HOW LONG DOES IT TAKE TO SELL A HOUSE?
In March 2024, the national average time to sell a house was 38 days, six days less than the same time last year, reflecting a continued improvement in real estate market conditions.
There are easy ways in which sellers can influence a short sale time frame and using the tips below will help you sell faster than average and at a prime sale price.
For example, real estate agents vetted and tailored to particular property types, values, locations and vendor situations sell on average within 27 days*. You can find out more about vetted real estate agents here.
Find out how much it costs to sell a house.
WHAT INFLUENCES THE NUMBER OF DAYS ON MARKET
How long it takes to sell a house is heavily reliant on the competency of a real estate agent and their experience working in more difficult markets, the method of sale they use and how they apply this to market conditions at the time.
Estimating how long your particular property might take to sell depends on your property's value, type, location and what is happening in your region.
Finding the most suitable real estate agent is a mission in itself although it is typical to see sellers who use a vetted real estate agent can be more likely to get multiple buyer offers and achieve a faster sale. In a good real estate market this has most often been half the average time.
Learn more about vetted licensed real estate agents first.
HOW THE AVERAGE TIME TO SELL A HOUSE IS WORKED OUT
The number of days to sell a property is typically measured from day one live online to the unconditional date on a sale and purchase agreement.
Vendors do not receive final payment from the property sale until settlement day. The buyer deposit is held in the real estate agency trust account.
The settlement date is agreed between buyers and sellers (with legal advice) at the time of signing the sale and purchase agreement.
When are commission fees paid to the agency?
- Real estate agencies receive a deposit from buyers when a sale and purchase agreement is first signed as agreed.
- Real estate commission fees can be paid to real estate companiy or lawyer trust accounts from the deposit when a property sale goes unconditional.
HOW LONG TO SELL DEPENDS ON VENDOR DECISIONS
The time it takes to sell a house depends on decisions such as:
1. The method of sale you choose, for example priced, auction, tender, deadline sale, buyer enquiry over (BEO) or by negotiation.
2. Your choice of real estate agent - it pays to compare 2-3 agents who have been vetted for you - we can do this for you all at no cost to you, the seller.
3. The quality of your property appraisal and accuracy of the valuation for selling purposes.
4. Your overall pre-market preparation such as home staging using existing furnishings or hiring furnishings.
You can request a list of vetted real estate agents to sell your property type and location here - it's a genuine free service.
HOW TO SELL YOUR HOUSE FAST
The following recommendations are well proven, simple ways to influence not only how long it takes to sell your house, but the sale price and how long it takes to get your money released and into your bank account.
1. USE A VETTED REAL ESTATE AGENT PROVEN COMPETENT
(As of November 2023, there are just under 15,000 licensed salespeople/agents, 889 real estate companies and 33,015 thousand residential properties for sale.)
Be diligent about finding a real estate agent who has been proven to comply with the Real Estate Agents Act 2008, has integrity and is an industry example for provision of care and real estate expertise to their vendors.
We have a proven 14 year track record for vetting real estate agents to get property sellers the best possible sales result. Our vetting criteria independently and objectively establishes credibility and competence.
Comparing 2-3 real estate agents is a good place to start
Once you have received your estate agent shortlist, it is wise to interview two or three to compare:
- their appraisal values (see advice about scrutinising real estate appraisals below.)
- method of sale recommendations
- marketing strategies to reach maximum interest from buyers regionally, nationally and globally
- the cost of advertising and real estate agency commission and fees.
- what real estate agency and agent is the best 'fit' for you and your property type/location/price range.
We can provide you with questions to ask real estate agents to help you make a fully informed decision. Get in touch.
Premium sale prices don't just happen - these will only be achieved with effective management by an astute agent and their real estate agency's standards of practice.
Our clients' properties have mostly sold in half the average time for the areas in which they are located and have done since our inception in 2009.
Method of sale has proven to be an important decision whether you're selling a residential home, a lifestyle block or a farm.
2. METHOD OF SALE INFLUENCES SETTLEMENT DAY
Methods of sale can achieve both a quick property sale and expedite a settlement date.
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 - they are working for you.
Essentially this is what various methods of sale are designed to do. Take your time and understand them thoroughly.
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.)
Request methods of sale for selling a property - it's free advice.
3. HOW HOME STAGING CAN SPEED UP SETTLEMENT DAY
If you are 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 consistently reported that home staging a house can add 10-15% onto an expected sale price.
4. 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 justifiable 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 Zealanders have approached us about changing their existing real estate agents to one who has been vetted. 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.
Get in touch or call 0800 789 532 for advice - we're here to help and it's a free service.
Agent Finder NZ Awards:
- Best Independent Real Estate Advisors 2022 | BUILD 2022 Real Estate & Property Awards
- Best Property Advice Hub New Zealand 2021 | APAC
- Most Reputable Property Advice Hub New Zealand for Wise Up NZ 2020 | APAC
- Best Real Estate Agent Vetting Service 2018 | APAC
Page updated March 16, 2024 by Trish Willis | Agent Finder NZ director | Member of the Property Institute of NZ (IPAC) | Awarded Property Advisor of the Year by PINZ
* Days on market are measured from day one live on line to the unconditional date. This is updated frequently using industry measures to ensure accuracy and currency.
