How long does it take to sell in today's market?
A typical sale can take three to four months from the time the "for sale" sign goes up until the new owner moves in. Some sales complete in a week, some in six months or longer, all depending on the needs of the buyer and seller.
The sale process usually consists of three distinct periods, with some exceptions noted below.
The first is the "marketing" period, when the property is actually on the market, buyers are scheduling appointments, and open houses can be held if appropriate. This can take anywhere from several days to several months. The second is the "conditional sale" period, after an offer has been negotiated and accepted by both buyer and seller. Many offers will contain conditions, such as financing or inspection, which must be satisfied before the buyer will proceed with the contract. This can take anywhere from a few days to a few weeks. The property is often said to be "sold subject" during this time, and is not actually sold until the conditions are removed by the buyer in writing, at which time the sold sign goes up. The final period is "contract completion" which may be one to three months until the buyer pays (completion date) and takes possession (possession date).
The marketing period depends very much on how desirable a property is to the buyers in the current market and how close the asking price is to true value. Lately, for example, well-kept and well-priced character homes have been selling within days of going on the market and some have sold for more than asking price. The conditional sale period is occasionally eliminated entirely if the buyer makes a subject-free offer. A well-priced property can attract a subject-free offer from a buyer who wants to make the most attractive offer. Finally, the contract completion period is usually a maximum of two to three months as lenders usually offer a mortgage rate for a two to three month maximum. The actual date is as agreed between buyer and seller, to suit their individual moving schedules or to coordinate the purchase or sale of another property.
