Timing is everything, so the question of how long it might take to sell your apartment is probably one of the first you’ll ask your real estate agent. Whatever comes next for you, it’s important to know what the carrying costs might be in terms of your current (and possibly next) mortgage, and when you’ll have money from the sale in hand.
First understand that while we can plan for the average time frame, there is no exact answer. The ultimate timing will depend on a lot of factors, only some of which are inside our control! Read on to learn a bit more about the average timeframe for selling apartments that are freehold, leasehold, or high-end.
In general, for an average apartment, it takes approximately 30 days to achieve contract, and then an additional 3 weeks to settlement. On a leasehold, that time doubles, or sometimes triples. A leasehold is something of a investment purchase or lifestyle purchase and may carry a slight stigma, so it needs a special buyer. Finding that right buyer can take a bit of time.
On high-end properties, those worth between $1-5 million, it’s much trickier to predict the timeline to sale. There are decidedly fewer buyers in this price range, and the top value of the property also relies on finding the right buyer who can appreciate it. With high end properties, it can take a month or a year to get a contract.
The asking price of your property makes a big difference in time frame, too. At NZ Residential, we know it’s important to match our sales strategy to your goals. If the highest price is your number one goal, allow for your agent to spend more time to get that best price. But if time matters more, you may need to price your apartment more competitively.