How much time to sell a house: delays and advice
How long does it take to sell a house? It is the first question that comes to mind even before initiating the sale process.
Each situation is different and numerous factors have an impact on timeframes. A good understanding of what comes to play in the sales process will help you get an idea of how much time to anticipate and help you adopt the right strategy to minimize delays.
SUMMARY
Factors that influence the time it takes to sell a property
Average time to sell a house
Tips to selling your house quickly
Factors that influence the time it takes to sell a property
Numerous factors have an impact on the time it takes to sell a property.
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1. Location |
1. Location
Location is an important element for buyers. Properties located in popular neighbourhoods tend to sell more quickly. In the same sense, the average sales time varies from one region to another.
2. Type of property
All properties do not have the same average sales time. Depending on the area, the average sale delay for a condo may vary from that of a family home, for example.
3. Economic situation
The state of the real estate market, as well as the economy situation, has a significant impact on the time it takes to sell a property. For example, high interest rates, or high inflation causing the cost of living to increase, can deter many buyers and slow down the market.
On the other hand, in a situation where the inventory of properties is low and where interest rates are at the lowest, as we experienced in Quebec in the pandemic years, the market is at the sellers’ advantage, and properties sell faster.
4. Time of year
Each season bears its benefits, and the time to sell a house may vary depending on the period. For example, il the fall, buyers may be more in a hurry to complete their purchase to be able to move in before the winter, while spring buyers tend to take their time.
5. Factors that you control
Many things under your control also have an impact on sales delays.
- Condition of the property: Although some buyers are handy, most people are looking for a turnkey house. A property in poor condition can be a hindrance and slow down the sale.
- Asking price: Prices too high or too low could result in missing out on serious buyers. Conversely, competitive prices generate more interest.
- Marketing strategy: The quality of the ad, the visibility of the property, your availability for visits, etc. all have the potential to increase the property appeal.
Average time to sell a house
The time to sell a house represents the number of days between the signing of the brokerage contract and the actual date of sale.
Historically, in Quebec, in a more or less balanced market, the average sales time of a single-family dwelling is around three (3) months. This number is based on data collected by the Quebec Professional Association of Real Estate Brokers (QPAREB).
However, this average delay decreased significantly during the pandemic years (51 days in 2021 and 41 days in 2022) due to a low inventory of properties and attractive interest rates for buyers. Due to increasing rates and other factors, the average sales time for a single-family increased to 57 days in the first half of 2023.
Fulfilling the conditions of the promise to purchase
Once the promise to purchase has been accepted, both the buyer and the seller must meet the conditions of the offer. Fulfillment of the conditions will determine how much time it will take to close the sale at the notary.
Examples of conditions
- Obtaining financing for the buyer
- Building inspection and negotiation of the corrective measures required, where applicable
- Carrying out the work by the seller
- Issuance of a certificate of location
- The sale of the buyer’s current house (when the purchase is conditional to the sale)
- Date of occupancy by the buyer
A promise to purchase that includes many conditions will have a bigger impact on sales time than a promise with fewer conditions.
Closing of the transaction at the notary
The notary’s work can be long because he has to carry out an investigation and make some verification to ensure that everything is in order. He examines the property titles, draws up the deed of sale and the loan act. Once the sale is concluded, the notary registers the transaction with the Quebec Land Register, which makes public the buyer’s ownership rights to the immovable.
In order to facilitate the transaction, it is important to provide all the required documents to the notary quickly so that he can initiate the process.
Our tips to selling your house quickly
Here are some tips to reduce the sales time of your house.
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1. Work with a real estate broker |
1. Work with a real estate broker
Your real estate broker is a key ally that supports you through the entire sales process. Their expertise will help you make the best possible decisions as well as speed up the process.
2. Maximize your property appeal
Take the time to well prepare your house for the sale.
- Carry out the necessary work and maintenance
- Do a thorough cleaning
- Declutter to give the impression of more space
- Maintain the exterior (mowing, snow removal, pool maintenance, etc.)
3. Set a competitive selling price
Setting the right sale price for your property will allow you to target the right buyers while ensuring that you sell your property at the best price possible based on the market conditions.
4. Optimize the advertising and the visibility of your property
- Take high-quality professional pictures that will highlight the assets of your property.
- Publish an eye-catching and detailed ad online.
- Run your ad as often as possible.
- Take advantage of the visibility and network that your broker makes available for you.
5. Be flexible for visits
With greater flexibility, you will make the visits process easier. Organize open houses to generate more visit opportunities for buyers, thus increasing your potential for offers.
6. Be prepared to negotiate the terms of sale
Some flexibility in the selling conditions can speed up the sale of a property. Be prepared to negotiate with interested buyers to reach out an agreement.
One of the major roles of your real estate broker is to defend your interests and negotiate on your behalf to obtain the most advantageous conditions.
Understanding the factors that influence the sales time of a house will help you make strategic decisions and lead to quicker sale time. By working with a real estate broker, you make sure to optimize the process so that you get the best possible conditions.
