Selling a home is a long process, from preparing the house for sale, getting photos taken, advertising and then sometimes seemingly endless open homes. If you are considering selling read ahead to find out more about how long the process takes and what factors can impact how quickly you can sell.
How is the market looking?
Researching the real estate market can give you a good indication of how long homes in your area take to sell. If you’re looking for a quicker sale, you’ll want to be in a sellers’ market, as your home may sell at a faster rate because there are more buyers looking than properties on the market. You may also get a higher price for your home.
A buyers’ market is the opposite, there are more properties on the market than buyers looking. This isn’t the be-all and end-all though, chat with your real estate agent to see whether your home is likely to sell or what you can do to make your home more attractive to prospective buyers.
How long are homes on the market for in your area?
After looking into the overall state of the real estate market in your area, it’s also a great idea to research how long homes sit on the market for around you. The best way to do this is to contact a local real estate agent and ask them for some information. On average, homes in Australia are on the market for 30 days before selling, but this can vary based on where your home is. After selling, the next step is the settlement. This can take from 30 days and extend to as much as 120 days.
How prepared are you?
For some people, selling their home has been in the back of their mind for a while so you might have already taken some steps towards preparing your home. But for others who might have had to sell suddenly, there may be some work to do around the house before photographing and listing.
Chat with your real estate agent to get a good idea of what your specific home might need, but things like tending to gardens and lawns, cleaning the exterior of your home, making some small repairs or renovations are all considerations that might impact how long your selling process takes.
Method of sale & asking price
Selling a home with a fixed price will generally be a quicker process than an auction. Consider what method of sale will work best for you, your family and your home and ask your real estate agent what will get you the greatest outcome. It can be difficult to put a realistic asking price on your home, but looking at recent house sales, withdrawn or expired listings, the size of your home and land as well as overall market trends, will give you some direction when setting a price. If your price is too high, you might be risking a longer sale process or the sale falling through.
There might be some aspects that can be out of your control, such as how long it takes a buyer to get approved for a home loan or the current job market impacting people’s ability to buy. Speaking with your real estate agent about any of your concerns will help you in deciding whether now is the best time to sell for you.