Selling your home is a headache in a handbasket.
The home selling process can be a long, drawn-out process that asks that you do a lot before you even list your property on the open market. You’ve got to repair and renovate, find an agent, and figure out how much your home is worth.
The home selling process can be long and drawn out.
Then you have to find buyers and negotiate a sea of offers and counteroffers.
Keep reading to find out how long it takes to sell your home – and how to sell faster.
The Home Selling Process: A Breakdown
Selling your home isn’t a “one-and-done” ordeal. When you’re planning a move, the home-selling process breaks down into three distinct phases:
- The pre-market phase
- The active phase
- The post-listing phase
Pre-Market Phase
There are several steps before you can list your home on the open market. You will need to hire an agent to find potential buyers, you will need to stage your home to make it appealing to those buyers, and your home will need a professional price evaluation.
Having your home evaluated helps you to make a fast sale without underselling yourself. Your home will be priced according to market demand, state of repair, and location.
We’ve listed some helpful tips on how best to stage your home further below.
Listing Phase
The second phase is where things heat up. You’ll be running an open house or private showings and offers to buy will start to come in.
During this phase, it’s normal for buyers to offer feedback on your asking price. While it’s worth keeping an open ear and listening to feedback with care, it’s also important to remember that most potential buyers don’t want to pay more than they have to.
As the listing phase goes on, your agent will let you know when the offers come in. Many buyers will make a counteroffer that undercuts your price – and a good agent will help you to negotiate with buyers.
Remember: If they’re making an offer, they’re definitely interested. Replying to a counteroffer with your own counters is a normal part of the negotiation.
The listing phase ends once you have accepted a buyer’s offer.
Post-Listing Phase
Once you accept an offer, the mortgaging process beings for your new buyer. They’ll apply for a mortgage and your home will be investigated to ensure you can legally transfer ownership.
It’s also vital that buyers organize a formal home inspection before signing the final paperwork. If the inspection reveals any serious issues with your home, you may need to agree to a request for repairs.
With both parties satisfied, the selling contract is finalized and the seller receives payment.
How Long Does It Take To Sell a House in Tennessee?
Multiple factors influence the time it takes to sell a home. Sometimes it’s a matter of luck, as you never know who’s looking to buy. In general, though, it comes down to these four elements:
- Asking price
- Market conditions
- Location
- Season
Asking Price
Obviously, your asking price has a big impact on how quickly you sell your home. Undercutting the average market price is a reliable way of selling your home faster – but it means taking a hefty cut on how much you walk away with.
Market Demand
It’s no secret that a recession looms on the horizon. Inflation is rising sharply and market conditions aren’t as predictable as they were a decade ago.
The number of homes on the market at any given time has a broad impact on average asking prices and time spent in the listing phase. Compared with 2021, the inventory of existing homes on the market increased by December 2022. This means that, following the pandemic selling craze, market demand is dropping and home prices are going into a freefall.
Location
Where your home sits influences how long it stays on the market. That’s because population metrics and average incomes differ between states. Some states and cities see heavy population influx because of employment opportunities and living costs, and wherever the population is growing, there’s a higher demand for places to live.
Season
Properties sell fastest in the warmer months of the year. It takes around 30 days to seal the deal on a property sale, so many buyers start looking in the springtime and settle on a purchase come summer.
So, listing your house for sale in the spring will net a faster sale on average.
Best Time To Sell
The best time to sell your house is between the months of March and May. On average, you’ll sell your house anywhere from a week to a month faster.
The same is true for the warmer states – just adjust your calendar back by a month: In Texas and Florida, for instance, the best months to sell are between February and April.
Overall, the worst month to sell is in October.
Average Time To Sell in Tennessee
In Tennessee, houses sell between 10% and 15% faster compared with nationwide averages. The time spent on the market varies year on year.
But across the U.S. the average time it takes to sell a house is between 50 and 70 days. A house in Tennessee should therefore sell between 45 and 65 days.
That’s going from being on the market to signing the contract and handing over your keys – it takes around 30 days to finalize the paperwork once you’ve found a buyer and a similar amount of time to receive an offer. So, selling a house in under 60 days means selling it fast.
Top Tips To Sell Your Home Faster
Market conditions and a smidge of luck play into how quickly you sell your house, but if you’re keen on selling a house fast, you can improve your odds significantly with these home-selling tips.
The most influential aspect on this list is your asking price – it’s a safe bet you’ll sell your house faster if you’re willing to sell for a lower price.
Tip #1: Prepare Your Home for Sale
Preparation is key, and it comes in two flavors:
- Maintenance, repairs, and renovation
- Decluttering your space
A home that’s in good condition helps get you better offers faster. Your buyers won’t want to put in a lot of work before they move into their new home unless it means a substantial discount.
That means working kitchen appliances, freshly painted walls, high-quality plumbing, and a spotless roof. Roofs in particular are expensive to repair, so it’s worth repairing leaks and missing shingles or tiles before listing your home for sale.
You may even consider making new home improvements prior to selling to increase your home’s potential value to interested parties.
Decluttering your space means removing the personal touches and disorder your rooms accrue over time. New buyers need to be able to imagine a house in a new light and in a manner that’s appealing to them. To help attract the interest of potential buyers:
- Remove personal keepsakes, such as family photos and framed pictures
- Tidy and deep clean every room
- Redecorate your rooms with neutral colors and layouts
Tip #2: Be Flexible on Your Asking Price
It’s normal for buyers to make counteroffers when they’re interested in a purchase. While it’s generally advisable not to accept the first offer presented to you, it’s worth staying flexible on your asking price.
Counteroffers can be met with revised offers of your own, and remember: If they’re making an offer to buy your home, they’re interested. The more flexible you can be with your asking price, the quicker you’ll sell your house and move on.
Tip #3: Hire a Professional Photographer
Professional photographers help present your home in the best light.
The first encounter any buyer has with your home is through the photos you take of it. Whether those pictures are listed online or displayed in a real estate firm’s window, they have to make a good first impression to attract buyers.
Tip #4: Sell to a Real Estate Company
Real estate companies buy homes for cash to resell – and they’re renowned for making offers fast. When you approach a real estate company, they’ll evaluate your house and make an offer much faster than via a traditional route, and they save you much of the hassle of running an open house, negotiating with buyers, and hiring an agent.
Sell Your Home Fast
Selling your home fast doesn’t mean cutting corners. It means knowing when to sell, how much to sell for, and how to prepare your home for a fast sale in advance.
But the home selling process can be exhausting, and selling to a real estate company pays dividends in time and stress saved.
If you’re a homeowner around Memphis, Tennessee and you want to sell your home fast, we can help. At We Buy Houses Memphis, we make fast cash offers and help homeowners achieve their dreams. Click here to arrange a convenient evaluation.