How Buyers Look at Days on Market There are no ifs, ands or buts about it. When buyers see extensive days on market, they figure the seller is desperate to sell because the home is still on the market. Buyers also believe there might be something wrong with the home that caused other buyers to pass it up. Both of those assumptions, however, can be wrong. Homes can linger on the market for the following reasons: · The common reason is overpricing.
The agent may have overstated the current home value to the seller believing the home was worth more than the market will bear in its current condition and what comparable homes are selling in the area · Little seller motivation.
Sometimes sellers want to "test the market" by pricing too high, just to see if they can find a buyer to pay that price. It's known as a sellers worst mistake · Stubbornness.
Sellers could be stuck on the price and willing to wait out the market until the market catches up to the asking price. In an adjusting market, its almost impossible to ever play catch up without a large price reduction to gain the markets attention. · Down real estate market.
In a buyer's market, it can take longer to sell a home than in a sellers market. A home that would sell in five days in a seller's market might sell in 90 days in a down real estate market and homes correctly priced will reflect lower time on the market vs over priced homes · Unavailable to show.
If the property is rented, it might be difficult to obtain an appointment from the tenant and this can be common sometimes in a resort community. In most cases, homes fitted with a lock box get shown more often than those without due to easy access with permission of the tenant and the listing broker. · Unsuitable to show.
Sometimes sellers put homes on the market before they are ready to let buyers see it. They might be finishing repairs, painting during the first 30 to 60 days of a listing, and the home was put on the market too early. With proper coaching from their real estate agent, they will advise the owner the appropriate time the property should be placed active in the local market · Lack of exposure to the internet market · 84% of all buyers search the internet for their properties, spend time saving their favorite properties, then eliminate down to a few that meet a majority of their search criteria. Sellers often make the mistake of not taking part in the national branding of their property by listing with a nationally recognized real estate company with worldwide exposure into multiple areas of the internet. Minimal exposure results in minimal awareness from the buying market |