What Realtors Need to Know About the Typical Home-Selling Timeline and Influencing Factors

Want to help your real estate clients sell their homes in record time? You’re not alone - every passionate Realtor of a real estate brokerage bends over backwards trying to close deals as quickly as possible, often within a week. However, let’s face it - that rarely happens in reality.

There’s usually a timeline for the typical home-selling process in Mississauga. So, unless you’re willing to cut corners or compromise on your client’s best interests, speeding up the process beyond the usual timeline is pretty much out of the question. Also, there are tons of factors that can lead to delays in selling a home.

Are you curious to know what’s the usual home-selling timeline or the factors that can impact this timeline? Discover it all in this guide!

Typical Time Realtors Take to Close on a House

As of July 2024, homes listed by real estate brokerages in Mississauga spend an average of 50 days on the market. However, Realtors keep in mind that this is just the time it takes to find a buyer. Once the seller receives an offer, the closing process adds more time to the selling process. According to data from Ice Mortgage Technology, the average closing time for finalizing a loan for home-buying is around 43 days.

This means from listing your home to closing the sale, you can expect the entire process to take about three months. But again, this timeline doesn’t include any additional time you’ll spend on preparing your client’s home for the market or dealing with unexpected delays.

To speed things up, you can advise the seller to accept only cash offers for their home. This way, your client can complete the home selling process in as little as one to two weeks.

What Typically Delays the Home-Selling Process for Realtors and Home Sellers

1. 
   

   MARKET CONDITIONS

   
   

Market conditions are the economic and real estate factors that influence how quickly a home sells. When there is a heightened supply in the housing market meaning there are more homes for sale than buyers looking, the selling process can get slowed. In contrast, if there are few homes on the market and many buyers, the listing of your real estate brokerage might sell faster.

Interest rates also play a significant role in how quickly the homes of your client sell. Homebuyers might be less willing to buy homes when interest rates are on an upward trend. Additionally, other economic factors like job growth or recession can impact the confidence of buyers and their purchasing power.

Lastly, seasonality is another factor that can affect the selling time for home sellers. As you may already know, homes often sell faster in spring and summer when the housing market is more active. In contrast, winter might bring slower sales due to fewer buyers and the cold weather.

2. 
   

   HOME SELLER’S MOTIVATION

   
   

The motivation of the selling client of your real estate brokerage in Mississauga - or lack thereof can also impact the selling process. If the seller is not truly committed to selling, they might delay necessary repairs or refuse to lower their asking price which can stall the sale. This reluctance can lead to a longer listing period and frustration for everyone involved. On the other hand, a motivated seller will typically respond to feedback fast, be open to negotiations, and quickly make decisions that can expedite the selling process.

3. 
   

   PROPERTY LOCATION

   
   

If the home of your client is in a desirable area - close to good schools, parks, or amenities, there is a high chance of the home selling faster. Conversely, properties in less sought-after locations or those with difficult access can face longer selling times.

4. 
   

   HOME CONDITION

   
   

The condition of a home is a major factor that can either attract buyers to your client’s property or push them away. For instance, if the property of your real estate brokerage’s client is well-maintained and move-in ready, it can generally sell faster.

However, in case the property has issues like outdated fixtures, peeling paint, or a neglected yard, the house might look less appealing and the selling process might be delayed. This is because buyers often look for properties that require minimal work and are visually appealing.

As a Realtor, you can stop this factor from delaying the sale process by suggesting affordable updates and repairs to the seller that can enhance the home’s appeal. Encouraging the seller to invest in these improvements can help them get their home off the market faster.

5. 
   

   COMPETITIVE LISTINGS

   
   

The level of competition in the market can also greatly affect how quickly a home sells. If a lot of similar homes for sale have been listed by top real estate brokerages, it can be challenging to make your listing stand out. With higher listings, buyers will have multiple options which can lead to lower offers and the house staying more time on the market.

This is why it’s more than important for you to highlight what makes your listing unique. Also, pricing the home competitively based on a comparative market analysis can help you attract more buyers and reduce the time the home spends on the market.

6. 
   

   BROKERAGE SUPPORT

   
   

Lastly, most Realtors don’t realize that the level of support and resources provided to them by their brokerage can impact how quickly they can sell a home. We mean to say that if the real estate brokerage in Mississauga you work under is not providing you with enough marketing tools, guidance or assistance, it can slow down how quickly you sell a home. You may be struggling to get your listing proper attention with limited resources and support.

Offer Unwavering Support to Your Clients at All Times

So, as you have seen, you cannot dream of a deal to close quickly and expect it to happen exactly. It usually takes time to sell a home, and numerous factors can also lead to delays in the process. So, don’t get disheartened if your client’s home isn’t selling as fast as you hoped.

As a Realtor, your job is to offer unwavering support and the best assistance throughout the process, no matter the challenges. Your real estate brokerage team or you must keep your client informed and engaged at all times and show them that you’re committed to achieving their goals. By providing top-notch services to clients even when the process is difficult, your clients will appreciate your hard work and determination. So, stay positive, stay proactive, and continue to give your selling clients your best.