HOW LONG DOES IT TAKE TO SELL A HOUSE?
In October 2024, the national average number of days to sell a house was 42, down from 49 in September, so trending in the right direction. (Scroll down for proven advice about selling property fast)
This is an average only of all residential properties from cheap apartments to multi-million-dollar properties throughout New Zealand so not to be relied on if you're preparing to sell a property.
The best way to get an accurate picture of sale values for properties similar to yours and find out how long properties are taking to sell in your suburb, town, district or region, is to get this information from an expert property appraiser - preferably a vetted, licensed real estate agent proven to be competent in all the areas you will need. For example, an agent is required to:
- Provide an accurate property appraisal value with appropriate comparisons. (It pays to compare 2-3 appraisals).
- Know how to use digital technologies to help create buyer competition.
- Know which method of sale will achieve the optimal price in a faster than average timeframe at that point in time.
- Have the knowledge and meticulous management of legal contracts you will be asked to sign such as Marketing Plans, an Agency Agreement (including a commission estimate) and subsequently a Sale and Purchase Agreement. (Omissions and errors in these are often the root cause of why sellers change agencies - find out more about changing agencies.)
- Provide you with advice that you can rely on as your decisions will be dependent on that advice.
Learn more about vetted real estate agents first and use this overview of commission fees.
HOW LONG IT TAKES TO GET PAID FROM THE SALE?
Vendors do not receive final payment from the property sale until settlement day. Buyer deposits are generally held in real estate agency or solicitors' trust accounts.
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.
KEY TIPS ON HOW TO SELL YOUR HOUSE FAST
The following recommendations are well proven, simple ways to influence how long it can take to sell your house.
1. USE A VETTED REAL ESTATE AGENT PROVEN COMPETENT
(As of July 2024, there are 12,164 licensed salespeople, 866 real estate companies.)
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 across a range of areas.
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 to 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 Service Awards:
- Awarded Property Advisor of the Year 2023 - Property Institute of New Zealand
- 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 September 25, 2024 by Trish Willis | Agent Finder NZ director | Member of the Property Institute of NZ (IPAC)
Disclaimer: The content of this researched article is general in nature and not intended as a substitute for specific professional or legal advice on any matter and should not be relied on for that purpose
