Days On the Market

By Robin Shapiro

Days on the market is the number of days a property is listed before it actually sells. Nationally, currently about half the houses take longer than 66 days to sell and half take fewer than that. Days on the market is an indication of the competitiveness of a listing.  Buyers may assume that something is wrong with a listing which is on the market too long.  They may think that the house is overpriced or has defects.

Buyers may get the idea that there is the possibility of negotiation in the price. Further, buyers can infer that the seller isn’t in a hurry to sell – therefore the buyer might be able to take more time in the closing process (closing date, inspections, etc.).

The buyer of a property which has been on the market a long time should:  check the listing history for price reductions; get a thorough inspection; carefully check the comparable sales and listings of similar properties; and ask why the property has not sold yet.

A high number of days on the market is not always a red flag. Expensive homes or homes with special features often take longer to sell because the pool of buyers for such properties is smaller. Call me. Love, Robin