HOW LONG DOES IT TAKE TO SELL A HOUSE?

Currently the national average time to sell a house is around 30 days but sellers do not receive any money until settlement day as buyer deposits are held in real estate agency trust accounts.


There are things you can do to help speed this up.


The period of time between signing and agency agreement and settlement day can vary depending on:

1. The method of sale you choose e.g., priced, auction, tender, deadline sale, buyer enquiry over

2. Your choice of real estate agent - it pays to compare 2-3 agents who have been vetted for you (which is a free service)

3. The quality of your property appraisal and accuracy of value

4. Your overall pre-market preparation


Here are three simple ways to help influence not only how long it takes to sell your house, but how long it takes to get your money released and into your bank account.

This can take a lot of pressure off if you have put an offer in to buy another property already, or intend do. 

Also, take note of the issues related to property appraisals below so you can be on the look-out.


 

1. USE REAL ESTATE AGENT PROVEN COMPETENT

(In New Zealand there are around 15,500 licensed salespeople and agents and 16,500 thousand properties for sale.)

With such a shortage of properties on the market, you need to be more diligent about finding a real estate agent that has been proven competent, has integrity and is an industry example for provision of care to their vendors. Vetting real estate agents has been a well-proven method to establish credibility and competence and you can request a list for your property type and location here - it's a free service.

It can pay to interview two or three real estate agents and compare their appraisal values, marketing to reach maximum interest from buyers, the cost of advertising, commission and fees. (There is information about real estate appraisals below.)

For recently listed properties, even during Covid, many have been selling at record-breaking prices but this doesn't just happen - these will only be achieved with effective management by an astute agent and their real estate agency's standards of service.

We have been vetting real estate agents since 2009 (it's a free service for New Zealanders) and our clients' properties mostly sell in have the average time for the areas in which they are located.

Method of sale has proven to be an important decision. 


Settlement day can be expedited with a vetted real estate agent


 

2. METHOD OF SALE INFLUENCES SETTLEMENT DAY

Methods of sale can achieve both a quick property sale and expedite a settlement date.

These include methods such as auctions, tenders or deadline sales. 

When real estate agents are under pressure to conduct your property sale within a tight timeframe, you need to be sure you have listed with the best real estate agent available. (We have listed below some completely preventable scenarios that cause long drawn-out sales and settlements.)

Methods of sale managed effectively by your real estate agent can achieve two things

  • They should ramp up a higher volume of interested buyers
  • They should then manage the competition between buyers ethically but as your advocate - they are working for you. 

Essentially this is what various methods of sale are designed to do - but which method you choose can be a mix of a head and heart decision.

Take your time and understand them thoroughly and also see how home staging can influence settlement day.


Request methods of sale - it's all free information


 

3. HOW HOME STAGING CAN SPEED UP SETTLEMENT DAY

If you a selling a property that has been home staged or re-styled using your existing furnishings, your real estate agent will be more likely to attract multiple offers and sell within 3-4 weeks. Often sooner.

This has been well proven and real estate agents have often reported consistently that home staging a house can add 10-15% onto a sale price. In today's market, this can be a great deal more.


 

THE REAL ESTATE APPRAISAL DILEMMA 

We are hearing more often of real estate agents over-estimating property values in their Comparative Market Appraisals (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 new clients have approached us about changing their existing real estate agents due to scenarios like this. Find out about changing real estate agents if you are already listed.

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.


If you would like advice about selling a property, get in touch - we're here to help.


Article updated October 17, 2021 | About

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