If you’re planning on selling your home in 2017, you might be wondering how long the process is expected to take. Currently, the average home across the nation is on the market for approximately 65 days before going under contract with a buyer, although this length of time can vary greatly! In general, homes sell quickly in the spring and slower in the colder months.
In Greater Philadelphia, the average number of days on the market tends to be pretty similar to the national average, but with significant variation between neighborhoods. If your home is located in a closer suburb and an award-winning school district (think Abington, Ardmore, or Media), it’s likely to sell quite a bit faster — especially if it’s moderately priced. Homes located in more rural areas (including Barto, Plumsteadville, or Coatesville) tend to take a little bit longer.
Additionally, homes that are particularly unique or expensive — especially over $800,000 — tend to take longer to sell. In fact, homes valued over $2 million tend to take three or four months longer to find a buyer than the average property.
Of course, it takes more than finding a buyer and agreeing on a price. Once your home is under contract, it takes approximately 45 days until it closes. Buyers who are paying cash for the home tend to settle more quickly (often in just a couple weeks) whereas some buyers prefer not to settle for three months. Either way, the buyer and seller must come to a mutual agreement when signing the Agreement of Sale. And the good news? You’ll typically receive your proceeds on settlement day!