Many factors will determine how long it will take to sell your home. Some are within your control, such as the quality of your marketing; and some are not, like selling conditions in your local area.
McGrath is here to explain what you can do to help your property sell within a reasonable timeframe (or as fast as possible, if you’re in a hurry).
But first, let’s look at the latest median ‘days on market’ (DOM) data in your capital city or region.
DOM is a helpful indicator of general selling conditions in your area because it takes into account all recent listings and how long they each took to sell.
Corelogic’s August data shows the median DOM by city is: Sydney 34 days, Melbourne 39, Brisbane 20, Adelaide 28, Perth 10, Canberra 49, Hobart 54.5, Darwin 50.5. The median DOM by region is: NSW 54 days, Victoria 58, Queensland 29, South Australia 46, Western Australia 28.5, Tasmania 72.5, Northern Territory 86.5.
A low median DOM indicates the market is strong and buyers are acting quickly. They’re inspecting new listings as soon as they come to market and they’re making good offers. But don’t worry if your home is in a weaker market. There’s plenty you can do to help your property sell faster.
No matter what type of market you’re selling in, the most important thing to know is your property is going to receive the most attention from buyers in the first 14 to 21 days of your campaign. That’s your most important window, and it’s crucial to get three elements right during this period.
1. Great marketing
It’s important to invest in a high-quality marketing campaign to attract as many buyers as possible to your open homes. Marketing has two purposes. Firstly, you need broad reach to inform as many potential buyers as possible that your home is for sale. Secondly, you need high-quality elements, such as beautiful professional photos, to inspire those buyers and prompt them to take action.
2. A reasonable price guide
Pricing is the key to a quick sale. Nothing will be more appealing to a buyer than an attractive price. Setting an asking price for private treaty sales, or a price guide for auction campaigns (if allowed in your state) comes down to making comparisons. It’s more of an art than a science. Your agent will show you examples of similar homes to yours that have sold recently. No two homes are identical, so you and your agent must compare your home to recent sales and adjust for any differences.
3. Exceptional presentation
The key to extracting a premium price for a property – in any location, at any time, in any market – is emotionally connecting a number of buyers to the home and creating competition between them. The way to improve your chances of buyers falling in love with your home is superior presentation. Investing in styling will help your home look its absolute best. If you make the appearance of your home irresistible, buyers will perceive it as a better product and they’ll be willing to pay more.
The busy Spring season begins next week. If you’re interested in selling this Spring, now is the time to act. It can take a few weeks to prepare your home for sale, so I recommend starting the process now.
By John McGrath, Chief Executive Officer of McGrath Estate Agents.
Want to find out what your home is worth? Click here —> Get a Property Estimate – McGrath Central West (mcgrathcw.com.au)
