.”
– National Association of Realtors
Using this method of sale lists your home on the traditional market, but with the best-of-the-best leading the sale. When you choose the right agent and when it’s done correctly in the right market, you could sell your home within days.
“Top REALTORs® have a network of buyers,” Kusay explained. “You can sell your home fast with a realtor too, it can go quick. The issue isn’t the realtor, it’s the market.”
How It Works
The traditional market has a lot of different steps that lead from preparing your house all the way to the sale. A top agent will oversee all of this and will help you get your home picture-perfect before it’s listed or marketed to their network of buyers. Once it’s listed, the agent will show your home to prospective buyers and negotiate the sale. Finally, when an offer is made, they will communicate between the buyer and you so you both can get a deal you’re happy with.
Then it’s a matter of closing the home and transferring ownership — all of which the agent will assist with.
Benefits of Using a Top Agent
The biggest benefit is that you’re not alone. Top REALTORs® know exactly how to sell a home in your area, including all of the paperwork, laws, and inspection processes. They can guide you through everything to make the process easier on you.
Using a top agent also increases your chances of selling your home above market value. According to the National Association of Realtors (NAR) 2020 Profile of Homebuyers and Sellers, homes recently sold with the assistance of an agent went for 35% more than homes sold by owner.
Disadvantages of Using a Top Agent
While working with a top agent is generally a safe and quick way to sell your home, it’s not guaranteed. The time at which your home sells relies on the economy. For example, your home will sell faster if there is a surplus of buyers, but will likely linger on the market if there is a surplus of sellers. A top agent can reduce the market time, but there is no guarantee that your home will be sold quickly.
While working with a top agent is generally a safe and quick way to sell your home, it’s not guaranteed. The time at which your home sells relies on the economy. For example, your home will sell faster if there is a surplus of buyers, but will likely linger on the market if there is a surplus of sellers. A top agent can reduce the market time, but there is no guarantee that your home will be sold quickly.
You also have to consider closing periods. If you sell your home in 3 days, it will take about 33-48 total days to finalize the sale.
On top of that, top agents can be expensive to work with. You will have to consider all of the additional out-of-pocket expenses, including (but not limited to):
- Professional photography
- Staging
- Professional cleaners
- Landscaping
- Home repairs and renovations
- Closing Fees
- Agent Fees
“You’re going to lose about 4-6% of the sale on agent fees alone,” Maurer said. “It’s not a deal breaker, but it is something to consider if you want to use an agent.”
These fees can make or break the sale — consider this: you can sell your home for cash at 3% below the market value, or use a top realtor, who will take 4-6% of the sale as their commission. In this instance, selling your home for cash is more profitable!
