A study by HomeOwners Alliance reveals the ideal amount of time for a home to be on the market.
If you’re looking to make the most from selling your home you’d better move quickly.
A recent study by HomeOwners Alliance has revealed that homes that take just 12 days to sell are the most likely to achieve their maximum asking price.
Using data from over 5,000 estate agency branches across Britain, it was found that the price paid for a property was at its highest if sold within 12 days of being on the market with estate agents tending to achieve just over the full asking price at 100.89%.
Houses that stayed on the market for a couple of months would achieve only 96% of the asking price, and after three months this would fall to 94% with values continuing to drop steadily.
So how do you speed up the sale of your home without sacrificing profit? Based on an average UK property price of £218,000, a 12-day sale could mean you receive an additional £1940 on top of your asking price. We’ve put together some handy tips to help you sell your home as quickly as possible.
#1: First Impressions are everything
Consider what a potential buyer may think when they arrive at your property. Is the street well maintained? Is the exterior of your house attractive, clean and well kept? Whilst homeowners generally put a lot of work into ensuring the interior of their homes is presentable, the exterior can often be forgotten.
#2: Make small but necessary upgrades
It’s important to make sure your house is well maintained before it goes to market. However, it is also important to remember that the ROI on home improvements is generally less than 100%. Whilst remodelling your kitchen certainly adds value, it will depreciate day by day. Necessary repairs such as replacing broken light bulbs and dealing with dripping taps and cracked tiles whilst making sure your house are clean and tidy is a much more effective way to prepare for potential buyers. Try de-cluttering; some reports suggest that clearing personal items makes buyers more able to envisage themselves there.
#3: Agree an accurate price
It’s important to price your home accurately if you want a speedy sale. Approach several estate agents and get a free valuation for your home. If you do your research you’ll be able to agree on an asking price that will actually appeal to buyers in your market. Remember; this may not always be the highest valuation – the key is to be realistic to secure that quick property sale.
#4: Be honest with yourself and the house buyer
Honesty is always the best policy, especially when it comes to selling your home fast. Trying to conceal any problems with the property may end up delaying the selling process if they come to light later down the line. It may end up costing you the house buyer altogether. Ask your estate agent to give you an honest opinion of your house and reflect this in the property description. If the photographs and description accurately show the property to its best advantage you are much more likely to attract buyers with a genuine interest.
By employing these simple tips you could capitalise on the 12-day window and achieve your maximum asking price.
We understand the difficulty of selling your home in a buyer’s market. Our knowledge of the property market enables us to offer an unrivalled service that produces the best prices and a straightforward transaction. If you are looking for a quick house sale with a reputable, trusted company we are here to help. Simply fill out our contact form below!