When relocating from a town or city, you need to find out how long it takes to sell a house. Selling a home may take several weeks (or sometimes months). This is because of the paperwork and steps that are involved. But your house doesn’t have to take so long before it is sold.
If you urgently need to sell your property, then another question you need an answer to is the average time it takes to sell a house. The questions of how long it takes to sell a house in the UK, depend on some factors that we will examine in this article.
Some properties sell within a couple of days, and others take forever. Griffin Residential seeks to enlighten you on how long it takes to sell a house and help you through the process. If you want your house to be sold as quickly as possible, then read on to find the tips and tricks that can help you.
A property chain is a common term among solicitors, estate agencies and sellers. It means that the sale or purchase of a house depends on another transaction. So, when A buys B's home, B then uses the money he gets to buy C's home and so on. Property chains may not be applicable all the time.
Situations, where property chains do not exist, are called chain-free, and the properties are called no-chain houses. Only 10% of the houses in the UK are chain free.
It is vital to examine facts related to the sale of properties to get the timeframe in which it should be sold. These pieces of information should not be confused with how long it takes to buy a house. Some of these facts and figures include;
The time taken before your house is sold depends on many factors. Some factors that you should keep in mind to reduce the time it takes to sell your house are;
1. The Asking Price: This is the most influencing factor in how long it takes to sell a house in the UK. Houses with fair prices attract more offers even if other factors are not conducive for the buyer. Overpricing a home is a deal breaker for many buyers as you can control the amount. Three situations can play out when placing a price for your property;
Takeaway: We recommend you fix a price that is just below the valued price, but not too low that a loss will be made.
2. Condition Of The Home: The condition of your house plays an important part in determining how long it takes to sell it in the UK. Buyers may be marvelled at the low price of a property, but will not complete the purchase if the house is not in excellent condition. The age of the house is also considered in the condition of the home. Modern houses with revamped looks sell quicker (especially in the hot market) than older houses.
A practice that many solicitors engage in is to stage the house to attract buyers. A survey by the National Association of Realtors showed that 39% of agents staged the homes of sellers and 39% of these houses sold faster than others. The report showed that kitchens, dining rooms and master bedrooms were the most frequently staged rooms in a home.
Takeaway: It is best to put your home in the perfect conditions before it is listed on the market. This will reduce the average time it takes to sell your house.
3. Market Type: There are two major market types for properties in the UK; the hot market and the cold market. These two market types have a significant effect on the average time it takes to sell a house in the UK. The hot market is also known as the sellers’ market, while the cold market is also called the buyers’ market.
Hot markets are identified by higher demand for houses to be purchased. Buyers have an advantage in the cold market because properties can be priced competitively. This will ensure that they do not stay in the market for too long. On the other hand, cold markets are identified by lower demand for the supply of houses. A hot market will benefit sellers because they can sell very quickly at an excellent price.
Market types may also shift. If the market is transitioning, then it becomes tasking to sell a home. You can set a higher price if your market is rising to get more profit. No buyer, seller, solicitor or estate agency can influence how long it takes to sell a house by altering the market type. Instead, all that can be done is to delay the sale until the market conditions are favourable.
Takeaway: We recommend that you study the market conditions and types before listing a property on the market. This reduces the average time it takes to sell a house.
4. Location and Lot: Another key factor in determining how long it takes to sell a property in the UK is its location. Property chain buyers always look for houses that are suitable for the change they desire. If the listed house is in an urban location, it is more likely that it will have more viewings. This is another factor that cannot be influenced by the seller, solicitor or estate agency.
Takeaway: Always provide the location of your houses so you can sell your house quicker.
5. Seasonal Patterns: At Griffin Residential, we have noticed that the sale of houses is dependent on seasonal patterns. Different markets have different seasons. Generally, it is advisable to sell your house during the summer than in winter. This is because people prefer to move during the hot weather. If the market does not have many seasonal changes, then timing your house's sale will not change how long it takes to sell a house.
Takeaway: Find out what market conditions are favourable to the sale of homes and use this information to your advantage.
How quickly you can sell a house will depend on the conditions of your local market and how many weeks you have to sell.
Any sale after four months of being listed will have very few buyers and a low likelihood of completion.
Step 1: Research on the market type and conditions
Before selling a property or buying one, you should have decided on the location of your new home. Other things you should figure out are;
Deciding these factors will help you reduce how long it takes to sell your house in the UK.
Step 2: Value Your Property
Valuing a property means estimating the total cost of the house and all the equipment in it to be sold. To evaluate your property, answer these questions;
These questions will help you decide the value of the property. Some sellers find this process stressful. That's why you have us. At Griffin Residential, we help our customers value their property and ease them of the stress of doing so.
Step 3: Use an experienced estate agency and solicitor to help sell your house
It is tasking to negotiate with every buyer that approaches you to purchase your house. To ease the stress, outsource this task to an estate agency (like Griffin Residential). An experienced solicitor may also render these services. We can also help you reduce how long it takes to sell a house after an offer has been accepted.
Griffin Residential is a renowned online estate agents or agency in the UK. A few factors that will make us your preferred estate agency include;
1. Professionalism: We attach no emotions to the properties we are to sell. Griffin Residential will provide you with the best and most professional online estate services that you can find.
2. Accurate Valuation and pricing: We provide valuation and pricing services that will reduce how long it takes to sell your house. Griffin Residential has an online valuation software that you can use for free. We can also come to your location and value your property for you. We will handle the pricing of your house so you can sell it for an excellent price and as quickly as you can. Griffin Residential has a 100% success rate for the sale of all the properties assigned to us.
3. Control and tracking of the sale: Unlike other estate agency, we will provide you with total control of the process and tracking services. You will be able to see all the viewings per week at any location and at any time. The final decisions will be made by our customers. We only provide them with the best buyers for their homes.
4. Experienced Estate Agents: We have a team of friendly agents that you can always contact to help you through the process from negotiation to completion. We will guide you through the best decisions to make so that you can reduce the time it takes to sell your home.
The time it takes for the entire sale of a house is about 102 days. It is recommended that you sell your house in hot markets than in cold markets.
The time it takes to sell a house with no chain varies in different places. On average, it takes about ten days to sell your house with no chain. However, it can take up to 6 weeks if processing the paperwork takes time. Offering cash to a buyer will reduce how long it takes for the completion of the sale of a no-chain property.
In a chain-free market, it takes almost the same time to sell and buy a house. The average time to complete a purchase is 100 days (3 months). This time depends on the amount of paperwork to be completed and the market conditions.
How long does it take to sell a house after an offer has been accepted?
When a qualified estate agency like Griffin Residentials takes charge of selling your property, we try to influence the time it takes to accept the offer. The average time taken before an offer is accepted is 50 days, and this affects the total time to sell a house in the UK.
On bad days, it may take as long as 280 days before an exchange is made.
It takes a shorter period for a property to be sold after it has been accepted in the cold market than the hot market. This is because;