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Wednesday, December 22, 2010

Days on the Market: Should it really matter to a home buyer?

Good houses, priced right don't last so sometimes the number of days a house has been listed is of little use in determining a valid offer price.

Further, if a property is the right one for a home buyer then the days on the market should not be a major issue (although I am not implying a total disregard).

If a house (or condo) has been on the market for any length of time there are a couple of ways to view the property as it pertains to pricing (and any offer price). 

If there has been no price change.
  • I would tend to give greater consider of the DOM if a property has been sitting for an extended period of time at the same original list price.  I would question the seller motivation.  Why would someone deal with showings for an extended period of time with no offer?  Actually the answer is they are not dealing with showings!  If it is priced inappropriately they (buyer prospects) will not come! 
If there has been a price change.
  • Another consideration is the amount of change.  I saw a listing this morning with a $100 change in a $200,000+ price.   That does not indicate any motivation at all on the seller''s part!
  • The first thing I would look at is how long ago the price was changed.  I would attempt to get a read from the listing agent on market activity since the price change.  This may be a bit like a poker game as he may either be bumping the number as a bluff or maybe telling the truth.  After all, the listing agent has a responsibility to the seller - period.  Don't expect the listing agent to compromise the seller position in any way. 
If you are ready to buy or sell a house in Viera, Rockledge and Melbourne, Florida, I would appreciate an opportunity to work with you. Call me directly at 321-693-3850 or email me.

Gary L. Waters PLLC, Fl Licensed real estate agent, Century 21 Baytree Realty, Rockledge©

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