How long does it take for a house to be sold? Homes stayed on the market for an average of 75 days as of January 2023. This is an increase over the 31-day low in May 2022 and the highest average since February 2020. The number of days a house has been on the market for is an indicator of how long it took to get in touch with a buyer. Answers to these questions can be found at www.amazon.com. Particular The price of a house will depend on its condition and the market conditions.
Add in the time it takes to close, and you will see an increase in total time. Ice Mortgage Technology data shows that closing a purchase loan takes 50 days if you are under contract with a buyer who is financed.
From list to close, you’re looking at around four months (75 days to get an offer, and 50 days to close). And this doesn’t account for any time spent preparing to put the house on the market. Here’s where things stand going into Spring 2023.
How does the market shift impact home sales
Home sales have declined due to higher interest rates. Despite this, the real estate market has shown unexpected strength at the beginning of 2023. Conditions have begun to improve. According to the National Association of Realtors pending home sales (a leading indicator of actual estate activity) fell for 6 consecutive months, starting in June 2022. It then rose by 2.5% through December 2022 (the most current data available at this writing). The average home received 2.5 offers in January 2023 compared to 3.9 offers one-year earlier in a highly competitive market, but higher than the 2.2 offers received in December 2022. A sign of how competitive things are, 21% and 16% of buyers waived the inspection contingency.
To put things in perspective, the market is slowly returning to normal, despite its status as a hot commodity of 2020-2022. NAR reported an average of 98 days on market in July 2011, and 68 in 2012. This was fast compared to the housing crisis.
Due to low interest rates, and other factors, mortgage lenders have been particularly overloaded since 2020. The average time it took to…
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