Imagine you’re looking for a new home and come across one that seems to be just what you’ve been looking for. It’s got the amenities you want, the price is good and it’s in great condition. You ask your Realtor how long it’s been on the market and they tell you it’s been on the market for four months. Does that change your mind about the home?
Days on Market is a myth– it doesn’t show the desirability of a home anymore than being single at 40 shows that someone isn’t lovable. Sometimes good homes go unnoticed and sometimes there are reasons a good home, priced well, hasn’t sold fast. Maybe it was being remodeled during that time, perhaps it wasn’t accessible and couldn’t be shown very easily, or maybe the sellers received a lot of offers but haven’t accepted any yet.
Maybe it’s been under contract and off the market for much of the time. Sometimes agents or staff don’t update the MLS info timely (or at all). If a home is listed Jan 1 and the seller accepts an offer on Jan 3, that home now should show as “under contract” on the MLS. but if the sale fails because the buyers can’t get their loan and it’s put back to “active” on Feb 13- the MLS shows that home has been on the market for 44 days when it’s actually only been available for three.
When you go to the store to buy a new shirt do you ask how long the shirts have been for sale or how long that line has been out- and would it matter either way? Of course not- you either like the shirt or you don’t. And that’s how buying a home should be…
When you are looking for a home make it easy on yourself- determine what’s really important to you, go see all the homes that meet your criteria and buy the best one. Working with one of the best agents in the market will ensure that you get a fair price and terms that work for you.
And have some fun shopping for your new home…