Trivial mistake could see property sellers lose £57k as buyer demand drops
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A shabby paint job, an unpleasant smell and weeds in the garden can make a bad first impression on homebuyers when they’re viewing a property.
According to the latest industry insight from eXp UK, a bad first impression could end up costing property sellers a whopping £60,000 in the current market.
A survey from the platform for personal estate agents surveyed over 1,000 UK homebuyers to have purchased over the last year to find out how important that first viewing is to potential buyers.
With the property market cooling down and buyer demand levels falling, first impressions are now pivotal.
The survey from eXp UK shows that almost half (46 percent) of potential buyers will spend between just 15 and 30 minutes in a property when forming their first impression.
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Furthermore, 93 percent will likely request a second viewing based purely on their first impression of the property.
However, if that first impression has been negative, 78 percent stated they would not return for a second viewing.
Only a third of respondents would seek advice from the estate agent in question if a property made a poor first impression.
Prospective buyers who would view a property again despite a bad first impression, 86 percent said they would offer less than the asking price as a result.
Fourteen percent of respondents said they would offer up to five percent less, while the majority (35 percent) said they would offer as much as 10 percent below the asking price.
Shockingly, a notable 23 percent said they would offer up to 20 percent below the asking price, which equates to a massive £57,172 of the current average UK house price of £285,861.
Some respondents (13 percent) said they would offer more than 20 percent below the asking price.
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Bad first impressions included the exterior appearance of a property, the size of the property itself and the interior decor and furnishings.
Bad smells were also influential when it came to first impressions followed by the appearance of the front garden.
Head of eXp UK, Adam Day, said making a good impression is “vital” when it comes to selling a property and making a property appealing to buyers.
He continued: “When it comes to selling your home, making a good first impression is vital if you want to entice enough interest and this has become particularly important of late, as buyer demand levels have dropped and market conditions have cooled.
“Sellers simply can’t afford to deter buyers through something as trivial as a poorly kept front garden, or the need for a lick of paint.
“Even if a buyer does decide to make an offer following a bad first impression, the chances are they will do so for a good chunk less than your original asking price.
“On the other hand, making a good first impression can help smooth over any other minor imperfections your home may have, so it’s well worth investing the time and effort into ensuring the key areas of your home are up to scratch.”
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