When you make the decision to move, you probably want to get started right away. But if you own your own property, then you have 2 jobs on your hands – to buy a new property, and sell your current one. Asking how long it will take to sell your property is a bit like asking how long is a piece of string. There are so many factors involved that it could take a few weeks, or a few months – even years in some cases. But understanding what the process looks like and what could speed up or slow down your sale could help, so today we wanted to give you some insight into the selling market, and what you could do to speed up your sale.
Average Sale Times
There are a few things that can have an impact on how long your property takes to sell, including where you are in the country, the price and the current demand for housing. However, there is some data around the average time it takes for a property to go through the sale process. That includes:
- Viewings
- Negotiations
- Closing the sale
- Formal house valuations and surveys
- Conveyancing process
- Exchange & completion
Getting from start to finish can be simple or complex depending on the house, so the time to sell can be different. But from data collected between April 2019 and June 2021, we can tell you that the average sale time is pretty consistent at around 24 weeks. 7 weeks of which is spent between putting the property up for sale and securing an offer. So you can expect to wait around 5.5 to 6 months as an average.
What Impacts Sale Time?
As you can imagine, there are a number of things that can impact how fast your house will sell. Both positively and negatively. These include things like:
- The length and complexity of the chain
- The estate agent’s ability to market your property and find you a buyer
- The buyer’s (and your) plans on moving
- The buyer’s access to mortgage and deposit funds
- The speed at which all parties (buyer, seller, estate agents, mortgage brokers, lenders and solicitors) work
- The overall market conditions
The most common cause for delays in sale is the chain. This is the series of other transactions that need to happen before your sale can complete. For example, a buyer who already owns a house will need to arrange the sale of their own property before they can buy yours. And if the person buying their property owns a property, they will need to do the same. And so on and so on. The more people who are in the chain, the longer it can take to finalise your sale. On the other hand, if your buyer is a first-time buyer, then you have a chain of 1, and things can move very quickly.
The estate agent you choose will also have an impact on the sale of your property. If you’ve chosen a proactive estate agent who will take the time to understand your situation, demonstrate that they understand their local housing market and provide you with an accurate valuation and comprehensive marketing plan, then you are likely to find your property sells faster. But if your estate agent seems to value your property a bit too high, takes photos with their phone and doesn’t really have a plan to market your property past ‘put it on Rightmove’, then the sale process will likely take longer.
Another element that has the most impact is the people involved. Often we see that it’s actually an individual or organisation involved in the sale of the property that slows this down, either by dragging their feet to get things done or running into trouble within their own business. There is a network of businesses that all need to work together to sell your home, and delays might happen if:
- The buyer or seller doesn’t complete all of the paperwork on time
- Any party involved misunderstands an instruction, or misplaces an email
- Professionals are not ‘on the ball’ and are slow to react or put things in motion
- Illness or other misfortune affects one of the parties involved
- The buyer or seller refuses to comply with instructions, or gets ‘cold feet’ halfway through the process
- Important articles – like keys or paperwork – are lost and it takes time to replace them
At Northwood, it’s our job to make sure your home is sold in a timely manner, and for the right price. That’s why we are not only proactive in our marketing and how we work with other professionals, but we keep a clear eye on the property market so that we can advise you on a realistic timeframe for selling your home. If you have any questions or would like to know more, our property experts are happy to help. Just get in touch with the team today to organise a free, no obligation chat.
