One of the most common questions sellers ask agents when listing their home is, "how long should it take to sell?"
In metropolitan Perth the long-term average for time on the market is around 44 days for established homes, but there can be a large variance. For example, around 30 per cent of homes sell within 20 days, while around 15 per cent take up to 80 days.
How to achieve a quick sell?
Most sellers want to be in the target range for a quick sale and this usually comes down to two key factors: price and promotion.
Setting a correct price
Homes that linger on the market for an unusually long period (irrespective of market conditions) are usually there because they are over-priced or poorly marketed. This can raise suspicion in potential buyers who are likely to bypass it.
The lesson from the data on average selling time is that the best chance sellers have is within the first few weeks of the campaign.
Most keen buyers notice a new listing right away and have access to a wealth of online data to inform themselves about market values, which is why it cannot be overstated enough that your home should be correctly priced from the start.
Before listing, take the time to discuss prices with your agent. REIWA agents are very knowledgeable about market price and determining realistic prices. Trust in their experience and knowledge of the local market.
Presentation
It's also crucial your property is in its best condition. Attention to detail will maximise your chances of being among the one third of Western Australians who sell their homes within 20 days.
Don't wait for the agent to tell you that some potential buyers were critical during a home open, be proactive and fix things that may prove unappealing to buyers before they inspect.
Auctions
The other option is to sell your home by auction. This is a different process but has the potential to bring out a larger number of serious buyers on the day.
The shorter campaign period can focus the attention of potential buyers and encourage those who are interested to pounce on auction day.
On the flip side, if it doesn't sell on the day your agent still has a pool of interested parties who can then be approached.
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