17 Sep How Long Will it Take My Home to Sell?
There is a certain amount of unpredictability in all Real Estate but thankfully trends occur and reoccur. This means your homes time on the market depends on not only the home to sell but the market itself. Real Estate is busiest in the spring. That’s because it’s after big family holidays like Thanksgiving and Christmas where people are already extra stressed and busy. In Minnesota we also face the challenge of heavy ice and snow when trying to move all our worldly possessions from one home to another.
You’ll also need to acknowledge not ever home sells the same. A Luxury Home, typically defined as $400,000 or more, is aimed at the minority of home buyers and takes longer to sell. Some excellent features can also limit your range of buyers. Having a pool, ample square footage, or large yard and driveway offers entertainment or privacy but narrows your appeal on the market. Selling a Luxury home not only requires accurate pricing but some patience.
Read my post “How Long Does it Take to Buy A House?” to get a monthly break down of what to expect when Buying a home.
The timeline for selling a home in the 2015 spring Market is about 2-3 months. Below is a typical 2-3 month home sale outline.
Pre List week one: During this week you’ll need to get a market analysis or evaluation by a Realtor. This will help you decide on a price for your home. I offer a Virtual Price Opinion and On-Site Property Evaluation.
Read my post “How Much Is My Home Worth?”
Pre List week two: After your analysis you might have updates and items to fix. In this week you should start ordering and planning bigger projects like carpet, appliances, counter tops, and new paint if necessary.
Pre List week three: This is typically the final week before going on the market. At this point you should attend to small maintenance items like loose door knobs or railings, dripping faucets, and checking for burnt out light bulbs. A complete deep clean and deep declutter needs to be done too. Easily forgotten spots to clean are light fixtures, ceiling fans, air vents, doors connecting to the garage, and base boards. Decluttering the house is another very important step that shows home much space is available. Read my post “What to Ask Yourself When Decluttering?” for help.
Your house is now ready to go on the market! In the fast pace low inventory 2015 spring market homes are usually listed for 30-45 days before receiving an offer. Read my post “Interesting 2015 Spring Market Trend” for more information.
The week an Offer is made: This whole week is used for countering and accepting a final Offer, as well as completing necessary paper work.
Post Offer week one: The Buyers inspection and radon tests are scheduled for this week or as soon as possible after. If something comes up in an inspection the Offer might be adjusted to account for it, or you may be asked to take care of the matter. An Appraisal will be scheduled around this time also due to week long waits.
Post Offer week two-three: If there is a Home Owners Association then documents are ordered and reviewed during or slightly before this time. This week is also when the Appraisal will take place.
Post Offer week three-four: This is the time frame were everyone converges and comes together to close the house. The Buyers loan will go into underwriting and be finished. Meanwhile final prep is completed at the tittle company including receiving a commitment letter. A final settlement in prepared detailing your closing costs and you’re finally ready!
Congratulations it’s time to close! The closing will take place at the Title company chosen by the buyers. Usually the buyers, sellers, both realtors, and a representative from both Title companies will all attend. Signatures are exchanged, keys are handed over and your house is sold!
Some purchase agreements request a closing time frame of 45-60 days, and unforeseen issues can stall or lengthen the process but 30 days is the minimum needed to complete a closing.
Please contact me if you have any questions at 612-889-6496 or [email protected]