While some American homeowners choose to remain in their houses for longer, the average homeowner will move every five to seven years. Given this, they may also want to sell, rather than rent out, their current home before purchasing a new one. In many instances, homeowners may want or need to sell their existing house fast.
How Long Properties Are on the Market
There are quite a few factors that will determine how long a house is on the market. Even though three weeks is a typical period of time, it currently averages between six months to 12 months. When a high-demand seller’s market is in play, it may only take between three to ten days to sell a property. It could take a month or longer in the presence of a buyer’s market, however.
Selling Homes That Require Minor or Extensive Remodeling
Nino Sitchinaya, Houzz’s principal economist, reported that half of the available homes are 37 or more years old. As a result, minor or extensive replacements are often needed. Even if a home has been basically well-maintained, this would typically include replacing or otherwise updating appliances, flooring, furnaces, and roofs.
Homes that were built between five and ten years ago may not need extensive repairs or upgrades. For those homes that are ten to 20 years old, the need for repairs or renovations increases. A home that is 20 to 30 years old will likely need a new roof as well as other repairs and renovations.
Purchasing Homes for Investment Purposes
When homes require extensive repairs or renovations, investors are the most likely buyers. Recent data indicates that there’s an 80%-plus chance that this will be the case. Here is a short list of typical remodels and repairs:
- Bathroom remodels
- Kitchen remodels
- Foundation repairs
- New roofs
Learn More About Receiving Cash for Your Home
Since you want or need to sell your house fast, were you aware that you can be paid cash for your home? If you’re asking yourself how to sell my home or sell my house fast, a representative will be able to provide you with details on this process. Furthermore, they will inform you that cash for homes tends to be available when investors are interested in acquiring your property.