Whether you’ve already bought another property and need to sell fast or you simply want to get the sale of your home done and dusted quickly, a swift sale is always a good thing.
The longer a property sits on the market, the lower its perceived value, so it makes sense to sell your property quickly—but how long does it take to sell a house?
If you’re planning to sell but first want to get a realistic idea of how long it’s likely to take, here’s what you need to know…
On average, how long does it take to sell a house?
While there are a range of factors at play, on average, it usually takes around 30 days to sell a home in Australia not including the settlement period, which is usually between 30 and 120 days.
The current market conditions, the location of the property, the type and condition of the home and the listed price will all influence the speed of sale.
If you’re operating in a ‘hot’ seller’s market, where there are more buyers than sellers, you can generally expect a faster sale compared to if you were selling in a slower buyer’s market. Checking what the ‘average days on market’ is in your suburb, which you can find out by requesting a free property value report, will give you an idea of how hot the local market is.
Choosing the right sales method
You’ll have the option between three sales methods which can influence the amount of time it takes to sell your home:
- Sale by auction: Auctions are conducted by a licenced real estate agent at a pre-specified date and time following a marketing campaign which usually spans several weeks. Selling by auction can create a sense of urgency, however they generally cost more than other sale methods.
- Private sale: The seller sets a price they’re willing to sell the home for and buyers submit offers to purchase the property. This method often involves some negotiation between the buyer and seller to find a price both parties are satisfied with.
- Sale by expression of interest (EOI): Buyers are invited to submit their best offer for the home by a specified date and time. It can create a similar sense of urgency to an auction and help you finalise the sale within a specified time frame.
Strategies to speed up a sale
If you want to sell your property quickly, there are a range of things you can do to speed up the sale such as:
- Ensure your property is well presented so it appeals to buyers.
- Watch what the market is doing and try to pick the best time to sell.
- Set a realistic price in line with the current market to get more prospective buyers through the door.
- Invest in your marketing, including impressive photography and online listings on all leading real estate websites.
- Ensure you allow prospective buyers ample opportunity to inspect the property.
- If you receive an offer, make sure you respond promptly.
- Familiarise yourself with the sales process to ensure a smooth sale.
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Frequently Asked Questions
What is the best month to sell a house?
Statistical data shows that across Australia, properties sold in November achieve the highest average sale prices. Location also plays an important role, as price can fluctuate with seasonal changes. Markets like Sydney, Melbourne and Hobart tend to perform well during Spring when the weather is at its finest.
What is the fastest way to sell a house?
This will largely depend on the individual property, the location and the current market conditions. Ensuring your property is widely advertised, nicely presented and appropriately priced will get you noticed by buyers, make your home more appealing and increase your chances of making a quick sale.
How long does it take to put a house on the market?
You can get your property listed for sale online almost immediately. It is however important to check if you need a conveyancer or solicitor to prepare the contract of sale and section 32 vendor’s statement prior to listing your property, as this is a requirement in some states and territories depending on the property type.