How long does it take to sell a house in the San Gabriel Valley?
The real estate transaction process is mostly a mystery to the typical citizen. Many online websites will give generic answers to the question. Often times these answers come from studies done in a different state from yours, making it nearly impossible to get accurate data/information on your area. I happen to be a local realtor in the San Gabriel Valley. Born and raised in Monterey Park, I come from a family of real estate agents and have watched the real estate market ever since I was a child. How long it actually takes to sell a house varies on so many different aspects, such as the type of home, and the condition of the home. I’d like to share with you my insights that I’ve gathered from the market from my years of experience to demystify any wrong assumptions about this step of the real estate transaction process.
Types of Homes
There are 2 types of properties that vary in time to sell, especially true in the San Gabriel Valley. Those two types of properties include residential homes and commercial properties. For simplicity, we will elaborate more on the residential side of properties. A quick analysis of commercial properties show that in the San Gabriel Valley they on average take 90-180 days to sell, definitely a lot longer than residential homes. For residential properties it could be split into 3 categories, condo/townhouses, single family homes, and 2-4 multi-family unit homes, which is considered residential and not commercial.
The quickest to sell are single family homes. The price point is a major factor for these houses, second only to location. For example, homes that are $3M and above are prone to take 25%-50% longer to sell than homes that are around the average price range of $1M. Location will then be a big factor to how long it will take for a house to sell. It’s not so much about location but more about the demand in that location. Homes in Arcadia school district sell faster than West Covina school district. The average 3 bed 2 bath home in the San Gabriel Valley takes around 30 days to sell.
The slower to sell are then Condo/Townhouses. These homes sell faster because there is generally less demand for these types of houses. This is primarily due to the fact that they are run under an HOA. A lot of homeowners nowadays prefer to stay away from HOA’s as a way to have freedom when it comes to customizing their house. The same location and price points that apply to single family homes will also apply to condo/townhouses and affect their time on market to sold. The average 2 bed 2 bath condo/townhouse in the San Gabriel Valley takes between 45-60 days to sell.
The slowest of the 3 to sell are the 2-4 unit multi-family homes. These are your duplexes, triplexes, and quadplexes. The reason why these homes take so long to sell is because they typically are very hard to show and require more research. Most of them are tenant occupied and buyers tend to do more research on the home than they would with regular houses. These multi-family homes are also typically at a higher price point, meaning there is a smaller buyer pool to purchase them. The average multi-family home takes 75+ days to sell.
Condition of Your House
Most sellers are aware that the better condition of your house the quicker and higher it will sell. This is generally true, but it’s not everything. This rule only applies to houses that are in a balanced market, or a neighborhood that is not hot. Complete tear down or fixer uppers in a hot area will still sell quickly and for a lot, because they are being sold for their land value.
As a general rule of thumb, houses in the San Gabriel Valley that are remodeled, or turnkey are likely to sell within 14-30 days. New construction homes typically take longer to sell because they are usually priced at a premium price point, often times above their actual market value. You will also see that homes that sell within 14-30 days will have a bidding war, or at the very least sell at or above their market value.
Well maintained homes are houses that are original condition but usually have no deferred maintenance. In the San Gabriel Valley these homes will take anywhere between 30-65 days to sell. Of course there are other factors that decide how fast the home will sell, such as initial pricing and location.
The longest days on market to sell homes are fixer uppers. These are houses that have a lot of deferred maintenance and require an investor or strong buyer to fix up the place. The reason why this takes so long to sell is because the buyer pool gets smaller when the house requires more capital to become livable. Fixer uppers take between 90-180 days to sell on average.
How long it actually takes...
So despite everything about the condition of your home and the type of house you are selling, it all boils down to one thing. In fact, most statistics when it comes to real estate boils down to one thing. How desirable is the location of your property. Because regardless of the type of home or its condition, if the property is in a prime location it will more than likely sell very fast. When a home is able to sell fast on the open market, it allows the seller to have the opportunity to sell off the market as well.
So ultimately how long it will take to sell your house depends on where it is located, the type of home, and it’s condition. It’s all specific to your exact property, so there isn’t a one size fits all. The best thing you can do is speak to a local professional who can present to you the data that your neighborhood is showing, and to then infer how long it will take to sell your property.
FAQs
How long does escrow typically last?
A typicall escrow lasts 30 days. Many more complex deals like multi-family homes or commercial properties might expect longer escrows such as 60 days. If the seller and buyer are trying to sell contingent to buying/selling another house then escrow can sometimes last 90 days or more.
How do I buy and sell a house at the same time?
If you want to buy and sell a house at the same time you will most likely purchase the home contingent to your house selling. You will put your house on the market and start searching for homes to purchase. Once you receive an offer on your home, you will make that offer contingent on you finding a replacement property, in which time you most likely have 1-2 months to find a house to put into contract. Once you have both your house in contract and the replacement property in contract you simply have to clear contingencies on both deals and make the transition smooth with a coordinated mover.
What's the quickest I can sell my house?
The quickest you can sell a house in 4-7 days. These deals are typically all cash with very minimal inspections/reports. The investor/buyer is most likely going to demolish the home and develop the land afterwards, thus they do not care about knowing anything about the property during escrow and just want to have the home as quick as possible. These cash offers tend to be below market value however.
📍 Final Thoughts from a Local Realtor
There are always nuances to how long it may take to sell your house. The easiest way to find out the accurate details about your property is to reach out to a local realtor in your area for some advice! It’s typically free, and realtors are more than happy to help.
Have questions about specific neighborhoods, I’d love to help.
