How long will it take to complete the sale of a Cincinnati home?
This question actually has two parts:
1. How long will it take to get a contract on my home?
2. How long will it take from contract acceptance until closing?
The answer to the first part of the question can vary tremendously in our local market and is impacted by:
- Where in our local market is your home? Mason sells MUCH, MUCH faster than say one of the rural townships
- What's your competition? Lots of homes or hardly any on the market?
- What is your price and is it the RIGHT price for your home's location and condition?
- How motivated are YOU to get your home sold?
- Your marketing of your home matters too! Lousy pictures and inaccurate MLS information can make your home invisible to the buying public.
So put all that together and realistically your time from market introduction to sale could be as short as hours or as long as months and months, and in some extreme cases years.
Now the second part of the question can be answered with more certainty. Typically, buyers and sellers agree in the purchase contract to set that date 30-45 days out. That's plenty of time for the loan officer to complete financing, home inspections to be conducted and all that comes with the home sale process.
However, that time frame can be shorter (e.g. a cash buyer recently bought one of our listings with a 2 week period from contract to closing, but did allow our sellers to stay in the home for another 2 weeks after that closing).
And sometimes the time frame can be longer if:
- the buyer needs to complete the sale of their own home
- the buyer needs to clear a financing hurdle (e.g. some extra time to clear a past bankruptcy)
- the buyer is relocating and the job transfer is not in the 30-45 day window
- the buyer wants to delay closing until after some major event (kids finishing school year, a long planned vacation, etc.)
- the home is a short sale
It's not unusual for us to get queries about homes that have been under contract a month or more wanting to verify that the home is still on track to sell, and in most cases the home is on a more extended timeline for one of the reasons listed above.
Need advice on buying or selling a Cincinnati area home? That's what we're here for! Just give us a call at 513-520-5305 or email Liz@LizSpear.com. We look forward to hearing from you!
Serving Warren County Ohio's home sellers and buyers,
Liz and Bill aka BLiz