If you’re in the process of selling property, getting the timeline right is usually somewhat of a balancing act – so how long does it take to sell a house?
Selling property is somewhat of a fine art. Price your home too low, and it could be snapped up within days while you miss out on potential earnings. Price it too high however, and you risk being “stuck” with it for months, or even years. Selling property can easily become a stressful experience, particularly when you are trying to plan the next stage of your life or future living arrangements.
However, it’s also important to remember that there are several factors that come into play when it comes to determining the answer to the query of “how long does it take to sell a house” – and those factors have never been more relevant, especially as we’re living in the midst of a market that’s currently in the favour of the seller.
How Long Will It Take For Your Property To Sell
What we refer to as a seller’s market is when demand exceeds supply, meaning vendors can usually sell their homes or properties quickly and at a favourable price. Time on the market tends to be low, settlement turnaround times faster, and auction clearing rates high, making it the ideal time to sell a home or property. Market conditions have to be “just right” – such as the economic fallout of the pandemic. In Australia, we’ve been fortunate enough to both bounce back relatively quickly, and better than ever.
On average, it once took between 66 to 77 days to sell a property in Australia. However, this is heavily influenced by where the property in question is located, the time of the year, and what the current market activity resembles. In an era where buyers are screaming for more properties and are willing to make concessions if it means speeding up a contract of sale, what can a homeowner do to determine exactly how long they can expect the sale of their property to take?
Check Out Your Area – First things first, check out what other similar properties in your area are listed for, and how long they are taking to sell. This will give you a good indication as to what you can expect your own property to sit on the market for, or you can also register with LocalAgentFinder to access this information at a real estate agency level.
Determine Your Market – Knowing whether you are trying to sell your home in a sellers market or a buyers market can greatly influence not only the time it takes to sell your property, but how much you can expect to command. While it’s a common belief that Australia is currently experiencing a sellers market, selling your home in a buyers market is usually less favourable.
Research Your Method Of Sale – In a seller’s market, holding an auction for the sale of your property may result in a quicker sale, less clauses in the contract of sale, and ultimately a higher selling price at auction thanks to the competitive nature of bidding – especially if you have a good auctioneer. It’s not for everyone though, and you may still prefer the traditional method.
Evaluate Your Asking Price – Even in a seller’s market, it’s important not to get too greedy when it comes to your listing price. Speak to industry professionals before settling on an amount, and take into account any funds investing in renovations, what similar properties are selling for, and the square metres of the property in question.
Take The Stress Out Of Selling Property
A completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants, and aim to provide tangible real estate advice to those in stressful positions with crazy hours at no extra cost to them. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.
