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March 9, 2023
4 minute read
9 days is the optimum length of time for a property to be on the market in order for it to achieve the maximum house sale price, according to analysis of data from our Best Estate Agent Finder.
Agents with an average selling time of 9 days between listing and sold subject to contract achieve 102% of the asking price raising an extra £5,000 on an averagely priced property.
But agents whose average selling time was seven days or less achieved only 97% of the asking price. The optimum timeframe to sell is 8-14 days for maximum price.
Our data from over 6,500 estate agent branches across England and Wales also shows how the eventual price paid for a property steadily decreases over time. After 30 days on the market, sellers typically accept 99% of their original asking price; after 90 days this drops to 95%.
With the average UK home now changing hands for £290,000, these few percentage points equate to thousands for sellers. Selling in 9 days will mean the owner would exceed their asking price. 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 £3,200 off the asking price and the drop is £15,400 if the property is on the market for more than three months.
How can you ensure your sale achieves maximum price? Here are some top tips:
A good starting point is finding an agent from our best estate agent finder, which ranks your local agents by how successful they are at selling quickly and securing the asking price.
The average asking price for a UK home rose by just £14 from January to February this year, according to Rightmove – the lowest increase since its records began in 2001. This shows sellers are trying to get it right first time in light of a hesitant housing market. Find out how in our guide, What price should I sell my house for?
Choose your conveyancing solicitor early, as soon as you decide to list your home, and start pulling paperwork together now if you want to secure a quick sale. Flag up any potential issues now, rather than letting the vendor discover them.
If there are any issues that might come up in a survey and delay the move, consider fixing them now. Energy efficiency improvements are going to be more of a selling point this year and getting an EPC early in the process will give you an advantage.
Everyone wants to get the best price, but if you want to sell quickly as well, then opt for a chain-free buyer who isn’t relying on selling their home to buy yours. Read more about the different types of buyers. If you want more information on selling your property our Step by Step Guide to Selling takes you through every stage of the process, from start to finish, to help you plan ahead.
Find the best estate agent. Instantly find and compare the performance of local estate agents near you.
Commenting on the data, Paula Higgins, Chief Executive of HomeOwners Alliance says, “There is an optimum length of time to have your property on the market, and we can now show that that is 9 days. Properties sold more quickly than this don’t achieve the maximum price because they are sold too quickly. At the other end of the scale, properties which are listed for a number of weeks see their values drop steadily, particularly after they have been listed for over a month.”
“Those selling a home which has been listed for a number of weeks may want to consider switching agent. If so, they should investigate criteria such as success rate, share of local market and average price achieved. This can be done via our best estate agent finder.”
“HomeOwners Alliance’s research further proves how important it is to prepare your home for sale” says Oliver Gershfield, co-founder of flyp. “If you have only 9 days to achieve an optimal asking price, think about how your home might delay or deter interest from the get-go. Obvious eye sores and red flags are quite often easy to remedy and make the difference between a fast and slow start to your sale. Think about your perfect buyer and ensure you establish an emotional connection – buyers often decide within 7 seconds of entering the home!.”
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