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.