Oro Valley Real Estate - Are Days on the Market Important?
It is an especially critical number to take into account and the amount of time the home is posted on the MLS.
A home that has their days on market listed as one or two, means the place was just listed.
If the home has 100 days on market, that means the seller has been trying to find a buyer for a long time.
So what days on market tells you is more than just how long the place has been for sale. It also provides insight into how the house has been perceived by buyers in general.
A buyer makes an offer on your home after being listed on the market for 48 hours. As a seller, you may not feel very desperate to cut a deal – after all, you just listed the place – and as such, you may be pretty rigid about the sale price. The buyer, meanwhile, will know that the house is new to the market, and will expect you to be pretty hard-lined about what you will and won’t accept. The offer you get will probably be fairly close to the list price.
In a second illustration, imagine that your home has been on the market for 60 days. Buyers will assume that you’ve had a lot of showings but not a lot of offers – and they may even assume you’re getting antsy to sell. Maybe even antsy enough to accept their offer, even if it’s fairly lower than anticipated.
Both illustrate a simple point: It’s important to sell your home quickly. The longer it’s listed, the harder it’s going to be for you to get your price.