Nine 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, according to analysis from HomeOwners Alliance.
The research looked at data from over 6,500 estate agent branches across England and Wales to see how the eventual price paid for a property steadily decreases over time.
The analysis discovered that after 30 days on the market, sellers typically accept 99% of their original asking price; after 90 days (three months) this drops to 95%. Agents whose average selling time was seven days or less achieved only 97% of their asking price.
HomeOwners Alliance found the optimum timeframe is eight to 14 days for maximum selling price, while 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.
However, the research doesn’t appear to take into account whether the original value of the property was too high. Experts have pointed out that unrealistic pricing is having a detrimental effect on the market.
Commenting on the data, Paula Higgins, founder and chief executive of HomeOwners Alliance, said: “There is an optimum length of time to have your property on the market, and we can now show that that is nine days. Properties sold more quickly than this don’t achieve their full value 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.”
Estate agents concerned over ‘unrealistic’ price expectations
ROFL!!!!
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Ridiculous claims
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“Codswallop”
Meaning: Nown informal British – Nonsense
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You can make a set of figures say whatever you’d like them to. Such as: “Properties that come on the market at the agents valuation or below sell in 9-14 days for closest to the valuation”
Or: “Agents undervaluing properties to sell them quickly”
Naturally it makes a difference over what period this data was taken. IE a full twelve months; First, Second, Third or Fourth quarter would make a big difference. Which year? 2021 would be so different from 2022.
More info please.
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Aah! Bless!
Quick – we need an article.
Gotta keep those blog cogs whiring.
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