How Fast Will My Home Sell?
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Britt Spread, Contributing AuthorClose
Britt Spread Contributing AuthorBritt is a Chicago-based writer who loves writing articles that help people find and move into great homes. She believes that together we can make the world a better place, and it starts with written communication.
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Alexandra Lee, Junior Associate EditorClose
Alexandra Lee Junior Associate EditorAlexandra is a junior associate editor of HomeLight.com. Previously, she served as a writer and social media manager at Santa Barbara Life & Style Magazine, in addition to interning at the nonprofit honors society Phi Beta Kappa. Alexandra holds a bachelor's degree in communication and global studies from UC Santa Barbara, and she has three years of experience reporting on topics including international travel, luxury properties, celebrity interviews, fine dining, and more.
If you find yourself punching “how fast will my home sell?” into your search bar, you’re not alone. Most home sellers want their home sale process to be quick and painless. Unfortunately for sellers, rising inflation and limited inventory in 2024 have helped to cool the real estate market, leading to fewer offers and increased days on market. Still, it’s not exactly a bad time to be a seller, as over 65% of homes are still selling in under a month. Of course, local market conditions matter, as does the condition of your home and whether you work with an agent or choose to sell to a direct buyer.
Selling your house to a cash buyer
If you need to sell your house fast, you might seek out a direct buyer instead of going the more traditional route of working with an agent. Direct buyers generally purchase property for cash so they can do some work on the home and resell it quickly for a profit. In fact, many of these transactions can happen within a week rather than the 30 to 45 days that most traditional home closings can take.
Sell Your House Faster Than Planned
Use HomeLight’s Simple Sale platform to sell when you’re ready without the hassle of paying for repairs, prepping for listing, or dealing with showings. No repairs, no staging, no open houses. Receive an all-cash offer in as little as 24 hours and close in as few as 10 days.
In exchange for a cash sale and a very fast closing, direct buyers will usually tend to net you less than if you sold with a top agent. However, selling to a direct buyer is often an excellent method for property owners who are looking to sell quickly and with less stress. This can be particularly helpful if you’ve inherited a property or are moving because of a divorce.
An easy way to obtain a quick all-cash offer is through HomeLight’s Simple Sale platform. Just type in your address and answer a few simple questions. We’ll help you maximize your sale with a cash offer in as few as 24 hours that allows you to forego repairs, prep work, and open houses and avoids additional fees, commissions, or upfront costs.
Working with a top agent
According to recent data published by the National Association of Realtors (NAR), 89% of home sellers worked with a real estate agent to sell their home. And it’s no wonder — there are plenty of great reasons to work with an agent.
First, real estate agents thoroughly understand how to prepare and price a house or condo to sell quickly in your geographical area. They’ll be able to provide insight on how to upgrade your home, prioritize needed repairs, stage your home for photos and showings, and — crucially — know how to price your home for your market and selling goals.
Looking to Sell Fast? A Top Agent Can Help
We analyze over 27 million transactions and thousands of reviews to determine which agent is best for you based on your needs. Meet agents who go above and beyond and keep tabs on your local market and know how to get your home sold.
Second, agents are experts at marketing houses, making sure your listing is reaching potential buyers. The more people who see your home, the better chance you have of selling quickly. “If you have it listed with a Realtor, [your home] gets so much more exposure,” says Tracy Young, a top agent who sells homes 51% faster than the average Waterford agent. In addition to listing to the Multiple Listing Service (MLS), agents may use social networking and share listings to reach your target buyers. “It just gets an exponentially larger audience.”
Not sure where to start your search for the right agent to sell your home fast? Just check out HomeLight’s Agent Matching platform. We’ll look at factors like your property and neighborhood to put you in touch with the best top agent in your area who specializes in home sales like yours. What’s more,
Market conditions and time on market
Market conditions directly affect how fast your home will sell. 2023 saw a seller’s market where 25% of buyers paid more than the asking price; however, by the end of the year, only 50% of top agents characterized their local market as a seller’s market. In 2024, the housing market is still characterized by low inventory and rising inflation, making affordability a continued challenge for buyers.
Of course, market conditions are always evolving. Here are a few ways the market conditions will affect how fast your home will sell:
- The average sale time in your area. To get a sense of how fast your home will sell in your area, use HomeLight’s Best Time to Sell calculator.
- Local housing supply and demand in your area. If there’s a housing shortage in your area, buyers will be more motivated, and you could sell your home faster.
- Seasonality. In most places across the United States, January through April home sales are below average, but sales pick up throughout the remainder of the year, peaking in June. However, this isn’t necessarily true everywhere, so check with your agent.
- Mortgage rates. High mortgage rates can make it harder for buyers to access needed financing. From March 2022 to July 2023, the Federal Reserve raised the federal funds rate 11 times. They have since remained constant, with current mortgage rates around 6.78% as of July 2024.
Additionally, keep in mind that buyer expectations may have changed over the last few years. If you work with a top agent, they can help you determine whether your ideal buyer wants amenities like a home office or a nice backyard to expand their living space, and can help you market your home with those preferences in mind.
Once you’ve identified your target audience, you can focus on how the condition of your property will affect how fast your home will sell.
Factors to help your home sell faster
1. Updating and upgrading the condition of your property
Many buyers dream of purchasing a move-in ready home. However, buyers will be flexible when they need to. In June 2024, 20% of buyers waived their inspection contingency. But in a more balanced market, when buyers have more leverage, sellers need to remember the basics — investing in needed repairs and upgrades, deep cleaning and decluttering their homes, taking professional photos of their homes, and ensuring eye-catching curb appeal.
That’s not to say that all homebuyers are looking for fixer-uppers. Certain property issues like plumbing, electricity, and HVAC problems must be fixed, and can even hold up a home sale. It’s important that you focus on the right fixes before putting your home on the market.
Remember not to neglect curb appeal — first impressions matter! Recent data shows that spending just $3,500 to boost curb appeal can earn up to $12,000 in additional sale price. Investing a little money in landscaping and a fresh coat of exterior paint can really drive up your listing price.
2. Developing a staging and marketing strategy
In addition to boosting curb appeal, your home’s interior needs to be cleaned, decluttered, and ready for photos and viewings. When done well, cleaning out your home can increase its value by up to 5%.
Once your home is cleaned and staged, you and your Realtor can begin the marketing process by creating an eye-catching listing. This starts with phenomenal professional photography. 100% of homebuyers use the Internet to search for homes online, so your listing really needs to stand out. Your agent will then use MLS, social media, and other marketing methods to reach as many members of your target audience as possible.
3. Setting an appropriate listing price
If real estate’s golden rule is location, location, location, the second most important consideration may be an accurate listing price. A recent HomeLight survey of top agents found that overpricing was the most common reason why buyers walked away from a deal.
HomeLight’s Home Value Estimator can be a great starting point for understanding your home’s current value. Simply tell us a little bit about your property (the address, type of property, its condition, and the year it was built) and how soon you’re looking to sell. However, working with an agent, who will perform a comparative market analysis to hone in on a price, is still a great strategy. In Young’s experience, if a home shows well and is priced according to the market, “I can usually get [the client] an offer in a maximum of three days.”
4. Identifying your standards for accepting an offer
As the seller, you make the final decision on whether to accept any offer, and that will involve balancing time and money. If a fast home sale is your ultimate goal, or you do not want to put any work into the house before putting it on the market, you may not walk away with as much as if you’re able to wait until an optimal time to sell or are willing to focus on the right repairs.
How fast will your home sell? It depends on you!
Selling a house or condo can be stressful. But, partnering with a top agent and getting your home prepped correctly can go a long way to helping make sure your house doesn’t linger on the market. If you’re looking to sell quickly and without the need to fix or stage your home, consider a cash offer from HomeLight’s Simple Sale platform.
Header Image Source: (Get Lost Mike/ Pexels)
- "REALTORS® CONFIDENCE INDEX SURVEY," National Association of Realtors (June 2024)
- "Highlights From the Profile of Home Buyers and Sellers," National Association of Realtors (November 2023)
- "Direct Buying," National Association of Realtors
- "Housing Shortage Tracker," National Association of Realtors
- "Federal Funds Rate History 1990 to 2024," Forbes (May 2024)
- "Mortgage Rates," Freddie Mac (July 2024)
- "7 Curb Appeal Ideas to Help You Sell Your House," MoneyTalksNews (March 2024)
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