How Much Time Does it Need to Sell a Residential Property

Residential Property

Residential Property: With a lot of recent articles that the property market on residential homes has at least leveled  if not started to recover, many new sellers may well be tempted to put their house up for sale.

Residential Property: This is also due to the fact that some house owners will have resisted offering property for sale because of the dire state of the market.

Now may be a appropriate time for anyone looking for a Quick Property Sale to get their property onto the market. In the past twelve months or so there have been very poor numbers of property sales transactions. This has mainly been attributed to both a lack of customers and a scarcity of mortgage finance. However, the supply factor has also had an effect. Many house owners basically cannot afford to sell at current lower prices and have stayed away from the market for that reason.

With purchasers returning to the market and mortgage availability slowly easing we are currently starting to see a lack of properties on the market, even those with a need to Sell Home Fast staying out of the market. The Nationwide Building Society documenting a property price increase of over 2% for last month seems to corroborate this shortage.

Little can be read into simply one month’s figures but these come after consistent earlier increases and suggest the start of a trend. Such a sharp rise indicates that buyers are keen to snap up properties so any new vendor can expect a lot of interest. Property to sell Over priced properties never sell, but those priced at prudent prices, taking into account recent market value reductions can now be expected to be sold in reasonable time.

The standard expectation for a property sale transaction is a period of three months, allowing for normal marketing activity. This allows time for Estate Agents to undertake sales activity, a decent number of viewings to occur and for dialogue with potential buyers to happen. So by the end of 12 weeks sellers should have a negotiated deal and be in a position to instruct the conveyancing company. The legal route for completing a property sale is perhaps now a little quicker since the introduction of HIPS. From first instruction to exchange of contract should take no more than 4 to 6 weeks, though this assumes that mortgage offers are actioned in reasonable time. Completion of the transaction is normally by negotiation between the buyer and seller and normally allows a couple of weeks to organise removals. So vendors looking to “Sell my Property fast” should be encouraged by recent trends and once property is on the market should be able to secure a sale within a more normal five months.

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