The exact speed of a house sale will vary on multiple factors but there are certain factors that usually indicate a fast house sale. Generally speaking, the fewer steps involved in a house sale means that the process is simpler and faster. It will also vary on the property type, the demand and the condition of the home and there are a number of home improvements you may wish to undertake that can help improve the value of your property.
In some cases it may be preferable to go via an estate agent, but often this process can take a long time. It is therefore typically faster not to work with an estate agent as you cut out the middleman and can get your property to market much faster and in fewer steps.
What Factors Speed Up the Sale of a House?
There are lots of factors that can help you sell your property fast with a quicker sale including the following:
1. No Property Chain
A property ‘chain’ refers to the link of multiple house purchases involved when selling a property. If you are selling a property, it is likely that you are doing that in order to buy another property; similarly, the person buying your property will most likely be selling a property in order to buy your property, and so on. Each part of the chain relies on the success of the other parts of the chain so there are many opportunities at which the sale could fall through. If there is no property chain for whatever reason (maybe there is a first-time buyer who does not need to sell another property or maybe someone is buying a second property in order to rent out), this could be a faster process.
2. Freehold Instead of Leasehold
If you are selling a freehold property rather than a leasehold, this will also impact the time. Freehold properties tend to sell faster than leasehold properties (an average of six weeks); leasehold properties, on the other hand, have an average of around eight to ten weeks.
3. High Demand
If you are selling at a time of high demand, it will be much quicker to sell as you will have more interested prospective buyers. This will also impact the asking price and could mean that you get a higher price. If there is a “seller’s market”, you will typically be able to sell your home faster as there are fewer options available for potential buyers.
4. Good Condition
Houses in good condition tend to sell faster as they are more desirable. For example, if you have recently had a renovation or new fixtures and fittings installed, this can make your house sell quicker as it signifies to buyers that they will not need to invest in any works for a long time. Potential buyers typically want to buy a house in as good a condition as possible so that they can move straight in and save both time and money.
5. Desirable Location
There are certain areas which are more desirable than others and which will always sell quicker due to the high demand to live there. This could be the city or region that the property is in or could be proximity to certain amenities. For example, properties which are near to good transport connections, lots of restaurants and good schooling will always be in higher demand than properties which are not well-connected or near anything.
6. Cash Buyers
If a buyer is able to pay in cash, this is always quicker as they do not need to go through the rigmarole of getting a mortgage. A mortgage needs to be approved by the mortgage provider and there are lots of parts of the process that could fall through and which rely on multiple parties. Buying in cash, on the other hand, means that you cut out the mortgage process entirely and can hugely speed up the process.
Should I Sell My Property Online?
When it comes to selling a property fast, everything from the property valuation all the way through to legal processes and the ultimate completion can be done online. Much like anything else you may sell online, selling a property online is often preferable when speed is key and time is of the essence. You can do everything from getting a house valuation online, to arranging surveys and even contacting the prospective buyers online, making for a much faster home sale.
