How long does a house sale take? If you’re the seller, it’s one of the most important questions you’re going to be asking yourself as soon as you put your house on the market. After all, your end goal is to get your home on and off the market as quickly as possible, right? So, how quickly can a house sale go through? It depends a bit on how you decide to sell your home and the type of buyer who decides to make that purchase.
The Quickest House Sale
If you’re looking for the answer to “How quickly can you sell a house,” it’s a fairly cut and dried equation. If you’re working with a cash buyer – no chain – how long to complete a UK house sale is just a matter of days. Most UK cash buyers can have your home completely purchased in fourteen days or less, if they have some experience with the market.
How long for a house sale to go through with a cash buyer who doesn’t have experience? That could take a bit of additional time. You’ll want to plan at least a month for a house sale if you’re working with a cash buyer who is chain free but hasn’t purchased a home in that manner before. The reason is fairly simple. It can take cash buyers, particularly new investors, a bit of time to get their team in place, and that means extra time for the seller.
Why do cash buyers tend to be the fastest house sales? It’s fairly simple. A cash buyer has no searches! How long to complete with the average cash buyer is a bit dependent upon them. Typically you can expect the sale to happen between fourteen days and a month after the two of you have made the agreement.
How Long Does it Take to Buy a House in the UK with an Estate Agent?
If you’re wondering what that sales time might look like with an estate agent, you’re not alone. You may still find some speed if you’re working with an estate agent, but the reality is that you’re not going to find the quick, smooth process you will with a cash buyer. Most house sales that work through an estate agent have a chain and a mortgage attached, and that’s what tends to take the extra time. A buyer with a chain has to wait for someone to come along and actually buy their house before they can buy yours. A buyer with a mortgage has to wait on the mortgage company to approve their paperwork and the valuation on your house. All of that means it could take as long as four months to actually complete the sale, but it’s probably going to be something like two months to move that sale through.
How long does a house sale take with no chain if you’re working with an estate agent? You can typically have it done in just over thirty days if the mortgage paperwork proceeds as it should and the solicitors move fairly quickly.
The Bottom Line
How long does a house sale take for UK sellers and buyers alike? The reality is that it depends entirely on who is selling and buying a house. A cash sale can go through faster than you ever imagined possible, even with an inexperienced buyer. A home auction can go through almost as quickly. A more traditional sale, though, can take quite some time. Often it takes the seller a bit of time to get the paperwork to his or her solicitor, and it can take the buyer a bit of time to arrange for financing and handle all of the paperwork on their end. If you’re in a hurry to sell your home and you simply don’t have time to wait on a traditional method of sale, you’re going to want to work with a fast cash buyer like a home investment company. You may not make quite as much money off of the sale as you’d like to, but you’ll be able to sell your home within a matter of days, and that can mean a lot to some sellers.
Timeline: 1 day to 2 weeks
It takes one day to two weeks for contracts to be exchanged and then the sale to complete. But it's not unknown for people to exchange and complete on the same day. Completion day is when when ownership is transferred from seller to buyer and you can move into your new home.
After an offer is accepted, home sales typically require an additional 30- to 45- day closing period before they are officially sold. Therefore, the average time it takes to sell a house is 55-70 days in the U.S.At what stage do most house sales fall through? ›
Nothing is certain with your property sale until contracts have been exchanged. Unfortunately, this happens right at the end of the process, and almost one in three sales will fall through before they ever get to exchange.What is the timeline for closing? ›
Your closing is typically 30-45 days after the offer has been accepted. It also depends on the deal that you negotiated with the sellers of the home. A closing day is a big event. Once all of the papers have been signed, and all the checks have been written, the house will be transferred into your name.What is the shortest time to buy a house? ›
You could say the home-buying process is as long as a piece of string – it could be anything from six weeks (exceptionally quick), to six months (not unusual) or even longer. But it can help you to understand which are the most time-consuming parts of the process, so that it doesn't drag on more than necessary.What is the secret to a fast sale of a property? ›
Price It to Sell
One of the most effective ways to sell your home fast is to price it competitively. If you price it too high, you detract prospective buyers and price out potential bidders. In addition, it may take longer to settle the negotiation process if prospective buyers want your price to come down.
The worst time of year to sell a house is between October and February when the home-buying demand is usually lowest and the housing supply is higher. According to yearly reports from ATTOM Data Solutions, the months of October, December, and January tend to be the worst months specifically.Where do houses sell the fastest? ›
Nashville was the hottest market, with an average listing time of 14 days. Seattle was the second fastest-moving, averaging 17 days. Omaha and Salt Lake City both averaged 18 days, and Cincinnati, Birmingham, Charlotte, Denver, Las Vegas, Manchester and San Francisco were also among the busiest.What day of the week do most houses sell? ›
Thursday is generally thought to be the best day of the week to list a house for sale. Studies show that homes listed on Thursdays are more likely to sell faster, and for a higher price.What is the slowest month for home sales? ›
Typically, winter time is the slowest of the year to sell a property, specifically November, December, and January. However, there are some exceptions because there are several conditions that affect the housing market.
The time of year can impact how many houses are for sale, who is moving, and the average price. June, July, and August are peak home sales season. Housing markets also vary based on location and current mortgage rates.What months are most houses bought? ›
Specifically, the end of May and June typically see the most home sales. However, summer is often cited as the most expensive time to buy a house — with prices potentially as much as 10% higher. This is partly because many families want to purchase a house before their children start a new school year.What is the 7 day closing rule? ›
Under the TRID rule, credit unions generally must provide the Loan Estimate to consumers no later than seven business days before consummation. Members must receive the Closing Disclosure no later than three business days before consummation.What happens 10 days before closing? ›
Your lender will need an insurance binder from your insurance company 10 days before closing. Check in with your lender to determine if they need any additional information from you. Get a change of address package from the U.S. Postal Service and begin the change of address notification process.What are the 4 steps in the closing process? ›
- Close revenue accounts to income summary (income summary is a temporary account)
- Close expense accounts to income summary.
- Close income summary to retained earnings.
- Close dividends (or withdrawals) to retained earnings.
The Listing Is Outdated
Your home's listing is usually the first place prospective buyers will go to learn more about the property. If there's a lack of interest in your home, it could mean that the listing is missing important details or updated photos.
With the winter holidays out of the way, buyers are ready to focus on their property search. In fact, some statistics suggest that properties put up for sale in January often sell quickly. Though it's worth noting that house buyers know spring is a popular time for selling a house.How long to live in a house before selling to avoid capital gains? ›
Live in the house for at least two years
The two years don't need to be consecutive, but house-flippers should beware. If you sell a house that you didn't live in for at least two years, the gains can be taxable.
The answer is often “no.” Conventional wisdom might suggest that during negotiations, especially in a multiple-offer situation, the buyer who throws the most money at the seller will snag the house. In reality, however, it doesn't always end up that way.