HOW LONG DOES IT TAKE TO SELL A HOUSE?
In New Zealand, the national average time it takes to sell a house is 29 days but only 17 days on average when you use a vetted real estate agent and understand other influences on the sales process.
In the current buoyant property market of 2021, many houses are selling at record-breaking prices but this doesn't just happen - these will only be achieved with good 'project management' by an astute agent and real estate agency.
METHOD OF SALE INFLUENCES TIME ON MARKET
The method of sale used to sell a house influences the time it takes to sell, for example, methods that have an end date such as auctions, tenders or deadline sales can ramp up buyer competition.
Essentially this is what they are designed to achieve but be aware - it is the combination of decisions you need to make that will achieve the best result.
There are reasons explained below why properties sit on the market unsold so make sure your property is not one of them.
An example of things that can delay a house sale and reduce your chances of getting the best sale price is an inaccurate property appraisal by your real estate agent. It's vital you know what appraisals should include.
Find out how you can reduce expenses and influence a premium sale price.
THE REAL ESTATE APPRAISAL DILEMMA
We are hearing more often of real estate agents over-estimating the value of a property in their Comparative Market Appraisal (CMA) to entice you to list with them.
This behaviour is often a subject of justifable complaint to the Real Estate Authority. It should not be tolerated and the practice can result in repeated price reductions and pressure on vendors - a stress to avoid.
Many vendors have approached us about changing their real estate agents due to scenarios like this. Find out about changing real estate agents.
It doesn't have to be this way and is a scenario Agent Finder NZ helps vendors avoid as evidenced in our many reviews.
We have been providing New Zealanders with impartial pre-market advice and helping them find a competent real estate agent since 2009. Most of the people we help sell in half the national average timeframe at record-breaking sale prices.
Get in touch or call 0800 789 532 for advice - we're here to help and it's a free service.
WHY DO PROPERTIES SIT UNSOLD?
There are many reasons why properties for sale linger on the market for long periods or don’t sell at all. Beware of the following before going to market:
- Handing your home over to a real estate agent because they put a flyer in your letterbox - without really knowing about their conduct or if they are competent marketers and price negotiators.
- Selecting an agent based on commission discounts and high home valuation tricks, rather than proven selection criteria.
- Going into the sales process thinking ‘let’s put it on the market and see what happens’.
- Determining your sale price by the size of your debt.
- Not using an accurate valuation to base your price range on.
- Accepting what appears to be the ‘cheapest marketing’ option, resulting in false economy and lost sleep.
- Thinking a real estate brand alone, a high-profile agent, or one with lots of listings will protect you.
- Not having the courage to admit that your house may not ‘WOW’ a high number of property browsers.
- Using poor quality photography to show your home to the world.
- Taking a “well, it’s my home and I still have to live in it” stance to home presentation - interior and exterior.
- Assuming your price range excludes the need for presenting a buyer’s house (not a seller’s house).
- Not assuming buyers will have a criteria list for their new home and will be actively looking at others simultaneously.
- Assuming Home Presentation is only for cluttered and disorganised homes.
Selling a house is not something we do often in our lives so knowing all this upfront, as challenging as it may seem, can really help.
If you would like advice about selling a property, Send An Enquiry.
Article updated September 8, 2021 | About