Worried about how long the home selling process will take? The National Association of Realtors reports that, on average, homes remained on the market for 39 days in August 2021 from listing to closing.
In this article, we’ll give you some tips to make sure everything goes as smoothly as possible, plus, a quick guide on how long the home selling process will take.
You’ll know what to expect and when to expect it, so you can plan accordingly. Plus, our home selling checklist will help learn how to sell a house and avoid any potential roadblocks along the way.
Read on for more information.
Before You Begin
On average, it takes about two weeks to get pre-qualified for a mortgage and the paperwork completed proves your financial worthiness based on income, debts, and existing credit profile.
This time can vary depending on your circumstances; there are ways to get pre-approved without paying fees. The lending company will run a full check into your history.
Once you’re all set with them, they’ll send your application to the sellers. Generally, you don’t pay for this step, but some banks will charge a nominal fee (often waived if you open an account with them).
You may need two months between applying for your mortgage and the time when you close on the purchase of your new home.
During this time, any change in your employment or income could make it impossible to get approved for a loan.
The Home Selling Process
The home searching stage can’t start until you find a home and make an offer. This is the time for inspections and research to make sure you are choosing the right house.
A professional inspection will identify problems, but it’s also vital to do your own research on neighborhood schools, environmental factors, crime rates, etc., and to seek advice from professionals like Seller’s Advantage.
Once both parties have agreed on a price and terms of sale, everything goes into writing with a binding contract between buyer and seller. It can be complicated to get all these details down in legal language.
This way, you both know exactly how much time you have to change your mind, etc. It’s usually best to get professional help for the contract just to be safe. Generally, it takes about thirty days for this step.
This is the final step of selling a house; everyone should be ready to close on their commitments within 14 days of putting in an offer or at least 60 days before closing (whichever comes first).
At Closing Time
The lender gives you any money left over from your mortgage after paying off your home loan, and you turn over the keys to your old house. If one party defaults on his or her end of things at any point along this timeline.
There are legal steps that must be taken before the sale can continue (see Common Mistakes Home Sellers Make).
So how long does it take to sell a home? The current time frame of the entire home selling process is around two months. As long as everyone involved sticks to their deadlines, it should be a smooth move for all parties involved.
So, Are You Ready to Sell Your Home?
The home selling process can take from a few weeks to several months, depending on the circumstances. By understanding how long each step will take, you can be better prepared and avoid any surprises.
If you are looking for more information about the home selling process or want to get started, be sure to check out our blog!