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Selling a property is not a simple process and there are lots of variables particular to each home sale. As part of the planning, it is important to understand how long it takes to sell a property. Getting a rough timescale will help manage expectations for the process and ensure that everyone is on the same page as to what is reasonable. So, how long does it take to sell a property?
Let’s take a look at the individual stages of selling a property and try to put a rough timescale on each step.
Marketing to offer
The first step in selling your home is to get your property on the market with an estate agent. The process of getting agents in, getting quotes and valuations and finally instructing an agent can take a week or two. Once your property has been put on the market, you are in the hands of destiny in some respects. Your property could sell the very next day or take several months to sell. This really depends on the asking price, the strength of the market and also the appeal of your property as well as the quality of the marketing undertaken i.e. good photography, description and even a video all help stimulate interest. Make sure you price your property properly, ensure it has kerb appeal and any minor internal issues are sorted and you will increase your chances of a quick sale. On average it can take around 7 weeks to receive and accept an offer. So, we are already up to around 9 weeks to get to this point.
Conveyancing and exchange
This is the legal part of the process where your conveyancer will sort out all the legal administration for the sale. Ensuring that you have a good solicitor without a huge case load and who is pro-active will help reduce the time this process takes. Also make sure that you are available to answer any questions quickly. Typically, though, this process from acceptance of offer to exchange of contracts and payment of the deposit takes on average a further 9 weeks.
Exchange to completion
Quite often these days, exchange and completion are done on the same day, but there can be a gap between while the final finances are sorted and moving dates agreed. This time can be anywhere from nothing to 2 weeks typically.
Once you have completed the property now belongs to the purchaser and you need to move out. In total, then, when we add up the average times for each step of the process from choosing an estate agent to completing, we get to an average time of around 20 weeks which is around 5 months. Bear in mind that each transaction is unique and some will progress faster and some will take longer. We would typically say to allow anywhere from 4 – 6 months for the sale process to complete its cycle.
If you are thinking of selling your home or would like a rough idea of its current value, you can use our online valuation tool to find out almost instantly. Of course, every home is different and there are many factors that can affect the value of a home, the condition, improvements as well as getting in front of the right people. If you are more serious about selling, then have a chat with one of our local property experts, you will find their local knowledge and advice invaluable! Find your nearest office here.
