Days On The Market

Days On The Market

Have you ever wondered how much the term "Days on the Market" can affect the dynamics of buying or selling a home. Well, the short answer is a lot. I've had the pleasure of working with several sellers this year and the one consistent question by  buyers has been "How many days has this home been on the market?"

It's definitely a legitimate and well deserved question. One of the obvious psychological theories is the longer a home home been on the market, the greater  the seller is willing to negotiate in terms of price reduction. But alas, Ive found this to  not always be true. Sometimes, the seller has dropped that price to their "rock bottom" and they will hold hard and fast to that reduced price. Sometimes, the seller  doesn't have to sell. The home could also be overpriced and the seller simply wants to determine what their home might bring..... GIVEN THE RIGHT PRICE, that is....... Like everything there's generally a flip side to the coin.

The flip side would be for a home that has "Just Hit" the market. In this case, you as a buyer, should keep in mind that if the home has only been on the market 1-2 days, the seller is probably anticipating a nice offer. Why would the seller accept the first offer that comes along if its not exactly what they want? The seller has all the time in world to sell, right? Be aware though, there are exceptions. I watched a beautiful home continue up and up on days on the market. No fanfare, no offers, in what was a sellers market. I found out later that the home at one point had been under contract. The deal fell through and it was BACK on the market starting at "day one" as a new listing. What was the problem? The previous home inspection had reveled mold, foundation and water mitigation issues, meaning thousand of dollars in repairs. Yes, it was priced okay. Yes, it hadn't been on the market long but given the cost and amount of repair work I watched buyers consistently pass it by while other sellers were receiving multiple offers.

One of the best ways to figure out where the seller stands in terms of price negotiations/days on the market is to have your agent ask. The seller might not always disclose to you their reasons for "Days on the Market" but the old adage is true, you never know til you ask. One of the most important factors is to have your agent run an accurate Comparative Market Analysis. The analysis is of benefit not just in terms of home value but it will also give you an detailed average of "Days on the Market" for that specific neighborhood. Another suggestion is to perhaps conduct an inspection on the forefront PRIOR to making an offer. If the deal doesn't work out, yes you would be out the money for the home inspection, but it would at least give you a piece of mind in terms of long term issues.

Lanna Smith Headshot
Phone: 615-477-1667
Dated: June 22nd 2014
Views: 1,821
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