Our guide to how long a buyer should view your property
Once your property has gone up for sale, if marketed correctly, you will start to receive requests from potential buyers who want to view your home.
We've talked about how to carry out a successful viewing before, but how long should the prefect viewing take?
Well, of course, there is no exact science to this and each case will differ. Recently, though, consumer watchdog Which? released some interesting data which might give you a better idea of the UK average.
Depending on your target demographic, the average length of viewings will differ, according to Which?. For example, those aged 18-34 spent an average of 49 minutes viewing a property, while over 65s spent 74 minutes inspecting their next home.
The first-time buyer group spends an average of 53 minutes viewing a home, the organisation reports.
As you can see, no matter the demographic it seems the optimum and most common viewing time is around the hour mark.
That's not to say that all prospective buyers take their time when checking out their next home. Which? says that 10% of people it spoke to had bought a property in the past five years without viewing it all!
While we would not encourage anyone to purchase a property without viewing it first, this study shows that every buyer is different and as a seller you may need to be flexible to accommodate their needs.
Another upshot of the study is that there seems to be a correlation between the time spent viewing a property and the subsequent percentage of the asking price paid.
Viewing for longer appeared to have a negative impact on the price secured by the sellers, with 71% of those who spent more than two hours viewing a property paying less than the asking price.
On the other hand, only 48% of those who spent less than ten minutes viewing paid below the original asking price.
Of course these figures might not ring true in your situation and a buyer who spends three hours viewing a property might actually end up purchasing for more than the asking price.
What they do show, however, is that a property viewing, successful or otherwise, could have a significant impact on the outcome of the sale of your property.
If you require further advice on buying or selling property, here at Tepilo we'd be delighted to help. You can contact our personable and experienced team on: [email protected] or 01702 870878.
What's more, our instant online valuation tool can give you an idea of how much your property could be worth on today's market.