Every person who has ever sold a house has asked this question. Unfortunately, it is a very difficult one for even the experts to answer.
However, it is possible to examine the factors that contribute to the time that it takes to sell a property and to look at ways in which the process can be speeded up. Here’s some useful information that you will find helpful.
The four stages of selling a property
By understanding the four stages of selling a property, you will be less frustrated by the whole process. It is always worth accessing helpful information and news on property selling from an expert before you start.
The first stage is preparing to sell your property. At this time, you need to do some research to find an expert that offers helpful information and news on property and who can pass on some tips. You need legal representation and an estate agent.
The second stage is the actual viewings and accepting an offer. There is often a period of negotiation when you try to get as much money for the property as you can.
Things become more formal at the third stage when you exchange contracts. Prior to this, there will be some legal preparation and there may even be another series of negotiations as the results of surveys and local searches are considered.
Finally, you complete the sale. This is where the legal paperwork is completed and you receive the money for the property. On average, the whole process takes around 18 weeks but it can be a lot longer than this, especially if the buyer drops out and you have to start all over again.
What affects the speed of sale?
In general, the asking price is a very important factor. It has to be pitched right. An overpriced property will probably get plenty of viewings but will not get many offers and will eventually have to be reduced. An underpriced property will arouse suspicions that there is something wrong with it.
The market conditions are also crucial. As a seller, the best conditions for you are during a ‘hot market’ when houses sell quickly and buyers become engaged in bidding wars which drive up the price. The quality of your solicitor and estate agent will also make a difference.