Selling property is a journey that involves multiple stages, from preparation to closing. In Lilongwe, the timeline for selling a property can vary significantly depending on a variety of factors including type of the property, price and location. From the moment you list your property to the final handover, the process typically spans several months. Let’s break down the key steps involved and how long each stage takes.
1. Preparing and Listing the Property (1-3 Weeks)
Before you list your property for sale, it is important to prepare it for potential buyers. The first impression can make a big difference in attracting interest. This preparation could involve anything from staging the home to conducting repairs and professional cleaning. If you want your property to stand out, professional photography or videography is also a good investment, as it helps showcase the property in the best possible light.
For properties that need extensive work or repairs, this phase might take longer, but for well-maintained homes, this process can be completed within a week or two.
Once you are ready, it is time to list your property. The listing price plays a crucial role in how fast your property sells. Properties that are well-priced, taking into account current market conditions and the local demand, tend to attract more interest and sell faster. Overpricing, on the other hand, can lead to a prolonged sale process.
2. Time on the Market
The next stage is the actual time your property spends on the market. This period can vary significantly, depending on several factors.
- Quick Sale (0-30 Days): Properties that sell within 30 days often have a strong combination of competitive pricing and prime location. These are usually residential properties priced below prevailing market values and located in high-demand neighborhoods close to essential services such as schools, hospitals, public transportation, workplaces, good road infrastructure, and shopping centers, making them attractive investments.
- Standard Sale (31-90 Days): Properties that sell within 1 to 3 months are typically priced competitively—in line with current market trends—at prevailing market values. They appeal to a broad buyer base and are located in well-known residential areas, though they might lack the luxury features found in high-end properties. Standard-sale properties are in good, livable condition but may require minor aesthetic updates to enhance their appeal. They are often near local amenities, though not necessarily in the most upscale neighborhoods, such as Area 47. Effective marketing is important, but these properties usually don’t require extensive promotion to sell.
- Moderate Sale (91-180 Days): Properties that take 3 to 6 months to sell may be priced slightly higher than the average market price, require specific buyers, or be located in areas with moderate demand, such as Area 44. Properties in this category could include larger houses ideal for extended families or homes that need some renovations. These properties might appeal to buyers seeking more space or specific amenities but may experience less demand due to their location or price.
- Extended Sale (181-365 Days): Extended sales timelines, from 6 months to a year, are typical for properties in areas with limited demand or unique homes requiring a specific type of buyer. Some high-end or larger properties often fall into this category and can include expansive housing estates, luxury homes in Old Area 43, or commercial properties in Kanengo. These may feature large plots, unique architecture, or amenities suited to high-net-worth buyers. Such properties take time to sell because of their niche appeal, luxury status, or high price points, all of which narrow the buyer pool.
- Long-Term Listings (365+ Days): Properties that remain on the market for over a year typically have challenging features such as high price points, remote locations, or specialized purposes. Examples include large rural estates, large hotels within the city, commercial land requiring specific buyers or investors, or properties in need of substantial renovation. Long-term listings generally have limited demand or appeal to specialized buyers, such as investors or developers, and may require substantial price adjustments or development work to become more attractive.
3. Negotiating the Offer (2-4 Weeks)
Once you receive an offer, the next phase is negotiation. This is where the timeline can vary based on the buyer’s situation and the complexity of the offer. For a premium property, the negotiation process might take longer as buyers and sellers haggle over the price, contingencies, and other terms.
Negotiating a deal can take anywhere from 2 to 4 weeks, as both parties work to reach an agreement. Buyers may want to inspect the property further, request repairs, or even adjust their offer based on market conditions. Sellers might hold firm on their asking price if they feel the property is worth it. This stage also involves legal documentation, which could take time depending on the complexity of the sale.
4. Closing the Sale (30-60 Days)
After agreeing on a price, the closing phase begins. This typically takes between 30 to 60 days. During this time, the buyer will complete necessary inspections, due diligence, process financing and finalize the legal documents. This stage might take a bit longer for high-end and large properties due to the need for specialized appraisals, clearance and ensuring compliance with local laws.
The closing process involves several steps, including transferring ownership, clearances with local authorities, ensuring there are no outstanding legal disputes, and completing financial transactions. For properties that require more extensive verifications, the timeline may extend towards the 60-day mark.
Conclusion
The time it takes to sell a property in Lilongwe can vary widely based on factors such as property type, location, pricing, and market demand. While most properties typically take between 3 to 6 months to sell, high-end properties may take longer, sometimes up to a year. Selling a property requires careful planning, patience, and an understanding of the local market dynamics. By setting realistic expectations, pricing the property correctly, and working with experienced property professionals like Reynolds Portfolio, you can ensure a smoother, more efficient sales process, ultimately increasing your chances of securing a successful sale.
