Find Your Home!

Monday, May 04, 2015

What does days on the market tell a buyer?

One of my previous posts talked about the days a property has been on the market and what it meant.   Buyers should use all available information  including days on the market when deciding on how much to offer for a property.  

If a house has been on the market for an abnormally long period or more than the usual what does it tell the buyer?  

Your Brevard County, Florida buyer's agent will be able to determine how many cumulative days a property has been on the market as well as the current days on the market
Cumulative days on the market is the total from listing date to current day.  It does not take into account any contracts, temporary withdrawals, etc.  The current days on the market is most useful as it reflects reflects the time since some event occurred such as a price reduction or a property's return to the market.
In a brisk residential real estate market like Brevard County, a buyer should interpret fewer days on the Marketa as a signal to look now because properly priced homes in move in condition do not last.   And if viewed and liked, decide now - not next week.

So why do some homes stay on the market longer?   There are a host of reasons ranging from priced too high,  priced wrong for condition, circumstances of sale (short sale, foreclosure) and other reasons.

Sometimes it may simply be a property is unique in style or its price range.

For example, high end properties (over a million dollars) have a smaller potential buyer pool in Brevard County, Florida.  There are currently 13 properties for sale in Brevard County listed at $3,000,000 or more.  There are ninety six residential properties listed at or above a million dollars.  The number of buyers shopping in this range is certainly limited.  No wonder some of these sit on the market for years.

Regardless of the specific DOM standard used the time a property has been on the market is an indicator of something.

Extended days on market always indicate an issue - whether disclosed or not!  Here area a couple of related articles....

Ready to buy a home in Brevard County, Florida?  Call me at 321-693-3850 if I can help.

Follow by Email