Do “Days on Market” Really Matter When Selling A Home?
Knowing how many days a home has been on the market can tell you a lot as a potential buyer. However, this statistic can also be deceiving. So, what exactly are “days on the market”? Austin explains in this weeks Theory Thursday!
Do “days on the market” really matter? In a word, yes. But the number of days on the market matter differently for buyers and sellers. .
Days on Market is a common statistic found on many Multiple List Services (or MLS’s). It tracks how long a home has actually been listed for sale. This number gives sellers, buyers, and real estate agents an idea of how well a home is being received.
Many issues can affect how long a home sits on the market. It can need a lot of work, be over-priced, or even under-priced. Maybe the listing agent sold the sellers on a high listing price. Maybe the seller isn’t super motivated to sell. The house might not have been show-ready when it was listed, causing the number of days on the market to go up. Or if the house is occupied, it may have too many restrictions on when it can be shown, also increasing the number of days on the market.
The longer a home sits on the market without an offer, the more that buyers question if there is something wrong with the home that is causing it not to sell. As a result, some buyers may not even consider a home with a longer than normal time on market.
The ideal timeframe for a home to get an offer is within the first 30-60 days of being on the market. If the home is on the market for longer than 60 days with no offers, the seller and the real estate agent should be revisiting a number of things in order to determine why no offer has come in.
If your home has been on the market longer than average, talk with your real estate agent about solving this issue. If you are a buyer, don’t shy away just because a home has been on the market for a long time. It may just be your dream home.