Selling your home in 12 days rather than weeks later could net you thousands of pounds more, according to new research.
Analysis of data from more than 5,000 estate agent branches across Britain show that properties sold in exactly 12 days typically achieve more than their asking price, according to analysis from consumer group HomeOwners Alliance’s EstateAgent4Me tool.
Estate agents with an average selling time of 12 days achieve 100.89% of the asking price, but after four weeks on the market sellers accept, on average, just over 98% of the original asking price. After eight weeks, sellers typically accept just over 96% and after three months, they will take 94% of the asking price.
However, selling too quickly can also mean that sellers don’t achieve their best price. Agents who sold properties in less than 12 days achieved only 97% of the price they wanted.
With the average UK home now costing around £218,000, small differences in the price sellers eventually accept for their property can cost them thousands of pounds.
Based on an average property of £218,000, a 12-day sale will give the owner an extra £1,940 on top of their asking price. In London, where the average home costs £482,000, sellers will gain £4,290. However, after three months on the market, sellers will typically receive £13,603 below their asking price and will miss out on more than £30,000 in London.
Paula Higgins, chief executive of the HomeOwners Alliance, says: “This research is equally useful for homebuyers as sellers. 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.
“On the other hand, this finding gives even more weight to homebuyers negotiating on the asking price for properties that have been on the market for a number of weeks. Most property search websites post the date that a property was first listed. It might just be worth scrolling down that list to find a home that can be snapped up for a bargain price.”