How long is too long to sell a property?
If you’ve made the big decision to sell a property, you want that process to go as smoothly as possible. You’ll also be hoping that sale occurs quickly.
So how long is too long to sell a property, and what’s the average time a property sits on the market between the time it’s listed and the moment a contract is signed?
Sales times vary
The reality is the time it takes to sell a property can vary, depending on where the home is located, its price point, and demand for properties of that nature.
That said, there is a common metric used to average out this timeframe and it’s known as days on market.
This is the period between when a property is listed for sale and when a contract is signed.
At present, the median days on market for a property in Australia is 33 days. But this varies from region to region depending on supply and demand.
That means while some properties might take 33 days or less, other properties in other areas might be averaging a fair bit longer.
If you;re seeking to determine how long properties in your area are taking to sell, you can gain a more accurate insight by searching your suburb at portals such as realestate.com.au and Property Value.
The first 28 days are critical
The first 28 days of any sales campaign are when the property is likely to garner the most interest, so it’s imperative this campaign kicks off on the right foot.
This involves marketing the property, hosting open homes and seeking feedback from the people who attend.
All things going well, this initial period will result in serious prospective buyers investigating the prospect of purchasing further.
But even if you don’t have an offer within those first few weeks, that doesn’t mean you should lose hope that a sale is forthcoming.
What night be required to achieve this, however, is a little revision of your strategy.
How do you know if it’s taking too long?
The biggest sign your property is taking too long to sell is if it starts losing interest from prospective buyers.
That means there’s little inquiry on the property and open homes may not be seeing as much, or any, foot traffic.
If that’s the case, it’s time to work with your agent to consider a new strategy.
As part of that, you would probably need to look at the following factors:
- Is the property presented well?
- Is it being marketed to the right type of buyer in the right place?
- Does the photography and marketing campaign do the property justice?
- Is the property priced correctly?
- Are there too many similar properties available?
What to do
If your property is taking longer to sell than you had expected or hoped, it pays to talk with your agent about all of the above.
Alternatively, you might like to seek a second opinion about the price of the property and how it’s being marketed.
How we can help
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