Sell Faster: The Power of Average Days on the Market

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In the fast-paced world of real estate, time wasted is money lost. Even more for sellers of luxury properties who crave a swift sale at the best possible price. But with countless listings competing for attention, how can yours stand out and attract qualified buyers? The answer lies in Average Days on Market (DOM). This crucial metric impacts selling speed and the final price, significantly impacting your bottom line.

DOM refers to the average number of days a property sits on the market before being sold. It's a key indicator of market health and a property's appeal. A low DOM signifies high demand and buyer interest, while a high DOM might raise concerns about the property.

source: Lonres

Summary

• 71.6% have been on the market for over three months

• 56.3% of properties currently available have been on the market for more than six months.

• 47.4% of properties on the market have been reduced in price

• 12.1% Average discount on initial asking price

The Cost of Waiting:

Time is money, especially in real estate. A property lingering on the market can lead to:

• Stale Perception: Extended time on the market creates the impression of underlying issues, deterring buyers.

• Listing Fatigue: Unsold properties become "stale listings," losing appeal to buyers and agents.

• Price Reductions: The longer it sits, the more likely sellers feel pressured to lower the price, sacrificing profit.

The Power of a Quick Sale:

A shorter DOM can significantly benefit your sale:

• Increased Buyer Interest: A fast-selling property attracts more buyers, potentially leading to bidding wars and a higher sale price.

• Enhanced Value Perception: A quick sale suggests a desirable property in high demand, justifying a higher asking price.

• Stronger Negotiating Position: With multiple interested buyers, sellers hold more leverage, potentially securing better terms and a higher final price.

Strategies to Reduce DOM and Maximize Profits:

• Strategic Pricing: Price your property competitively based on market data and recent sales to attract more buyers quickly.

• Enhanced Marketing: Leverage professional photography, virtual tours, and targeted online advertising for maximum visibility and buyer interest.

• Staging and Presentation: Showcase your property's potential by decluttering, staging, and making minor repairs to create a stronger first impression.

• Responsive Communication: Promptly respond to inquiries, schedule showings, and accommodate buyer requests to demonstrate seller commitment and expedite the sale.
  

With an average of 242 days on the market in Prime Central London it is clear in the competitive world of real estate, understanding DOM is crucial. By furnishing sellers with relevant key metrics and market activity on buyer interest, we aid our clients in avoiding the pitfalls of a lingering listing and achieving a faster, more profitable sale.

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