The process of selling a home is, for many, frustrating. The planets seem to have to align to get to the offer part. But once the offer has been accepted, the process can be somewhat straightforward, but there are so many external factors to consider. Also, you need to be sure that everything is working together.
What Are The Key Factors That Affect How Long It Takes To Sell?
There are numerous factors, but time and time again, the top three factors are:
The Price Asked
The price you ask, especially in comparison to similar properties on the market, has a big impact, but this something you have complete control over because you can’t ask more than your competitors out there. If you price your house too high, there will be viewings, but finding willing a buyer is harder than you think. But if you ask less than the competition there will be more interest.
The State Of The Market
This is something you have no control over. It depends whether the market is “hot” or “cold.”
In a cold market, buyers have the upper hand, so sellers have to price their homes competitively so the property doesn’t stay on the market for a long time. A hot market is where the sellers have the upper hand and homes sell quickly if they priced sensibly.
The Quality Of The Legal Help
While you may think a solicitor will snap up your custom, the reality of the situation is that an overworked solicitor may take weeks, if not months, to respond to the simplest enquiry. Pick a solicitor you are happy with. Many times people feel they need to go with the conveyancer suggested by the estate agent, this is not the case.
How Long Does It Take To Sell A House In The UK Once The Offer Is Accepted?
Studies have shown that, on average, it should take 11 weeks. From accepting an offer all the way through to the legal completion of the transaction, this is the timescale. While most experts will tell you the average time is around 12 weeks, bear in mind, it can go up to 21 weeks. But if there are major problems after the offer is accepted, it could be as long as 40 weeks.
There are also a few interesting factors to consider. In so-called “hot” markets, most sales can go through in 8 to 12 weeks, and “cold” markets can take between 4 to 8 weeks. These results can be due to the fact that buyers are more risk-averse and buy cheaper properties, as well as fewer transactions in “cold” markets.
How Long Does It Take To Sell To A First-Time Buyer With No Chain?
If selling to a first-time buyer with a mortgage, it should take no longer than 10 weeks.
How Long Does It Take When Selling To A Cash Buyer?
If there is no chain and the buyer has cash ready, 8 weeks is the average time period from accepting an offer to completion. If the planets align; the property is freehold, the buyer is ready, the solicitor is on the ball, and you are ready, it can be achieved in 4 weeks, but there have been times when a property is turned around between 7 and 14 days! This is down to genuinely exceptional circumstances and the house is bought with cash.
