Recent data from the HomeOwners Alliance shows homes could lose thousands in value after weeks on the market – and highlights the date by which you’ll want to have secured a sale.
Latest research shows that the ‘time’ it takes to sell a house could make – or cost – you thousands of pounds.
According to analysis from HomeOwners Alliance’s , 14 days is the optimum length of time for a property to be listed on the market in order for it to achieve the maximum sale price.
Homes sold after 1 month achieve 98% of asking price, dropping to 91% after two months – costing homeowners £20,000 off an averagely priced property
Data from over 6,500 estate agent branches across Britain shows how the eventual price paid for a property steadily decreases over time.
Time is money!
With the average UK home now changing hands for well over £200,000, these few percentage points will equate to thousands, or even tens of thousands, for sellers.
Agents that use a competitive pricing strategy can net clients £1,000’s over their original asking price. By contrast, the lower performing agents selling a property of similar value and with an average selling time of three months, achieve a lower percentage of asking price, costing its seller £1000’s.
Based on average property prices across the UK (£235,000), a 14-day sale will mean the owner would be close to achieving their asking price (£1,400 below). However, the amount by which they fall short of their asking price increases significantly the longer the property is on the market. After one month, the price drop is more than £5,000 off the asking price and the drop is more than £20,000 after 2 months on the market.
Get the price right and create a buzz!
Nic Chbat, Director of Match Property, said, “ Contrary to what many sellers think setting a competitive price right at the outset will maximise the initial buzz which comes with a property new to the market and increases the chance of attracting competing bidders, resulting in achieving a higher eventual price than if you start too high.”
And he warned, “You only get one chance to sell well! You will never recapture that initial buzz – even if you reduce the asking price further down the line.”
How to sell my house quickly for a good price..
This data shows just how important setting the right price is. A good estate agent will help you set the asking price, so choose them wisely. Here’s how to secure a house sale by the 14th day of marketing your home.
- Choose your estate agents carefully.Draw up a short list of local agents based on their proposition and track record, not their sales pitch. And don’t be enticed by agents over-valuing your property just to get your business.
- Don’t just list it, Launch it! Ask your agent to prepare all the amrketing ready for a launch day perhaps with an ‘Open House’
- Boost your home’s kerb appeal. Our recent surveyfound that 68% of buyers found kerb appeal to be important when they bought their home. The features that matter most to home buyers are windows being in good condition and a roof that doesn’t need repair.
- Find your conveyancing solicitor ASAP. As soon as you have put your house on the market, find and compare quotes from conveyancing firms.Instruct your preferred firm and ask them to start pulling together a draft contract and start any basic work, such as the title enquiry.
- Switch if you’re unhappy.If you’re selling a home which has been languishing on the market speak to your agent and review the asking price and marketing. You may also want to switch estate agent and make a fresh start.
For more advice and information about the best way to sell your property to achieve the best price just get int touch. Message us via social media, call us on 01271 410108 or email our Director, Nic Chbat at firstname.lastname@example.org