Q for buyers re: Days on the Market?

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09-03-2008 at 6:00 PM

spritz

Joined on 07-19-2006

Missouri

58 Posts

1,332 Points

spritz is not online. Last active: 12-02-2008, 6:07 PM

Q for buyers re: Days on the Market?

How much does a house's Days on the Market affect your decision to see a home? Our house has been on the market for 5 months (150 days) and our realtor says that can start to have an impact on showings.

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09-03-2008 at 6:09 PM

clowe

Joined on 09-24-2005

The sunshine state

60 Posts

2,097 Points

clowe is not online. Last active: 12-03-2008, 10:30 PM

Speaking from a realtor's point of view and as a buyer i'd say that she's referring to the potential offers that you'll get. Many buyers will assume that you are desperate to sell if you've been on the market for awhile (especially in this market) and lowball based on their assumption w/o researching or even considering that your home is probably worth what it's listed for. That's what i'm assuming your realtor meant.

**with cuties like this, who wouldn't want more?

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09-03-2008 at 6:13 PM

georgia_peachy

Joined on 10-22-2005

Louisville, KY

624 Posts

11,319 Points

georgia_peachy is not online. Last active: 12-04-2008, 4:31 PM

For us it wouldn't have an effect on whether or not we looked at it, but as pp mentioned I would try to low ball you. You might be desperate and you might just take it. Just the thought process changes I think.

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09-03-2008 at 6:14 PM

spritz

Joined on 07-19-2006

Missouri

58 Posts

1,332 Points

We were having an email conversation about why our showings had slowed down, and he said that some people may not come to see it if the DOM are high.

I definitely understand taking DOM into account when making an offer, but he was definitely referring to showings.

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09-03-2008 at 6:29 PM

Olive21

Joined on 06-17-2008

135 Posts

2,325 Points

Olive21 is not online. Last active: 12-03-2008, 5:33 PM

High DOM might also make a potential buyer think that you are very stubborn and unwilling to negotiate - so if your price is near the upper end of their range or slightly out of their range, they might forego seeing your property b/c they would assume since you haven't taken anyone else's deal thus far, why would you take their offer? Also, it can make people think that there has to be some major reason that it's been on there so long, like there is actually something really wrong with the place.

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09-03-2008 at 6:31 PM

MrsTJ

Joined on 09-19-2005

South Bend, IN

229 Posts

4,849 Points

MrsTJ is not online. Last active: 12-02-2008, 2:37 PM

That's interesting. In all the houses that I looked up online, I couldn't tell how long they had been on the market for (that info isn't readily listed on MLS). We just looked at homes that were what we wanted, in our price range. Though, once we marked it off the list, I never went back to them again. So, if someone's been looking for 3 months and passed your house up once, they're going to continue to pass it up until they find a different home to actually purchase.

But yes, I would low ball you once I decided I wanted the house and my realtor found out how long it was listed for. We did that for our house, but agreed upon asking price + 6% assistance. It was listed for 60 days, and as far as I know, no other offers had been presented. (Her decor is terrible - I think some people couldn't see past it).

Courtney -- Isabella Addison 5/16/06 - Alivia Sunrise 9/6/07 (16 months apart)

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09-03-2008 at 6:37 PM

katiekate1974

Joined on 04-22-2005

No. Mass

134 Posts

2,609 Points

katiekate1974 is online. Last active: 12-04-2008, 6:32 PM

Like PP, I'd low ball you. I actually LOOKED for houses that had been on the market for a while in an effort to get a better deal. The longer a home was on the market, the more appealing it was to me....it worked out for us! We got a house with comps upwards of $50k more than we paid. That probably doesn't help you, though, does it?

http://infertileisthenewbitter.blogspot.com/

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09-03-2008 at 6:56 PM

lyrical

Joined on 06-09-2005

438 Posts

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lyrical is not online. Last active: 11-23-2008, 8:38 PM

As a prospective buyer, it makes me wonder why nobody else wanted it at a price the sellers found acceptable. Our market has cooled some, but most homes in our price range that are marketably priced are sold within 45 days.

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09-03-2008 at 6:58 PM

spritz

Joined on 07-19-2006

Missouri

58 Posts

1,332 Points

I would love any offer right now--even if it was low. We bought really low, and so we stand to make a profit even with a low ball offer. We're in a terrible market--nothing is moving. Many homes are on the market anywhere from 100-300 days. Our price is right in the middle of our comps.

I just want to get to a point where we are having showings again.

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09-03-2008 at 7:17 PM

Mrs.BoomBoom

Joined on 05-14-2007

San Jose, CA

6,578 Posts

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Mrs.BoomBoom is not online. Last active: 12-04-2008, 5:55 PM

When we were 1st looking, DOM didn't influence us. As time went by though, we'd have already seen your home. I also agree w/ pp about the price.

On July 21, 2007 Tine married Ray and tineoak became Mrs. BoomBoom

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09-03-2008 at 9:55 PM

Angeldcf

Joined on 12-07-2004

Frisco, TX

760 Posts

14,261 Points

Angeldcf is not online. Last active: 12-04-2008, 4:25 PM

lyrical:

As a prospective buyer, it makes me wonder why nobody else wanted it at a price the sellers found acceptable.

Agree. We looked at DOM and CDOM (cumulative days on market) as some suspect sellers will take their house off the market only to quickly relist it. We asked the sellers (via REAs) to explain the high number. The house we ended up buying was 11 DOM though.

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09-03-2008 at 10:52 PM

CCinLove

Joined on 04-18-2008

74 Posts

1,383 Points

CCinLove is not online. Last active: 12-04-2008, 5:20 PM

We didn't pay attention to DOM at all. We looked at everything that met our criteria. I would guess that there are only so many buyers in any market at any given time, and at some point showings would fall off if most of the potential buyers have already seen or eliminated your home.

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09-03-2008 at 11:23 PM

TarHeels&Rebels

Joined on 11-05-2005

Tennessee

1,012 Posts

25,570 Points

TarHeels&Rebels is not online. Last active: 12-04-2008, 1:43 PM

For folks who said they didn't know how long it's been on the market, if you check the MLS daily (um, obsessively), you'll learn which numbers are the newest.

Can you have your realtor just relist you? Same price, same everything, just give you a new MLS number to put you back at the top of the pile? That way an agent would actually have to pull the report on your house to see how long you've been on the market, but buyers would think it's a new listing.

I, like the others, would go lower on my offer, but wouldn't not look. I have a good eye and can see the bones of a house and often think lots of houses get looked over because of things that are easily changed (decor being the biggest).