One of the questions home sellers may ask is, “How long will it take to sell my house?” The answer is a murky, “It depends.” There is no way to be more specific. The amount of time from the listing of a home to the closing depends on whether the home is priced properly, presented and marketed well, and is accessible to buyers who want to see it. It also depends on whether the right buyer is out there looking at the same time the seller is selling their home; the right buyer being one who not only loves the house but will be able to obtain a mortgage or will have enough cash to purchase the home. So there are multiple factors that go into the final equation as to how long it takes to sell a house.
That being said, statistics from our local MLS system show how long it has been taking for the average house in the town and village of Monroe, NY to sell.
Over the last thirteen months, the the shortest amount of time from listing to closing was 22 days. The longest listing to closing timeframe was 900 days, yes, that’s two and a half years. That particular home was a “TLC needed” short sale. During the time the home was on the market, the list price was reduced by 40%, one accepted offer fell through, and there may have been other issues along the way that dragged that particular deal out over two years. That’s not a normal amount of time to get to the closing table.
Over the last thirteen months, the average time required to get from the listing date to sale date in Monroe NY was 214 days, or ~7 months. That breaks out to slightly less than 5 months to get to a contract, and another 2 months to get to the closing table.
While this may not sound like good news to sellers who are in a hurry to sell, the encouraging news is that the average time to closing is slowly improving in the area. In addition, the time for a home that is in great shape, is staged well, and is priced at market value is much better than the time for a home at the opposite side of the readiness spectrum. Thirty-four homes during this reporting period closed less than three months after they were placed on the market. Twice that number closed between three to six months.
So the answer to “How long will it take to sell my house?” is “It depends.”