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How long has this home been on the market?
By Dan Nappi | March 8, 2008
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.
Topics: Buyers |
March 9th, 2008 at 1:58 pm
Dan, great post. This is a topic that has become more and more relevant over the last year. We have the same problem here in East Tennessee. Having said that, I make it a point that when ever I have a listing presentation I stand pretty firm on what I believe the listing price should be according to the comps. If the sellers want to list it higher with the idea of coming down if we have to, I pass. Properly and competitively priced homes sell. More important now than ever.
March 9th, 2008 at 6:17 pm
Hi Annie, Yes great point regarding listing price it is by far the most important factor in selling a home especially nowadays. We work with a lot of buyers and still find homes way overpriced but it has been a lot better lately with homes being priced accordingly to the market conditions.
March 16th, 2008 at 7:07 pm
This is one of reasons I try and convince buyers not to list too high to start off with. Because even though I try to tell my buyers the difference between a house that has been listed for 250 days at the same price vs a house that was just reduced by 20k last week but also has a 250 dom, many buyers see the stat of 250 days on market and will keep walking.
March 18th, 2008 at 12:42 pm
This is a great post! Sometimes there are some diamonds in the rough that were mishandled and lead them to be left stagnet on the market. These are potential great buys as you say since the owner is getting tired of waiting for the home to sell.
August 9th, 2008 at 9:45 pm
Good post Dan, I think that people need to understand that there is more to the picture than just the length of time the home has been on the market. Thank you for bringing up the more critical points as to the listing history of a home. You should also add to this the number of different listings there are many listing agents will completly reload a listing so it shows fresh again