>
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
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
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.’