In hot markets across the country, homes are selling fast.
And that means if you hope to buy a home, you have to be prepared to move quickly.
“I’ve seen all cash offers close in three days,” says Realtor.com’s Consumer Housing Specialist Leslie Piper. “And I’ve seen loans get approved and close within 21-25 days.”
Forty-five percent of all homes sold in May 2013 were on the market for less than a month, according to the National Association of Realtors. It also reports that the median time on market for all homes was 41 days in May. Short sales were on the market for a median of 79 days, while foreclosures typically sold in 43 days and non-distressed homes took 39 days.