It seems everyone has a theory about how long it takes to sell a house, but what’s the reality?
Angus Graham, from Hodges Sandringham in Melbourne, lays out the facts: “On average in Australia, it takes about 30 days from when you take the photos of your home until the date of sale,” he says.
“Once the home has been sold, settlement usually takes between 30 and 120 days, with land sales and sales to developers usually taking longer,” Graham says.
In Graham’s patch in bayside Melbourne, homes sell faster than the average 30 days.
Frequesntly Asked Questions
What is the fastest way to sell a house?
Several factors influence how long it takes to get a sale, Graham says.
“Pricing a property correctly can certainly drive more people through the front door and give you a better chance of achieving the desired result in the shortest time possible,” he says.
“I would say the price point, location and type of property are the three main things that will impact the number of buyers interested in the home.”
To increase the change of selling fast, Graham recommends vendors take advice and be realistic.
“It’s important to trust your real estate agent and don’t be afraid to ask for advice if you have any questions. You also need to be realistic about the price range, so leave the emotions behind and look at data on similar houses to get an indication of the final sale price.
“I always encourage sellers to get their agent involved as early as possible, as we’re meeting potential buyers on a daily basis.”
What is the average time frame to sell a house?
Not only do the costs involved in selling a home fluctuate, the time between deciding to sell, getting a property ready and putting it on the market varies greatly too, Graham adds.
“It usually depends on how much work is needed to get the house presentable and the seller’s individual situation and circumstances,” Graham says.
Some sellers are ready to go immediately, others are not.
“Some people have subconsciously been preparing their home for sale for a period of time, so once they’ve signed with a real estate agent, they are straight away ready to take photos of their home and start the marketing campaign,” he says.
For other vendors, it might take longer to prepare the home. “Some may need styling advice or help with decluttering, painting or trimming down the garden, to make the overall property more presentable,” Graham says.
What adds value to a house?
It’s important to be smart about adding value to your home prior to selling. In the first instance, it’s worth noting that doing your research and not overcapitalising are the top tips real estate experts have for owners planning a home makeover before selling.
If you are looking for inexpensive ways to add value to your home without breaking the bank, consider cleaning up the gardens to make a good first impression, a new coat of paint throughout, steam cleaning the carpets, and home staging to keep things stylish and to a minimum.
Should I renovate before selling?
It goes without saying, that when selling a property everyone wants to make money on the investment. Sometimes that involves renovating to maximise your return.
When you’re thinking about renovating prior to sell, it’s all about what return on investment you can get for your efforts. If it’s not going to increase the value enough, you need to weigh up if it’s worth the time and money.
At the very minimum, “Make sure your home is clean and well presented during all inspections and has that nice and welcoming feel,” Graham says.
How long does it take to get the money after selling a house?
While this will vary depending on the terms of settlement and rules in your state, generally, the settlement period runs for about 30-90 days, although 60-day period is typically the most common.
During this time, the vendor and the buyer arrange everything from finances, documents, house cleaning and moving and other details that need to be ironed out before handing out the keys to the new homeowner.
This article was originally published on
10 Dec 2020 at 9:00am
but has been regularly updated to keep the information current.