How Quickly Are Houses Selling?
How quick are houses selling?
It depends on the minute! That may be a bit of an exaggeration… but maybe not by much. The speed at which inventory leaves the market depends on many factors. What’s happening currently – and how can you prepare for what might happen tomorrow?
Houses Are Going Fast
As of summer 2022, average UK home prices hit a new high of £360,101 (even higher in some markets, like London, Winchester and Oxford). However, record-breaking prices have not deterred buyers as houses are selling twice as fast as they did just three years ago. In 2019, it took about 67 days to sell a home; today, that has dropped to 33.
Rightmove director of property data, Tim Bannister, says, “The strong momentum has carried over from last year and, combined with the impetus of the spring moving season, has delivered the quickest selling market we’ve ever seen.”
How quickly houses are selling can actually sway homeowners to shy away from selling. Bannister says, “The high speed of the market and competition among buyers when making an onward move will be deterring some owners from putting their homes up for sale. However, if you can secure both a quick sale and a quick purchase then it’s a lot less stressful than the uncertainties of a slower market when finding a buyer for your own home can drag on for months or not happen at all.”
But Will It Last?
This is the big question – and the answer is fairly simple. This speed and frenzy is not sustainable in the long run. No, a “crash” is unlikely at this point, given all the factors. However, the days of listing a home and getting 10 offers in a few hours are most assuredly going to end.
The simple truth is that the market ebbs and flows. It is flowing now. But that stream is showing signs of slowing. If you missed the “bubble,” so to speak, are you out of luck? Is there any way to sell your home quickly in a cool or even cold market?
Cash House Buyers
There are many reasons why opting to sell through a cash house buyer makes the most sense to you. Some are market driven. For example, how quickly houses are selling now does not necessarily indicate how quickly they will sell a year from now – or even a month or two from now. You may be ready to sell just at the time when buyers are drying up. Or you may need to sell quickly in order to remove yourself from a burdensome property chain and access cash for a deposit on a new property.
In these cases, and many others, it may behove you to work with a cash house buyer. These are investors who specialise in completing fast sales – and who have the liquidity at their fingertips to make offers and purchases on a significantly streamlined time frame.
Taking this route can also be highly beneficial if you have a property that is not suitable for traditional buyers – that is buyers who need mortgages in order to purchase a house. In these cases, they need to follow the timeline that is largely influenced by their lenders. They may also not be able to purchase a home that does not meet minimum standards for a mortgage. For example, if your property has issues, such as structural damage, mould, faulty wiring or a failing roof, it may be all but impossible to sell to a traditional buyer as their lenders will simply not finance the purchase.
A cash buyer has the wherewithal to make offers and complete purchases without needing outside lending sources from mortgage brokers. Thus, they do not have to limit their reach to homes that meet certain standards. Virtually every home has value, and reputable, experienced companies are practised in seeing that value and in offering fair, reasonable prices to home sellers.
No matter how quickly houses are selling, it may not be quick enough for your needs and goals if you follow a path with buyers who need traditional financing. If, however, you work with a cash property buyer, you can achieve a sale in as little as two weeks (or even less). It is up to you to weigh the information – and the offers – and make a decision that best suits your needs.
