Selling a home is a complex process, involving multiple stages from preparing the house for sale, getting professional photos taken, advertising, to holding open homes. If you are considering selling, read ahead to discover how long the process typically takes and the factors that can impact the speed of your sale.

How is the Market Looking?

Researching the real estate market is crucial. It provides a good indication of how long homes in your area take to sell. For a quicker sale, you'll want to be in a seller's market, where there are more buyers than available properties. This scenario not only speeds up the sale but can also fetch a higher price for your home.

Conversely, a buyer's market has more properties than buyers, potentially slowing down the sale process. However, it's not a deal-breaker. Engage with your real estate agent to gauge the likelihood of selling your home and strategies to make it more attractive to prospective buyers.

How Long Are Homes on the Market in Your Area?

After understanding the overall state of the real estate market, it's beneficial to research the average time homes stay on the market in your locality. The best way to get this information is by contacting a local real estate agent. On average, homes in Australia are on the market for about 30 days before selling, but this can vary based on location. Post-sale, the settlement period can range from 30 to 120 days.

How Prepared Are You?

For some, selling their home has been a long-term plan, and they might have already taken steps to prepare their home. For others who need to sell suddenly, there might be a list of tasks to complete before photographing and listing the property. Consulting with your real estate agent can provide insights on what your specific home might need. This could include gardening, cleaning the exterior, or making minor repairs or renovations—all of which can impact the timeline of your sale.

Method of Sale & Asking Price

Choosing the right method of sale can influence how quickly your home sells. Selling at a fixed price generally results in a faster sale compared to an auction. Consider what method suits you best and consult your real estate agent to determine what will yield the best outcome.

Setting a realistic asking price is crucial. Reviewing recent sales, expired listings, the size of your home, and market trends can guide you in pricing your home appropriately. Overpricing can lead to a prolonged sale process or even the sale falling through.

Some aspects are beyond your control, such as the time it takes for a buyer to get loan approval or economic conditions affecting buyers' purchasing power. Discussing your concerns with your real estate agent can help you decide if now is the right time to sell.

For more insights and expert advice, visit Entourage Hub—your go-to resource for premium real estate guidance and tips.