How fast is it in real estate? What is fast sales?

If you plan to sell a home, you may build a timeline that may include moving into a new home, starting a new job, or arranging storage or temporary housing.

If you face financial or logistical deadlines, you need to find a buyer quickly. But what is fast sales? Is it two weeks or two months?

In this article, we will provide context to what can be considered fast sales and what steps you can take to speed up the process. In our guide, we will insert links so that you can explore each speed tip in more detail.

What factors will affect rapid home sales?

Let’s look at the key factors that will play a role in whether you can capture the fast home sales. In most cases, it all starts with what happens to the buyer and seller on the ground.

Local and national market conditions

Market conditions play an important role in the sales methods of houses. In the seller’s market, houses tend to move faster. Instead, buyers have more markets than buyers and can slow down. Speeds and activities in the market may vary from state to state.

Your home price

Competitive pricing is one of the biggest keys to ensuring fast sales in any market. Overpriced homes may hover in “borderless” areas, while affordable homes will often attract more interest and faster quotes. To get an idea of ​​what your home is worth, try Homelight’s free home value estimator.

Your home location

Houses in ideal locations (whether due to school districts, proximity to amenities or neighborhood appeal) are often sold faster than in popular areas. There are even websites dedicated to tracking walking scores, which rank as a way to strategically place homes for walking, driving and transit services.

Your home situation

Homes that are ready to move in are usually faster than homes that require extensive repairs or renewals. Clean, well-maintained properties attract buyers looking for convenience. While there are some ways to sell a home in poor condition, these properties don’t usually sell out anytime soon. Top real estate agents will know what to fix and what can’t be fixed.

Agent tips and experience

An experienced real estate agent knows how to position your home in the market to quickly attract serious buyers. Their networking and marketing strategies can have a huge impact in reducing the number of days a home goes public. Homelight transaction data shows that top agents sell faster than average agents. In most cases, up to 10%.

Buyer’s payment method

Cash buyers usually close faster because they don’t have to go through the mortgage approval process. This may shorten the time from the quote to the closing.

Lack of unexpected situations

The cutoff process moves faster when the buyer does not require unexpected situations such as inspection or evaluation. A clean quote can greatly simplify your home sales transactions.

Your home sales target

Your schedule and priorities will affect the speed of your home selling. If you are willing to negotiate or provide incentives, you can speed up the process. We will share some seller incentives in the upcoming section.

Your sales method

Choosing to make a cash sale to a home buying company may result in one of the fastest sales. These transactions often bypass many traditional steps and close in just a few days or weeks. However, because these companies are usually lower than traditional home buyers’ quotes.

What is fast sales?

In real estate, fast sales are often measured by a metric system called “market dates” (DOM). This refers to the number of days to list the home before ensuring a purchase contract is signed.

The median DOM in the United States usually hover around 40 to 60 days, although it depends on location. For example, in San Jose, California, homes currently sign contracts in just 18 days, while in slower markets such as Austin, Texas and New Orleans, the DOM may extend to 70 to 80 days or more. Data sites like Statista track the fastest and slowest subway markets for home sales.

It is important to note that DOM usually only considers the time of the contract being signed. Sellers also need to consider the time it takes for the buyer to close, especially when they provide funding for the purchase. ICE Mortgage Technology reports that the average time for mortgage loans is currently about 42 days.