A recent study carried out by property experts has revealed that there is a time frame which home owners should be aiming for, when selling their home. Any more or less than this time, and the property could begin to lose money.
The research, by HomeOwners Alliance, featured around 5,000 estate agents and calculated that the maximum asking price will be achieved after the house has been for sale 12 days. Any longer than this, and the competition begins to fall, along with the price.
The data revealed that agents whose average time to sell a property is 12 days, will achieve 100.89% of the asking price. Once a property has been on the market for three months, the vendors will receive an average of £13,603 below the asking price. In London, this figure is far higher, at more than £30,000.
According to the study, the house price will fall according to the length of time it has been on the market. After four weeks on the market, vendors will accept a little more than 98% of the asking price, while this falls to 96% after eight weeks for sale. After three months on the market, the vendors will accept less than 94%. Selling a home faster than 12 days isn’t any better, as selling in less than 12 days sees a seller receive 97% of the asking price.
This is something for buyers and sellers to consider when buying or selling a home, and a CeMAP qualified mortgage adviser will be able to help you achieve the maximum value for your home.
