The process of selling a property in Birmingham typically takes around 170 days, from the start of marketing to legal completion. It is important to note that the actual duration can vary depending on mortgage approval, market conditions, location, property type, and pricing strategy. In this comprehensive article, we will thoroughly explore the breakdown of these 170 days, ensuring each section provides unique and clear input.
Step 1: Listing and Attracting Potential Buyers
On average, it takes about 50 days nationally (an increase from 43 days in 2022) to accept an offer on a property. This timeframe includes listing the property on the market, conducting viewings, negotiating offers, and finally reaching an agreement with a potential buyer. To effectively attract potential buyers, various marketing strategies can be employed, such as high-quality photography, virtual tours, and engaging property descriptions.
Step 2: Offer Acceptance to Completion
After accepting an offer, the completion of the sale typically takes around 120 days on average. This period involves finalizing the legal and financial aspects of the sale, including the exchange of contracts and the completion process, which usually takes place within a week or a fortnight. Hiring a competent conveyancer or solicitor is crucial during this stage to ensure a smooth and efficient transaction.
Step 3: Factors Affecting Selling Time
While the aforementioned steps provide a general timeline, it is important to consider several factors that can influence the duration of the property selling process. These factors include the asking price, market conditions, and the condition of the property.
Asking Price
Setting the right price for your property in comparison to similar properties on the market is crucial. Overpricing your house may deter potential buyers, resulting in fewer viewings and a longer time on the market. Conversely, pricing your property competitively can generate immediate interest and speed up the selling process. Conduct thorough research on current property listings to gain insights into the market and set an appropriate price.
Market Conditions
The state of the housing market, whether it is a buyers' market, balanced market, or sellers' market, can significantly impact the selling time. In a sellers' market or a hot market, where demand outweighs supply, properties tend to sell quickly, and pricing may be less sensitive. However, in a buyers' market or a cold market, where there is an excess supply of properties, setting a competitive price becomes even more vital to attract potential buyers and expedite the sale.
Property Condition
The condition of the property plays a crucial role in attracting buyers and determining the selling time. A well-maintained and visually appealing property is more likely to attract interest and sell faster. Consider investing in necessary repairs, staging the property to enhance its appeal, and highlighting its unique features to create a positive impression on potential buyers.
By considering these factors and following the outlined steps, you can have a clearer understanding of the timeline involved in selling your property. It is crucial to remember that individual circumstances may vary, and consulting with real estate professionals can provide valuable guidance tailored to your specific situation.
Quality of Solicitors
While agreeing on a price and making a sale agreement is one aspect, the efficiency of your solicitor plays a vital role in the progress of your sale. Opting for a responsive solicitor who works well with estate agents can help prevent unnecessary delays and expedite the overall selling process.
If you are considering a move in the next 6 to 12 months, now is the perfect time to start planning. Selling your home can be a complex process, but with the proper guidance, you can navigate it smoothly and efficiently. As experienced estate agents, we understand the local market dynamics and have a track record of success.
How John Shepherd can help
Our team is well-versed in the factors that impact selling time, including the price asked, and market conditions. We work with responsive solicitors who prioritise efficiency and collaboration regarding legal matters. Their cooperation with us as estate agents helps prevent delays, ensuring a smooth progression from offer acceptance to completion.
By pricing your property competitively, we attract immediate interest from potential buyers. Our knowledge of the local market enables us to navigate buyer and seller markets effectively.
If you want to sell your home, we offer a free no-obligation market appraisal to discuss your selling timescales. Our personalised advice and guidance are tailored to your situation, giving you the information you need to make informed decisions. Together, we can make your move a reality.