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Wednesday, January 14, 2009

Days on the Market...a good tool for buyers and sellers!

As a buyer one bit of key information you should consider is the number of days a property has been on the market. At a minimum the days on the market (abbreviated DOM) may give you some insight into the property or seller. Some of these include:

  • Price. If it was priced too high initially and has been reduced several times, the price may still be a little high.
  • Condition. If a property has been on the market longer than normal for the neighborhood or area (such as Viera or even Auburn Lakes in Viera), then it may indicate the condition is not appropriate for the price.
  • Seller motivation. Possibly directly related to the price or possibly offers have been received yet no negotiation!
  • Distressed sale. Short sale properties often receive multiple offers and some of these lenders are taking forever to respond. As a result some buyers walk leaving it on the market even longer!

I do like to caution sellers about putting too much reliance as to the "average days on the market" for an area as it really does not reflect the "real market." Short sales, over priced listings, and other issues can skew the days on the market. Take a look at what has sold in the past 60 days - that will tell the real story!

Sellers must not be complacent about themselves if they have had a house on the market 120 days and the average is 120 days. You want to be under the average!

Gary Waters, Florida licensed real estate professional, serving buyers and sellers in the Viera, Suntree, Rockledge and Cocoa areas of Brevard County Florida.

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