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How Fast Are Homes Selling in Cleveland, OH February 2020

How fast are homes selling in Cleveland, OH?

Are you asking “how fast are homes selling in Cleveland, OH?” If you are looking to sell your house, and especially if you need to sell your house quickly the average time a house sits on the market is very important information if you are listing your home…

What determines how long it will take to sell a home?

When estimating how fast homes are selling in Cleveland or any market you can use average days on market and average days to close to make a prediction.

Average Days on Market

Average days on market is the number of days that a listing is listed on the local market. In other words, it’s the number of days it takes for a seller to get and accept an offer.  This stat will tell you how much time you need just to get to an accepted offer.

Average Days to Close

Please Note that the average days on market is NOT the time it takes to close the sale.  It is just the time it takes to get an accepted offer.

The average time to close, which is the point when you actually get your money and walk away from the home is typically an additional 30-60+ days on top of the average days on market timeframe.  This is due to inspections, lending requirements and appraisals. This article from the The Balance predicts 30-45 days, but from our vast experience with closings delays will push this further most of the times.

How fast are homes selling in Cleveland, OH as a whole?

According to Redfin Market Insights the average days on market for the city of Cleveland, OH was 52 days for the week of 1/26/20.

The average days on market of 52 plus an additional 30-60 days should answer the question “how fast are homes selling in Cleveland.”  Using these metrics it can be expected that from the time a house is listed, gets an accepted offer and closes it could reasonably be expected to take about 82-112 days (~12-16 weeks).

Conclusion

If you need to sell your house quickly you might need to determine if you can afford to wait this long? If not, then you may want to consider other options, such as selling to a cash buying company.  These companies can close in as quick as seven days.

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About the Author:

My name is Dan Sarao. I am the Co-Owner and Managing Partner of Sesa Properties, a cash home buying and real estate investment company operating in Cleveland, OH.  In my former life I was a marketing and product executive at a US based coatings company. I left that role to pursue my passion for real estate. I am motivated everyday to find and help homeowners who are in stressful situations and need to sell their houses quickly outside of the traditional sales process.

I love meeting and talking to new people and finding solutions, no matter what the situation. If you are a homeowner, investor, etc. and would like to work together or even just talk feel free to contact me personally at Dan@webuyhomescle.com.


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