Given the importance of a property transaction, it is understandable both buyers and vendors believe the process moves slowly. The sums of money involved with the deal are significant, and people’s homes are at stake. It is easy to see why most people would prefer the sales process to move faster.
However, a recent study undertaken by Matterport suggests the sales process can take a long time. Two thousand homeowners were surveyed, and the most extended sale took 25 months! The thought of a property deal taking more than two years to complete would leave many people in a cold sweat and unable to sleep at night.
How long should you expect the sales process to take?
The average time taken to exchange contracts is 166 days, which is more than five months. After the exchange, the most extended element is the wait for a mortgage offer, which on average, takes 24 days. The study suggests the average property deal is concluded in 210 days, a process which lasts for more than half a year.
However, official estimates suggest the average time taken to conclude a property deal is 126 days, which is just over four months. While 2,000 people is a sizable number, in the grand scheme of things, it isn’t a lot. Even if every respondent provided an honest answer, their response might not chime with the overall view in the marketplace.
Of course, there is always a lot to be said for speeding up the sales process. “At Thomas Morris, we know buyers and vendors are keen to conclude deals as quickly as possible,” said Thomas Morris Huntingdon Branch Manager Alastair Smith. “We believe clear and effective communication is critical in improving the speed of transactions, without compromising on standards.”
Excellent communication is critical in speeding up the sales process
There are many ways a good estate agent will look to speed up the process without placing the transaction at risk. Advanced technology plays a role in speeding up communication, and there is a lot to be said for having a professional who responds quickly on your behalf. Equally, when you know your representative will liaise with other parties to ensure they communicate quickly, you feel confident that things will progress effectively.
Preparation is the key to speeding up a property sale. If you and your agent have documentation on hand and react quickly and directly, you do everything you can to improve the process. You often find that if other parties see you are motivated, they are more likely to act the same way. Any vendor looking to conclude efficiently should set the tone for the transaction, and the other party will follow.
Selling your home is stressful, but with the right support, you can make the process easier. If you are keen to improve the sales process, we are happy to help. Book a valuation at a time that is suitable to you or; you can phone our Huntingdon branch, managed by Alastair Smith by calling us on 01480 414555.