Days On Market-Does It Matter?

By
Real Estate Agent with Coldwell Banker D'Ann Harper REALTORS® TX License #0566780

Days On Market-Does It Matter?

Days on market is a statistic or data point available on our MLS. Buyers usually ask how long a property has been on the market. I know as a negotiating strategy, we maybe a bit more aggressive in a pricing offer if the property has been on the market awhile.

Days on Market-Don't OveranalyzeI encourage buyers to avoid getting hung up on the number of days a house has been on the market. The real issue should be, is this the house for you and can we structure an offer that will work for the buyer and the seller?

What seems to happen in cases where the house has been on the market a short period of time is buyers does not want to act too quickly. There maybe something else out there better than this one and if we wait awhile, the price on the house in question maybe reduced. Wrong strategy if you like this house. Better to make an offer, with a reasonable price now than to wait. If you like the house, chances are someone else will snap this one up before the price is reduced.

Now for the houses that have been on the market awhile, the buyer's concern that maybe something is wrong with the house and that's why it is still on the market. I find that in many cases houses are on the market for extended periods because the market does not agree with the owners price. The inventory of available homes is high enough that buyers, in many cases, are not making offers on houses deemed to be overpriced.

Its been my experience over the past year that most houses on the market for extended periods of time are unsold becasue the market does not agree with the owner's price. So if you like the house, make a reasonable offer, based on what other homes are selling for in the area, regardless the number of days its been on the market. Obviously the Seller's Disclosure and Inspection will be used to help you come to a final decision on the property.

Don't let the "Days On Market" be the over arching statistic used to determine if this is a good deal or not. If you like the house, make an offer.


Looking for a good Realtor® in San Antonio? Let me Google that for you.  

                                         Coldwell Banker D'Ann Harper logo
    
Wayne Johnson                                   
18756 Stone Oak Parkway                   
Suite 101                                
San Antonio, Texas 78258 

 

e-mail: wjohnson@cbharper.com
Tel:      210.483.6329
Website:www.Wayne-Johnson.com

Texas Real Estate License #0566780

Texas Law requires all real estate licensees to provide the following information about brokerage services:

http://www.trec.state.tx.us/pdf/contracts/OP-K.pdf

 

The information, opinions, suggestions, and ideas contained in this blog are mine, and are not necessarily those of Coldwell Banker, Coldwell Banker D'Ann Harper Realtors. Information contained herein is deemed reliable but should be verified before acting upon.
 

©December 2010 By Wayne Johnson All Rights Reserved *Days On Market-Does It Matter*


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Re-Bloggged 6 times:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 12/19/2010 06:45 AM
  2. Tony Marriott 12/19/2010 07:40 AM
  3. Judi K Barrett 12/19/2010 05:37 PM
  4. Gabe Sanders 12/20/2010 09:17 AM
  5. Karen Kruschka 12/20/2010 12:33 PM
  6. Sharon Alters 12/20/2010 12:40 PM
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Location:
Texas Bexar County San Antonio The Vineyards
Groups:
All Thing's Texas
Texas Real Estate
Tags:
days on market
over priced houses
reasonable offer

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Rainmaker
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Dorie Dillard
Realtor-Canyon Creek- NW, Austin TX Homes For Sale
Coldwell Banker United Realtors

Good morning Wayne,

Great post and congrats on the feature. I agree if the house appears to be priced right chances are other buyers will feel the same and they will make an offer beating you to the punch! Homes that have been on the market past the average days on market for your area and appear to be over priced will invariably get low offers! Always better to price it right in the beginning!

December 20, 2010 09:26 AM
Rainmaker
496,105
Patricia Aulson
Realtor - Portsmouth NH Homes-Hampton NH Homes
PRUDENTIAL VERANI REALTY- Portsmouth NH Real Estate

Good post today, I enjoyed the read.   Yes, I too agree with what you've said in the post.  Lots of good comments as well.

Patricia/Seacoast NH & ME

December 20, 2010 11:18 AM
Rainmaker
496,105
Patricia Aulson
Realtor - Portsmouth NH Homes-Hampton NH Homes
PRUDENTIAL VERANI REALTY- Portsmouth NH Real Estate

Good post today, I enjoyed the read.   Yes, I too agree with what you've said in the post.  Lots of good comments as well.

Patricia/Seacoast NH & ME

December 20, 2010 11:18 AM
Ambassador
1,422,768
Karen Kruschka
- "My Experience Isn't Expensive - It's PRICELESS"
RE/MAX Real Estate Connections

Wayne  You have explained this very professionally - buyers should base an offer on comparables in the area

December 20, 2010 12:27 PM
Rainmaker
971,016
Sharon Alters
Your Fleming Island Relocation Agents.
Coldwell Banker Vanguard Realty

Wayne, this is a great post explaining the REAL reason why many homes have long Days On Market. Once they get the price where it should be, they get an offer. However, with the lon DOM, savvy buyers want to lowball...

December 20, 2010 12:36 PM
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Rainmaker
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Wayne Johnson

San Antonio REALTOR, San Antonio Homes For Sale
Call Me to Help you Buy or Sell your home.
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