How long does it take to sell your property?
When you sell your house or apartment, you never know how long it will take.
It depends on the market context, the initial asking price, any competition in your neighborhood, and demand because without a buyer, there will be no sale. The price estimate of your property is a crucial factor that will influence the length of the sale: if too high, the sale will take longer; at the right price, buyers won’t hesitate for long.
How to calculate the average selling time of your house?
Before you start with scientific calculations, ask your real estate agent. Only a real estate agent has a sufficient understanding of the market to tell you the average duration your property will be on the market. They have in-depth and practical knowledge of the market environment your property is in.
If you are not using a real estate agent and wish to estimate the average time yourself, take properties of the same category as yours (city, neighborhood, size…) and track the number of days these properties remain for sale on sites like Leboncoin.
Many sites also highlight their sold properties, indicating how long the sale took. This is helpful, but the listed prices are not always the actual transaction prices, but rather the initial listing prices.
What affects the selling time?
Intrinsic factors of your property.
Sometimes the selling time doesn’t follow any logic. By chance, the property you just listed for sale may exactly match what a buyer is looking for: you’re in the right place at the right time.
But more concretely, the selling time of your property will primarily depend on 3 factors:
The sale price
A property priced correctly will sell quickly. A property that remains on the market for more than 3 months is generally priced too high. The sale will require a price reduction.
The location of the property
The location and position of your property are crucial. The neighborhood where it is located: if it’s close to schools, shops, and amenities, it will attract more demand. On the other hand, if it’s in a noisy area or on a major road, the sale will be more challenging.
Access to transport and roadways is also important. The arrival of the tram-bus clearly increases the value of certain neighborhoods in the BAB area. Proximity to train stations, highway ramps, and airports (without being affected by noise pollution) is also appreciated.
The condition of the property for sale
A house in good condition, clean and tidy, ready to welcome its new occupants, sells faster. Buyers need to imagine themselves living in your house, but they can’t do that if your house is too marked by your presence. Therefore, without going as far as full home staging, sometimes it makes sense to give the walls a fresh coat of paint before starting viewings.
A house requiring certain repairs or work will generate a longer decision-making process from buyers (visualization, project, cost estimation, price negotiation).
To learn more about the factors that help sell a house or apartment quickly, check out our advice sheet on how to sell your house quickly.
External factors: The real estate market conditions
The real estate market conditions are also crucial in determining the time required to sell a house or apartment.
During a period of high demand, where the number of buyers is much higher than the number of properties for sale, a property correctly priced can sell between 3 and 10 days. It can even happen that two buyers are interested in the same property. In such circumstances, everything will depend on how quickly the potential buyers can prove the funds they have available or whether they have secured bank approval for the loan.
In a market where supply exceeds demand, buyers have more choices and can take their time. If a buyer visits your property and doesn’t find exactly what they’re looking for, they may keep it in mind for later. In this case, the key to selling your property is patience. Well-priced homes should receive an offer within 3 weeks. However, if a property remains on the market for more than 3 months, the buyer will likely attempt to negotiate the price (usually by about 10%) believing that if the property were correctly priced, it wouldn’t still be on the market.
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What are the expected timelines once the buyer is found?
Typically, you should allow for 3 months after signing the preliminary agreement (compromis) for the final sale to be officially completed.
Why allow 3 months of delay?
This 3-month period allows the notary to complete all administrative procedures before the final signing. The notary needs to obtain information from the town’s planning department to prepare the file.
The 3-month period also gives the buyer time to apply to banks for a loan. Typically, after the signing of the preliminary agreement, the buyer has about 2 months to secure financing. The bank reviews the buyer’s application, and if it is approved, the borrower must wait a minimum legal period of 10 days to accept the loan offer from the bank. If the application is not accepted, the preliminary agreement is simply canceled.
It is also important to note that once the preliminary agreement is received by mail, the buyer has a 10-day cooling-off period to withdraw.
This 3-month period is rarely shorter, but it can be longer if agreed upon between the seller and the buyer.
