Homes that sell within 11 days on the market typically achieve the highest prices and values start to decline after a few weeks without a sale, research by Homeowners Alliance has found.
After a month on the market, homes achieve 98% of their asking price on average.
This amounts to a reduction of more than £5,400 based on the average property price of £270,000.
Once the property has been listed for three months, that reduction on asking price increases to around £18,000.
Agreeing a sale too quickly can also be a mistake, as homes sold within seven days typically achieve only 94% of the asking price or £16,000 less, based on average property prices.
Agents with an average selling time of 11 days achieve 100.4% of the asking price, or £1,000 more.
Homeowners Alliance founder and chief executive Paula Higgins says: “Right now every pound matters to homeowners.
“Our data shows there is a sweet spot when selling a home and that is around 11 days.
“Sell too fast and you leave money on the table.
“Let it drag on over a month and buyers start knocking thousands off the price.”
She adds: “This isn’t about rushing a sale, it’s about choosing the right agent.
“The agents who consistently sell in around 11 days are the ones achieving the best prices.
“When a home sits on the market for weeks, it is often a sign something needs to change.
“You can see how quickly homes like yours are sold by your local estate agents using our Best Estate Agent Finder.”
