How many days it takes for homes on sale to get the best offer

Economy
By Liam

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The accommodation offers a good place! The optimal number of days a home should be on the market to get the best price from the sale

  • Properties for sale reach the maximum price on the ninth day they go on the market
  • After a month, a home usually sees the asking price fall by € 3,200
  • The drop is £15,400 if the property is on the market for more than three months

By Myra Butterworth for MailOnline

published: | Updated:

Properties for sale hit their maximum price on their ninth day on the market, new research has found.

They typically sold on that day at 2 percent above the asking price, according to HomeOwners Alliance research.

It’s the equivalent of raising an extra £5,000 for a mid-priced property.

Property for sale reaches its maximum price on its ninth day on the market

The data, collected from more than 6,500 estate agents across England and Wales, showed that the final price paid for a property has been steadily decreasing over time.

After 30 days on the market, sellers typically accept 99 percent of their original asking price.

And after 90 days – or three months – this drops to 95 percent.

Similarly, brokers with an average sales time of seven days or less only achieved 97 percent of their asking price.

The best time to sell to reach the maximum selling price is eight to 14 days after going to market, according to HomeOwners Alliance.

With the average house in Britain currently changing hands for around £290,000, these few percentage points can equate to thousands of pounds for sellers.

Selling within nine days means the owner would exceed its 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 a month, the price drop is £3,200 off the asking price, with the drop deepening significantly to £15,400 if the property has been on the market for more than three months.

After a house has been on the market for a month, it is usually sold for € 3,200 less than the asking price

After a house has been on the market for a month, it is usually sold for € 3,200 less than the asking price

Paula Higgins, from HomeOwners Alliance, said: ‘There is an optimal length of time to have your property on the market, and we can now show that is nine days.

“Property that sells faster doesn’t reach its full value because it sells too quickly.

“At the other end of the scale, objects that have been on the market for several weeks see their value drop steadily, especially after being on the exchange for more than a month.”

Whether you go above the asking price depends on the type of property you are selling and whether the original price is correct

There are numerous factors that ultimately determine when a property sells, including whether it is priced correctly in the first place.

Alex Lyle, real estate agent Antony Roberts in Richmond, said: ‘The best or most motivated buyers come in first and it is true that the quality of the applicant and the number of viewings tend to decline over time.

“We would agree to nine days, but reaching above the asking price depends on the type of property you are selling and whether the original price is correct.

“There is no one pricing strategy that is right for everyone; the smaller the gap between buyers’ perception of where the value of a home is and the initial asking price, the greater the chance of a positive response from buyers.’

How to buy or sell a house fast

Buying and selling a home is often considered a lengthy – and often emotionally draining – process that can typically take several months.

However, it can be done within as little as 14 days from the day a deal was accepted.

The process is speeded up by adequate preparation, including the following four steps – detailed below – if you are selling or buying a property.

If you sell a home

1. Get the deeds of the property you are selling

2: Complete your solicitor’s ‘Property Information Form’, detailing items such as the fixtures and fittings you may be leaving behind, and the permissions and permissions you obtained for work performed and whether you have had any disputes with neighbors. A haulier should not charge more than £200, advises buying agent Henry Pryor.

3: Have your lawyer draw up a draft contract. Mr Pryor says this shouldn’t cost more than £200.

4: Request the municipal investigation through your lawyer. These have a shelf life of up to six months and cost around £300.

When you buy a home

1: Apply for a mortgage and ask for a so-called ‘Principal Mortgage’ (sometimes referred to as an Agreement in Principle). This is the document that proves you can afford to borrow the money needed to buy a property and is useful for showing a seller that you can move quickly. There should be no costs associated with this.

2: Instruct a lawyer. This shouldn’t cost you anything as the attorney just opens a file with your name on it so he’s ready to act once the property offer has been approved.

3: Take out insurance to cover your costs if your home purchase is canceled at the last minute. Several companies offer these products, including real estate website Zoopla. Homebuyers Protection Insurance is currently available for £49.95 and covers items such as up to £1,000 in transfer costs and up to £500 in mortgage costs.

4: Find a construction supervisor who will be happy to do a building inspection of a property when you find one. Again, you may not need one and it won’t cost you any money, but making an offer makes it seem like you know what you’re doing and it’s taken more seriously.

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