One of the questions most often asked when vendors are wondering how to sell a house quickly in a slow market is ‘just how long does it usually take to sell a house’?
The answer is dependent on what kind of market you’re selling in, and which method of sale you opt for. In a seller’s market, where the conditions are favourable to the vendor, properties typically clear within a couple of weeks.
During a buyer’s market, the movement of property can be slower. Often, this is due to hesitancy on the vendor’s part as they are holding out for a higher offer. One of the key things to remember when learning how to sell a house quickly in a slow market is that it’s important to keep an open mind. Opting for a lower sales price may mean you don’t have to waste time and energy doing significant repairs or improvements to your property prior to sale, such as redoing the exterior paint on your house or fixing the main door. If you’re hoping to purchase via subject sale, accepting a lower offer might also make the process a lot smoother for you.
It’s also worth remembering that the property transaction isn’t complete until settlement has taken place, at which point funds will be transferred and discharged to any relevant encumbrances such as mortgages, rates and charges, and recipients (e.g., vendors and agents).
Length of settlement can often be a point of differentiation between potential buyers, so remember that as the vendor, you can set parameters around your preferred settlement period. Typically, a settlement period will be 30, 60, or 90 days – however, custom settlement periods can also be arranged.
Remember to factor your settlement period into any payment arrangements you may be making for new property or payment for goods and services utilised in the sale of your property.