The first question every seller wants to know is “how much will I get for my home?”, but the second question is probably just as important – how long will it take to sell?
The time it takes to sell is the question most tied to your sanity. While a very fast sale can feel a bit wrenching and sudden, a slow sale can feel like agony as you are forced to endure weekend after weekend of inspections.
To understand how much time is ‘normal’ to sell, the statistic to look for is the time on market, or days on market.
Time on market is the figure that explains how long it is taking on average for properties to sell under private treaty or a normal negotiated sale. When the market is performing strongly, the figure is typically low – less than a month and frequently around 20 days or so. In weaker markets, it is typically high over 75 days or more. In very tough markets, the number will go over 100 days.
Time on market reveals a lot about the mindsets of buyers and sellers. When you see the days on market edging higher, you know that buyers are cooling off, and the price expectations of sellers are higher than the market is tolerating. When you see this number going down, it means the conditions to sell are improving.
Even if the time on market number for your suburb is high, don’t panic. There are decisions you can make that will help reduce this period. Going to auction and committing to going ahead with the best offer on the day is one way to ensure a set timeframe to sell your home (most auction campaigns last four weeks).
Alternatively, if the time on market figure is high, make sure you set your price very competitively, and don’t wait around for better offers when the first one comes in around your ballpark.