When selling property the first offer can often be the best offer

New research shows that the first 30 days after a new property is listed for sale are the most crucial. It’s during this 30 days that the property will have its most views.

Holding out for a better offer once the initial offers come in can end up costing in advertising and time waiting for a higher offer that doesn’t come. 

Research by RP Data shows that a the longer a property is on the market to sell, the more will have to be discounted off the price to sell that property.

The data showed that on a median priced home in Melbourne of $561,000, the following averages were recorded for reductions in the asking price to complete the sale: 

Within 30 days – $21,300 (3.8%) 

31 days – $28,300 

60 days – $34,572

90 days – $38,382 

Over 4 months – $49,512 (8.8%) 

If a property is correctly priced and is not just sitting there for months because it has low desirability, it could be well worth the seller’s while to take a good offer early.


News & Resources