We tend to sell our house only a few times in our life. So it’s normal for this seem like a confusing and complex process. To start, here’s an overview of the process and how long it takes from ‘for sale’ to ‘sold’ for a typical Australian house.
Step 1: Know When You are Ready to Sell
It’s important to know whether you want to sell your property at least 6 months before the ‘for sale’ sign is planted in your front yard. This decision is usually a complex one that takes time and many deliberations. Why do you want to sell? When?How much for? Will you hire a real estate agent or sell it yourself?
Like any decision involving a considerable sum of money, your action plan will first involve research. This research should be geared towards your personal reason for selling the house, whether to upsize/downsize, relocate, as a consequence of a divorce, due to debt or selling the property of a deceased estate.
To begin, you should start vigilantly observing your local area to see how much similar houses are sold for, including historical comparables. Look beyond just the the advertised prices, and also focus on actual sales and days a house remains on the market.
Step 2: Think About any Cleaning, Repairs and Improvements
This generally takes 3 weeks to do depending on the type of cleaning, repairs and improvements.
First things first, before contacting an agent or deciding to sell the house privately, it is worthwhile to do a complete review of your home to see if you need to make repairs and minor improvements. If you can’t do the repairs yourself, reach out to a professional for help. If you choose not repair broken items, there is a chance the buyer will ask for concessions reducing the final sale price of your house.
Also, consider if your home could benefit from cosmetic renovations, such as freshly painted walls with neutral colours or minor uplifts to the kitchen or bathroom. These small updates can increase the sale price of your property.
Step 3: Choose a Real Estate Agent or Opt for DIY
This generally takes 2 weeks as choosing an agent or even deciding to sell the property yourself is a time consuming decision.
When you are choosing an agent, ask about their experience in dealing with properties that might be similar to yours, the commission they charge, any extras such as marketing and what they think a successful sale entails.
It’s worthwhile discussing whether an auction or private sales is more suitable for you. Also, ask for their opinion on the price point for the house, how the current market condition will affect the price, whether it is a buyers or sellers market, or if you should wait to sell the house (if you can).
Be aware that the appraisal value itself should not factor into your decision of which agent to choose, as some are more realistic about what is achievable, while others inflate their appraisal to win the sale.
Step 4: Before the First Open House
Prior to opening up the house to prospective buyers, you might want to opt for professional staging to see how the existing rooms can be made more appealing or showcasing potential uses of the room, eg by adding a bed to a study .
It’s also important to work with your agent to think about the best days and times for your open house. You should avoid time clashes with similar houses in your locality.
Step 5: Marketing your Property
This generally takes around 2 weeks.
It usually consists of hiring a professional photographer to ensure prospective buyers can see the best aspects of your home. Leveraging drone photography is becoming an increasingly popular trend.
Following this, the agent usually drafts the copy, with some crafty compelling sentences about the house which not only describes it to prospective buyers but also presents an enticing lifestyle opportunity they can have living there. This makes it easier for prospective buyers to visualise themselves as the owners of the property. Like any other marketing campaign, targeting customers through a variety of platforms is recommended. This involves a mix of online and physical marketing, as well as utilising a variety of online platforms, such as realestate.com.au (REA) and domain.com.au
Step 6: Preparing for the Sales
It usually takes 1 month to compile the paperwork required for a sale, as you are required to check for any disclosures to be included.
Having someone with technical expertise assist (such as a conveyancing lawyer) is important, as any incomplete documents can cause delays in your timeline.
Holding open inspection days is the most common way to sell a property. It generally takes between 1-2 months to sell the property, though this is highly dependant on your suburb, market condition and how your property is priced and presented compared to others in the area.
To accomodate for inspections at a moment’s notice you need to ensure the property is well-presented at all times. Considering that majority of the inspections do not convert into a sale, it is best to vacate the property before listing so you do not have to spend time preparing the house for inspections.
Step 7: After the Sale
The settlement requirement varies depending on your state or territory alongside the buyer’s request. The settlement period commences when the contract is signed and continues until the buyer has made the full payment has been made to the vendor and has legal possession. The vendor and buyer usually decide a settlement day suitable to their own personal circumstances. In New South Wales, the settlement period is usually 42 days. In Queensland for example, the settlement period is commonly 60 days. In Queensland, during the settlement period finance, and building and pest inspection reports conditions must be met too. In New South Wales, this occurs prior to the settlement. Although a property might be the final stage of the process, you will still need to wait for settlement before you get paid. Finally, you should accommodate around 1-2 weeks for moving out.
Factoring all the above, it takes at least 100 days from the time of listing to get the money in your bank account. This excludes any additional time for repairs and improvements. All in all, having a successful sale of your property takes patience, hard work, and careful planning.
Did you know...
Sellable can pay you out in as little as 7 days. We pay you for your home, then take care of repairs, improvements, finding the best agents, and all legal matters for you. All you need to do fill in your property details, get your free offer, then choose your move out date.
Most people may think that selling a home in today’s property market is a daunting experience, but it doesn’t have to be. If you’d like to know more about how Sellable works, give us a call on 1300 722 910.