Why time on Rightmove can cost you thousands...
In the property world, there is a silent value-killer that many sellers ignore until it’s too late.
It’s not a damp patch, a noisy neighbour, or an outdated kitchen.
It’s time.
Specifically, it’s your property’s "Time on Market" (TOM).
While some sellers think they are "testing the market" by holding out for a high price, the data tells a different story: after a certain point, the market starts to penalise you.
The 11-day window
According to a report from the HomeOwners Alliance, a property’s "Golden Period" is incredibly short.
Properties that achieve 100% (or more) of their asking price have typically found a buyer within the first 11 days.
During this window, your listing is fresh, the algorithm pushes you to the top of search results, and buyers feel a "Fear Of Missing Out".
But once you cross the 30-day mark, the leverage begins to shift.
The "time on market penalty" explained
By the time a property has been sitting for 6 months - or in extreme cases, much longer - it develops a stigma.
Human psychology relies on "Social Proof." If a house sells in a week, we assume it's a gem.
If it sits for two years, we assume it has a "hidden defect" that 500 other buyers were smart enough to spot.
We’ve all thought: “What’s wrong with it?” as a buyer, right?
The result? To overcome that doubt, you don't just have to drop to the correct market value; you often have to drop below because the only interested buyers are the ultra-shrewd ones, waiting for a bargain.
Doing the maths: The cost of time
Let’s look at the financial reality of a property worth £176,000 (The average house price in Hull & East Yorkshire:
Sold within 11 days: Expected price achieved: £176,000+
Sold within 30 days: Expected price achieved (2% drop): £172,480
Sold within 90 days+: Expected price achieved (4.5% drop): £168,080
The "chasing the market" trap
The biggest mistake sellers make is overpricing "just to see."
They then make small, incremental price drops in an attempt to regain the interest that would have been there from the beginning, if the price was right.
The bottom line
A correct valuation on Day 1 isn't just a number - it's a marketing strategy in itself.
It creates the momentum needed to drive competition and secure the best possible price. If your property has been sitting for months (or years), it’s time to stop looking at what you want and start looking at what the Time on Market is doing to your “walk-away figure”.
Want to make sure your property leads the market?
Contact our team to book a valuation and we’ll show you how to maximise your walk-away price to make sure you move with more: hello@wigwamhomes.co.uk /01482505152