Homes with asking price reductions take twice as long to sell, says Zoopla

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Andrew Feinberg

White House Correspondent

House sellers who end up needing to slash their asking price typically see their property taking more than twice as long to sell as homes with no price reduction, according to a website.

Zoopla, which released the research, said it was important that sellers remain realistic on pricing, particularly if they are serious about moving home.

It found that it takes about a month – 28 days – on average to agree a sale where there has been no asking price reduction.

But among sellers who have cut the price by 5% or more, the typical time to sell is 73 days.

Zoopla said about a fifth of homes on the market had the asking price reduced by 5% or more in August.

Richard Donnell, executive director at Zoopla, said: “Momentum in the sales market continues to build as mortgage rates drift lower and more and more sellers gain the confidence to list their home for sale.

“Buyers have much greater choice which will support sales numbers, but this will keep prices rises in check.

“Buyers have less purchasing power than two to three years ago and remain price sensitive meaning sellers can’t afford to get ahead of themselves on where to set the right price for their home.

“If you need to cut the asking price by 5% or more then your home will (typically) take twice as long to sell or may not sell at all.”