Today’s seller’s market has without a doubt been more competitive than in years past, and homeowners who list their properties expect to see significant gains. But not every home fetches
How Long Does It Take to Sell a Home During the Pandemic?
Dated: October 29 2020
Views: 237
If you’re like many people, you’ve recently realized that this is the best time to sell your home. Prices are up, buyers are out there looking (and not finding much), and interest rates are low enough to enable buyers to save thousands over the life of a loan.
But how long is the whole process going to take? Has COVID-19 thrown a wrench in every real estate transaction? Here’s what you need to know.
How Long Does It Take to Sell a Home During the Pandemic?
It’s true that home closings can take a bit longer than they did pre-pandemic. On average, a house can close in about 60 days as of right now. (Before the pandemic hit, it took an average of 26 days in January and 43 days in February.)
Why Does it Take Longer to Sell a Home During the Pandemic?
There are many reasons it takes a little bit longer to sell a home during the pandemic than it did before. Some of the most common involve lenders. Because interest rates are so low, many people are still trying to refinance their existing loans – and that creates a backlog for lenders that are processing applications left and right.
There are other reasons, too. Home inspections, social distancing requirements and even buyer walk-throughs are taking a little longer than average.
The good news? There are a lot of buyers looking for new spaces right now – but generally speaking, inventory is low. That means although it may take an extra week or two to reach closing day, it could be well worth it for sellers.
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Chip Boyer
Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....
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