Long Days on Market – Good or Bad for Buyers?

October 23, 2008 | By Kelley Koehler | Filed Under Home Buying

Speaking of long days on market…

Question: Is a high days on market in Tucson good or bad for me as a home buyer?

Answer: It depends. A house that has been sitting the market forever could mean several things.

If the price hasn’t changed in a long time, it could mean that the Seller isn’t very anxious to sell, and is waiting for a fantasy buyer to snatch up their home at the fantasy price.

If the price hasn’t changed in a while, it could also be that the Seller is bumping up against their break-even point, and doesn’t have cash to bring in to sell at any lower price, and doesn’t want to short sell the place.

If there have been regular price adjustments, then that Seller is probably ready to get out of the house, and may be ready to make a deal. They may have started their price too high, or are in an area with lots of bank owned homes, and are chasing the market downwards to compete with those kinds of prices.

There’s always more to the story than just the days on market. A peek at the history and a call to the listing agent will usually give us better perspective.

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