12 days is the optimum length of time for a property to be listed on the market in order for it to achieve the maximum sale price, according to analysis from HomeOwners Alliance. Any less or more than 12 days on the market means that sellers accept, on average, less than their original asking price. However, agents with an average selling time of 12 days achieve 100.89% of their stated price.
Data from over 5,000 estate agent branches across Britain shows how the eventual price paid for a property steadily decreases over time. After four weeks on the market, sellers typically accept just over 98% of their original asking price; after eight weeks this drops to just over 96% and below 94% after three months. Similarly, agents whose average selling time was less than 12 days achieved only 97% of their asking price.
Based on average property prices across the UK (£218,000), a 12-day sale will net the owner an additional £1,940 on top of their asking price. In London, where the average property changes hands for £482,000, sellers will cash in to the tune of £4,290. After three months on the market however, sellers will receive an average of £13,603 below their asking price, and over £30,000 in London.
So, if you’re thinking of putting your home on the market, remember… The clock is ticking!