How long should your home be on the market?
by Housesimple on 5th May 2018
When you’re looking for a quick house sale, waiting for the right buyer can be frustrating. But while it’s perfectly natural to worry, it’s worth remembering that every case is different. You might still be right in the middle of the average thinking time for your area, and if not: there’s always a solution to speed the sale up.
The patience periodAccording to one study
, the average property took 96 days to sell last year. However, it ranged from just 41 days in Edinburgh to 119 days in Belfast.
To get an idea of how sales are going in your area search sites like Zoopla or Rightmove to see how long properties nearby have been on the market. If similar homes have been around longer and still aren’t sold, there’s no need to worry.
Time for targeting
If action is necessary, it might simply be that you’re not reaching the right audience. Make sure property description includes the essentials, such as room details, parking, outdoor areas, transport links and local amenities.
Next, optimise your description for online searches by checking you’re using clear and commonly used terms, with relevant keywords like “family home”, “renovation project” or “first time buyers”. Each selling point should also have a well-taken image. You could also share your property on social media.
It’s not uncommon to have to reduce your asking price to attract attention. In fact, last year Zoopla found that 35% of sellers reduced their asking price toward the end of the year.
Part of the problem, Zoopla found, was that the property market is slower in Winter. So if you’re reading this in the snow, you could wait until Spring. If you’re set on a quick sale, the average discount was 8%: although if you’re going below a search milestone or undercutting nearby properties a smaller cut could make a bigger difference.
A final option is to add value. That could mean sorting any outstanding repairs that might be putting buyers off. Mould, for example, deters 38% of buyers.
You can also take inspiration from recent sales nearby. If your home is situated among much larger properties, for example, consider extension opportunities. Even seeking planning permission could help your sale.