How long does it take to sell a property?
So, you’re ready for the next chapter and the time has come to put your current property on the market, but how long will it take to sell?
It’s a question that most vendors have, and the reality is the answer can vary depending on where your property is, what price bracket it’s in, and current market conditions.
So, let’s investigate further, looking at how long it takes to sell a property.
Days on market
The length of time a property takes to sell is known as “days on market”. This is the timeframe between when a property is first listed for sale (aka the marketing campaign begins) and the date an offer is accepted.
When you select a real estate agent, this is a question you should be asking, inquiring specifically about the average days on market for properties in your suburb and your expected price bracket.
Then, there are a number of variables to consider.
Your buyer demographic
Some properties are likely to attract more potential buyers than others, purely because of the demographic they appeal to.
For example, right now there are a number of incentives available that encourage first home buyers to enter the market. This means that properties which fall within a first home buyer price bracket and location are primed to sell quite quickly.
That’s because the buyer pool is large, and this can occur across a range of different demographics, like properties suited to downsizers, executive apartments etc.
You know what they say about real estate, it’s all about location, location! So, some areas can be in more demand than others, depending on what’s going on at the time.
If you think about recent trends, there’s been a spike in regional sales due to Australia’s newfound ability to work remotely.
Meanwhile, there are areas which are always considered hot, due to proximity to a city, the lifestyle on offer, or the amenities.
Your price bracket
We touched on this a little earlier when talking about demographics, but of course price bracket has an impact on how long your property will take to sell. And basically, this comes down to sheer affordability.
For example, a luxury property will by nature have a narrow field of potential buyers because its price tag might be beyond many people.
However, a three-bedroom family home in the $400,000s is financially accessible to a lot more people and might appeal to multiple demographics such as investors and first home buyers.
The important thing to appreciate here is that your property needs to be priced correctly at the outset of any sales campaign. This valuation should reflect market demand, location, property type, condition and more.
Then your sales agent’s job is to effectively market that property to the right type of buyer to achieve a sale within a period considered reasonable days on market.
Looking to buy or sell a property? Why not chat with one our friendly Eview Group agents to discuss the best option for you!