Selling a house is a time consuming process. There are many factors to be considered and each requires a good amount of time. Transactions don’t just happen overnight so, before you jump in, take a minute to prepare yourself accordingly. Having an idea of the average amount of time it takes to close a sale will better prepare you for what’s to come.
Listing your home: 3-5 days
Your listing agent will need to gather all necessary information regarding the property, create an MLS listing for it, and generate syndicated marketing materials to reach as many potential buyers as possible.
Getting an offer: 65 days
While this isn’t always the case, the current average of properties on the market is 65 days. Depending on location, this can vary drastically. Homes in Orange County, Los Angeles, or San Francisco may sell much quicker than other areas.
Closing escrow: 50 days
It takes an average of 50 days from the time the buyer submits an offer to the time they can close on a home. This is standard considering all that goes into closing escrow. Mortgage companies need to do their due diligence in getting a buyer approved and, if there are any contingencies, those too can take a while.
Getting paid: 0 days
After the all the time and effort put into selling your home, the good news is you get paid the minute you sign to close escrow. The escrow company will generally wire transfer you the cash that day.
Moving out: 0 days
On closing day, you’re expected to be completely moved out. This is why escrow is so important and generally takes up to 2 months. During this time you’ll be packing up, moving out, and making necessary repairs. Once escrow closes and title is transferred, you no longer have possession of the house. In some cases, special exceptions like a rent-back agreement may be arranged to allow the seller more time to find a new home and move out.