You know that selling your home is a significant undertaking that requires careful planning and execution, but have you thought about the specific timeline you should consider? The time it takes to sell a house can vary depending on market conditions, individual circumstances, and the specifics of your property. While it’s essential to be flexible, understanding a typical timeline can help you stay on track and manage your expectations. So, what do you have to consider and where do you start to build your timeline? Read on to find out.
First things first, you need to decide when you want to sell and work backwards to create a detailed plan. As Simone Chin, Director and Auctioneer at Atria, advises:
“Establishing a clear timeline from the outset helps you stay organised and focused, reducing unnecessary stress.”
Preparation and Planning: From a month to 3 months
Once you have decided to sell your property, start by understanding the necessary repairs and minor improvements that are required to enhance your home’s appeal and value. This might mean giving the walls a fresh coat of paint, replacing the old carpet in your bedrooms or even getting the landscaping redone.
Don’t forget decluttering and depersonalising, which really helps buyers to envision the property as their own. You may also choose to get your home professionally staged or styled which can take a week or two. If you do this you may need to put your own future in storage.
Choosing Your Professional Team: From a week to a month
This can be done in parallel with step one. Choosing the right real estate agent can support you in making the best investment decisions when it comes to your repairs. Research real estate agents online, talk with friends and interview multiple real estate agents before you choose. Look for an agent with a strong track record and a deep understanding of your local market.
“Choosing the right agent can make all the difference in achieving a successful sale.” Simone says. “Look for someone who is knowledgeable, communicative and proactive. They must also be realistic about the price you’ll get for your property within the current climate.”
At the same time, engage a conveyancer or solicitor to handle the legal aspects of your sale, ensuring all documentation is in order, and talk with your mortgage broker or bank.
Listing and Marketing: One Week
It’s time to shift gears towards creating the listing and marketing your property. Your agent will craft a comprehensive marketing plan specifically tailored to showcase the unique features of your property. Work with them to identify the most compelling aspects of your home that will resonate with potential buyers.
Once the plan is in place, they will schedule a professional photoshoot to capture high-quality images that truly highlight the essence and charm of your property. These captivating visuals will serve as the cornerstone of your marketing efforts, attracting attention and generating interest among prospective buyers.
On The Market Campaign: Six Weeks
Your agent will now launch the listing on various platforms and start the marketing campaign. They’ll run open houses and proactively reach out to prospective buyers.
During this time, you should continuously prepare your home for open houses and private showings, being flexible with scheduling to accommodate potential buyers.
The Auction: 1 Day
Throughout your campaign, your agent will help you receive and negotiate offers, but most properties in Victoria typically head to auction. Auction day is crucial, often driving up the final sale price through competitive bidding. Your agent will manage the crowd and handle bidder registrations, ensuring everything runs smoothly. When considering offers, look beyond the price to evaluate caveats, such as settlement times and the buyer’s financial stability. Trust in your agent’s expertise to guide you through decisions as bids come in. With the right strategy and support, auction day can be the pinnacle of your successful home-selling journey.
“Effective negotiation is key to securing the best possible outcome. Trust your agent’s expertise to guide you through this process.” Simone emphasises.
Once a satisfactory offer is received, formally accept it and proceed to settlement.
Closing and Settlement: 30 days to 180 days (that’s a month to 6 months!)
Settlement periods can range from 30 to 180 days, depending on your agreement with the buyer. First home buyers often prefer 30 to 45 days as they typically have their finances ready, while families purchasing larger homes may need more time to arrange their affairs, often opting for longer settlement periods of 120 days or more.
Collaborate closely with your conveyancer to navigate the legal documentation and financial transactions smoothly, and ensure coordination with all parties involved to address any last-minute issues.
Finally, on settlement day, the transfer of funds should be complete, and you can hand over the keys to the new owners, marking the successful completion of your home-selling journey.
Don’t forget that each sale is unique. Factors such as market conditions, property specifics, and individual circumstances can influence the timeline. Working closely with experienced professionals will help you navigate the process efficiently and achieve a successful sale.
Looking to start the process? Contact us today on 03 8680 9421, and our terrific agents will help you make your property stand out.
