The property sales timeline.
When it comes to selling a property there’s a timeline involved, starting from when you make the decision to sell and ending with the successful transfer of that property to a new owner.
The reality is, this timeline can vary, depending on a whole range of factors including demand for properties of that type, how long it takes to prepare the home for sale, and more.
So, let’s take a look at the property sales timeline and what’s involved in each stage.
Readying the property for sale
As much as we’d all like to live in a house that was sale-ready and able to go to market instantly, more often than not there’s a period of time required to prepare a property for sale.
And the timeline needed depends on what exactly has to be done in order for your property to put its best foot forward.
Potentially it could involve renovations and upgrades, but most likely it will see you:
- Completing any obvious repairs and unfinished jobs
- Tidying around the property and creating street appeal
- Decluttering inside the home
- Refreshing any areas in need of a repaint or more modern look
So how long might this take? Well it could be as little as a couple of weeks or as long as a few months, depending on what’s needed and how soon you want the property sold.
Selecting an agent
Once the home is ready to take to market, it’s time to consider which agent will be tasked with marketing and selling this major financial asset.
And here we’d suggest you take your time, researching and interviewing agents to select the one that’s right for you.
If you’ve already got someone in mind, this could happen quickly, but if you’re researching your local market and the agents within it, a few weeks might be needed to meet with agents, organise appraisals and have them showcase exactly how they would sell your home.
The marketing campaign
Once you’ve selected an agent, they then take on the responsibility of designing the marketing campaign for your individual property.
This involves photographing the home, perhaps creating a video, styling it if necessary, and having a series of marketing assets designed, uploaded to the internet, and distributed.
Your agent may also have suggestions about work that needs to be done to the property prior to marketing it and opening it to inspections.
But the aim is to create a campaign that captures the attention of the right people in the right place, creating interest and competition for your home.
The sales campaign
When the marketing goes live and the home is listed for sale, your property is officially on the market and the sales campaign commences in earnest.
This period involves open homes and/or private inspections where potential buyers come and see the property in person.
Typically, the first 28 days of the sales campaign are the most important as that’s the timeframe when the property is likely to garner the most interest.
That said, the length of time between a property going to market and an offer being put forward varies, depending on the type of home, price bracket, demand and market conditions.
This metric is known as days on market, and currently the national median is 33 days on market.
Negotiations and contracts
If your property attracts serious buyers, the negotiation phase kicks in. This period sees your agent liaising with prospective buyers, gauging their interest and working out what they’re willing to pay.
All going well, you will receive written offers to purchase your property, which you can accept, negotiate or reject, depending on whether they meet your requirements.
Once an offer is accepted, you and the buyer will sign a contract of sale which sets out the terms, conditions and timeframes for the transaction of the property.
The most common timeframes between signing the contract and settlement are 30, 45 and 60 days, although this period is negotiable.
How we can help
If you’re considering buying or selling a property, why not chat with one of our friendly agents to understand the state of play in your local market?
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
