When looking at homes buyers first question is usually how long has this home been on the market? It is a good question to ask no doubt since a home that has been sitting on the market are homes that buyers feel they can negotiate more. Some buyers won’t even consider a home that has been on the market a long time which they feel do I want to buy a home nobody else wants? What is wrong with it?
I think important question’s to ask are, what is the status history of the home? Meaning how many times the price has been lowered, what is the difference in the original list price and the current list price, how long has the home been on the market at its current price.
A home could have been sitting on the market for 300 days at a price that was not market value and now is at or even below market value with a price change. In most cases in homes that have high (adom) average days on the market typically you will see the price dropped several times.
So buyers just because a home has been on the market for a long time don’t assume nobody wants it or there is something wrong with it, weigh all the factors I have explained and you may just find yourself a real nice home.