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PropertyHow Long Do House Purchases and Sales Take?

How Long Do House Purchases and Sales Take?

The average time it takes to sell a home in the UK has been increasing over recent years. In 2022, homeowners can expect 150 days or 5 months more than they did this previous year, according to Rightmove.

This estimate is thanks largely to an increase during post lockdown/stamp duty holiday era, where buying frenzy caused a backlog that continues today. Estimates say there are still at least another 100 days left on those processes alone before hitting the completion date.

Additionally, this estimate can be frustrating for those looking into selling their homes, especially if they’re dependent on getting new property after an agreed-upon date since there’s no telling how long each stage might take or what will happen along the way. However, there are estimates on how long each step takes.

How Long Does Each Process Take?

The home-buying process typically has seven steps, which can take anywhere from a few months to over a year, depending on the market. The first step is getting pre-approved by a lender, which can take a couple of weeks. Once you’ve found a home you like, the next step is submitting an offer, which usually takes a few days to hear back on.

If your offer is accepted, the next step is going through the loan process and ordering a home inspection, which can each take a couple of weeks. Once you’re under contract, the final steps are ordering a survey and appraisal, if required by your lender, and then closing on the loan, which typically takes 30-45 days.

So, there’s no one specific answer to how long each step takes – it all depends on the market conditions and how quickly each individual step goes. However, you can expect the entire process to take at least a few months.

Main Determinants of How Long It Takes to Sell Your House

Many factors can affect how long it takes to sell your home. Some of the most important include the location, the condition of the property, the asking price, and the housing market’s strength. Of these, location is often the most important. A home in a desirable neighbourhood is likely to sell more quickly than one in a less desirable area.

The condition of the property is also a key consideration. A well-maintained home is more likely to appeal to buyers than one that needs significant repairs. Additionally, the asking price is another important factor. If the price is too high, buyers may be discouraged from making an offer. On the other hand, if the price is too low, you may end up selling your home for less than it is worth.

Finally, the housing market’s strength can significantly impact how long it takes to sell your home. Therefore, homes tend to sell more quickly in a strong market than in a weak market. Consequently, if you are considering selling your home, it is important to be aware of these factors to make informed decisions about pricing and timing.

Tips for Selling Your Home as Quickly as Possible

Selling your home can be a stressful process, but there are some things you can do to help ensure a quick sale. Below are some tips for selling your home as quickly as possible:-

Maintenance

Always close look at your home and make any necessary repairs or updates to make sure your home is in good repair and well-maintained. A well-maintained house will give potential buyers the impression that your home is well-cared for and worth their investment.

Pricing

Ensure you price your home competitively. For example, if you price your home too high, it could sit on the market for months without generating any interest. Therefore, comparable research homes in your area to get an idea of what others are selling for and price your home accordingly.

Impression

Stage your home in a way that will appeal to a wide range of buyers. A good first impression means decluttering, deep cleaning, and depersonalizing the space so potential buyers can picture themselves living there.

Consult A Real Estate Agent

Consult with a real estate agent with experience selling homes in your area. Real estate agents can help you develop an effective marketing strategy and price your home competitively. The least you can do to ease up the process is to lessen the things that you need to do. Getting some specialised advice from a business like Kingsguard Legal Solicitors should take some load off.

Sam Allcock
Sam Allcock
With over 20 years of experience in the field SEO and digital marketing, Sam Allcock is a highly regarded entrepreneur. He is based in Cheshire but has an interest in all things going on in the North West and enjoys contributing local news to the site.
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