Selling a house is tough – this is what we hear each day in the property market, but without any real indication of just how tough.
Quick Move Now decided to take a look by selecting a few properties that we have bought and sold at random and pulling of some key statistics. Here they are, and they ain’t pretty!!!
Firstly, we need to point out that these properties have not been picked to prove a point, they are truly random, and we have many more examples of similar scenarios!
We are a cash purchaser of property, so we bought and then resold each of these properties. We calculated the time on market from the time the vendor initially put the house up for sale until the time that WE sold it. Therefore, officially, two house sales took place in this time, but as one of them only took seven days, this did not significantly impact the overall total time to sell.
In every case, the eventual selling price was much lower than the initial asking price – between 24% and 35% lower in fact. This was despite spending between one and two years on the market. It could be argued that in order to sell your house quickly you need to reduce your asking price, but this shows that even if you are patient, you may still not be guaranteed a better price.
Every case is different and there are still some people selling a house that find it is snapped up at the asking price immediately, however, the situations demonstrated here are unfortunately the norm for most.
Quick Move Now is the UK’s leading home buyer, offering a quick, secure and hassle-free house sale. Our experienced team, efficient processes and substantial cash reserves enable us to make immediate purchases, so vendors can sell their house quickly and move on with their lives.