How long does it take to sell a property?

Reviewed by Christina Penrose

Whether you're selling to move into a new property or just want the process to be swift and hassle-free, we all know that timing is important.

But how long does it actually take to sell a house?

On average, how long does it take to sell a house?

At the time of writing our median time to sell is 19-day, but the average time in Brisbane is 30-days. However, there are no guarantees with this timeframe and here’s why.  Several very important factors come into play when determining the speed of a property sale, these include market conditions, location, property type, and listed price.

In a seller's market with high demand, you can generally expect a quicker sale compared to a buyer's market with lower demand. It's helpful to check the ‘average days on the market’ in your specific suburb to get a better idea of what to expect.

Price and presentation are also two key strategy aspects that go hand-in-hand and can impact the time it takes to sell. To create that sense of urgency and competition, the style and presentation of your home must appeal to the buyer.  For instance, a well-presented property that is ready for the new owners to move straight in may be more desirable than a similar property that needs minor renovations. By being more desirable you may find that there is more competition for your property supporting a timely sale to someone who has seen the value of your home and is ready to make it theirs!

Choosing the right sales method

Different sales methods can influence the speed of selling your home and the price it sells for. The most suitable strategy is dependent on the type of property, price range and a number of market factors. As part of your property appraisal, we will walk you through our recommended strategy for your property.

Sale by Auction

This is where we conduct an auction on a specified date and time. Typically, you will have a marketing campaign spanning several weeks to introduce your property to prospective purchasers and pre-qualify them before an auction. Auctions are a useful tool as they create a sense of urgency and result in an unconditional sale. But they can be intimidating for some purchasers.

By Negotiation

This method often involves negotiation between the buyer and seller. Your prospective buyers will put in an offer. If there are multiple offers, this needs to be handled differently and you can see the different options. Depending on what is important to you, a sale by negotiation has more flexibility than an auction but it may lack urgency depending on market conditions.  You can choose to have an asking price or market without a price.

Sale by ‘Openn Negotiation’

This is a form of online auction that allows bids to be accepted from day one, and all prospective purchasers can see the current bid. It allows prospective purchasers to clearly see what the price is and provides an opportunity to put a competitive offer forward. Transparency and the ability to create competition are a benefit. You have the option of conditional buyers participating too if you wish.

Having the right sales strategy will depend on many factors, and no two properties are the same. The strategies outlined above are three of the most common sales strategies that you may consider.

8 Tips to sell your property quickly

Getting the best result possible for your property sale involves more than just popping a for sale sign up! Below is a list of our top tips to help you quickly find the right buyer for your property:

  1. Make sure all repairs and maintenance are done to ensure your property is well presented to maximise the appeal to potential purchasers
  2. Have all relevant documentation, such as pool certifications ready
  3. Undertake a building and pest inspection before going to market so you don’t have any surprises
  4. Understand the market, our team can walk you through trends, and the aspects of your property that will maximise its appeal
  5. Invest in marketing, your photography and online listings on all leading real estate websites is crucial in reaching prospective buyers
  6. Allow prospective buyers ample opportunity to inspect the property, and have the property well presented for your open homes
  7. If we receive an offer or a prospective purchaser has specific questions, it is important that you are contactable during the campaign
  8. Engage a quality solicitor or conveyancer to make sure you have a smooth settlement process

Even though the priority is to sell a property quickly, it is always possible to sell too quickly, leaving money on the table.  This is especially the case when prices are rising and it’s easy to accept the first good offer.  Having a well-researched sales strategy, implemented by property experts, provides a favourable environment to achieve the best price and maximise the interest of those early buyers.

If you’re looking to sell your property, working with a professional experienced team like Grant and Christina from Penrose Real Estate will give you the competitive edge you are looking for.  Call us today or book your free instant appraisal