How Long Does It Take To Sell a Property?

It takes on average 66 to 77 days to sell a property in Australia.

This can change depending on factors outside your control like the market, the amount of buyers interested in your type of property, the weather and so forth.

It’s crucial however, that you focus on what you can control, to give you the best chance to sell quickly and successfully.  We’ll covers these factors in this article.

And if you’re looking for a good real estate agent, make sure you compare your local agents here.

Decision Making

How long it takes to sell a house will depend on the duration it will take to make the decision. I cannot just wake up in the morning and decide that I am are going to sell my house. I need to look at a number of factors and determine if it is necessary to sell my house. If the size of my family has increased, I can sell it off and buy a bigger house. You can also decide to sell your house if have been transferred to work in a different state. It is also wise that you live in an area near your place of work for your convenience and to reduce transportation costs. The quicker you decide, the faster you can sell the house.

Choosing Property Agent

The duration for selling a house will also depend on how long you take to choose real estate agent. The agent will be tasked with the responsibility to advertise your property to prospective buyers. They will also help you to complete the legal requirements for selling your house, as well as potentially recommend a conveyancer to help you fulfil your legal responsibilities. There are many property agents in Australia. You should therefore take your time and do research before making a choice. This will help you to get the best real estate agent for the best service.

Methods of Sale

How long it takes to sell a house will also depend on the method of sale. You may choose to auction off the property. This is where you and your agent agree on the price of your property. The agent will then choose a specific date to conduct auction in an attempt to sell to the highest bidder. This may take some time especially if the price set is high. Another method of selling property is fixed sale. You and your agent can assess the value of your property to help you determine the price. Once a fixed price has been set, advertisement begins and potential buyers may initiate purchase. We also have asking price method. This is where buyers have the freedom to negotiate the price of a house. If you are in agreement, you can go ahead and sell it. This method is much quicker. It can reduce the average time to sell a house.

how long to sell

Determining The Selling Price

It is important that you determine the selling price of your property. This may take time and therefore delay the selling process. You will have to consider factors such as size of your house, its location, age and any feature that adds value to the house. You need the services of an expert to help you in estimating the value of your house. An expert will help you to come up with the best selling price. The faster you arrive at the price, the less duration it will take to sell your house.

Reaching Agreement

Reaching an agreement with your real estate agent may take time. You need to agree on a number of things such as rate of commission, estimated price, cost of advertisement and more. You will then sign an agreement to bind the contract with your agent. This can be used in court of law if any dispute arises. The less time you take to reach agreement, the faster the selling process will begin.

Advertisement

Frequency of advertisement also matters. If you have enough money and you want to sell your house fast, you can pay for advertisement on TV, newspaper, radio and more. If your property is advertised frequently, you are likely to get potential buyers fast. This means that it will take a shorter period to sell your house or property.

Signing Contract

A legal contract has to be signed by lawyers from both parties; buyer and seller. Bank details will be provided and signed appropriately as a legal requirement. This may take also take time.

Next Step

If you have been asking yourself the question, “how long does it take to sell a property?“, you now have your answer. It varies depending on the factors discussed above. Learn to choose agents that offer the best commission rates.

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The average days on market for a property in Australia is between 66-77 days. This varies by state and territory, time of year and the property market.

The funds will be debited into your account on the day of settlement. Traditionally the settlement process can take between 4-12 weeks after the offer is accepted. Read more about the settlement process here.

Costs of selling a property differ by state and territory, property type and marketing. Normally a real estate agent’s fee or commission rate is the most expensive cost when selling a property. You may also be liable to pay stamp duty or capital gains tax dependant on when you bought and sold your property. Read our in-depth guide on the costs of selling a property here.