Real Estate by Debbie Reynolds: Why Do Buyers Want to Know Days on the Market?

Why Do Buyers Want to Know Days on the Market?

QuestionsInquiring Minds Want to Know.

 

This is a point of discussion in almost every showing when a buyer is really interested in a property. How long has this property been on the market? In a hot market, buyers may be asking it because they know properties sell fast and if they don't act quickly, they may lose an opportunity to even make an offer. 

 

Many times this information is on the public websites and buyers know when the properties come on the market and when they go off the market or come back on. We are dealing with very tuned in buyers in 2018.

In a normal market, buyers want to know why a home hasn't sold yet especially if the home appears to be in good condition and priced fairly. This can be cause for concern and prompt the buyer to ask more questions about the neighborhood or potential problems with the home. Nobody wants to feel duped by a pretty package to find out they got a lemon.

In a slow markets, the days on the market question causes the wheels to turn in the buyer's head. How much lower can the offer be? Is the seller unreasonable about possession dates or participating in paying closing costs? Maybe the seller will be so glad to get an offer he will throw in the patio furniture, the pool table and flat screen TV. The buyer is thinking, how will this benefit me?

When showing homes if my buyers are seriously considering a home, they want to know the answer to the question. The days on market does not always reflect a true picture of what has gone on. It could be pure circumstances that the home has not sold or closed and could rest on the fact that previous buyers were not qualified or had unforeseen events that caused the sale to fall through at the last minute.
 

The buyer's real estate agent should try to find out the history and report to the buyer but that is not always easy. The listing agent may say nothing or say I cannot tell you. One thing for sure is that buyers want to know and if the days are long, the offer to the seller will likely be lower.

 

For real estate in Clarksville TN, contact The Real Debbie Reynolds at 931-320-6730.

 Centruy 21 Platinum Properties2130 Wilma Rudolph Blvd.

Clarksville, TN 37040

When you need Real Estate services in Clarksville TN

                  it would be my pleasure to assist you!                             

Debbie Reynolds
"The Real Debbie Reynolds"

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Comment balloon 45 commentsDebbie Reynolds • March 16 2018 03:28AM

Comments

Good morning Debbie. Days on the market always enters into a buyer's decision of what to offer. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 9 months ago

Hi Debbie.  This can be a very misleading number and often induces buyers to make bad decisions.  Interested as well as offers should be based on other facts.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 9 months ago

Debbie, you're right days on market is something buyers want to know. I agree with Gabe Sanders there are times it's a misleading number and a bigger story behind it which can cause bad decisions to be made. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) 9 months ago

Hi Debbie - today’s buyers have all of the information. It is our job to explain and help them understand. It  is a trust factor. 

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 9 months ago

Debbie Reynolds  It is public knowledge in our area . It may make it easier to make an offer or include sellers assist if the property has been on the market for a long period of time .

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 9 months ago

I too get that question from my Buyer's for the same reasons you stated. Thanks for sharing I hope you enjoy the weekend.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) 9 months ago

Another great post and (again) you are absolutely correct Debbie Reynolds buyers do want to know the days on market, it is valuable information in the negotiation of the property.

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) 9 months ago

After price, one of the first things buyers seem to ask. Of course, many of them think if days look high they can "steal" a house because the seller must be desperate.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) 9 months ago

Debbie, the days on market do tell a story to the buyer, and there is a chance a buyer can get a lower price.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) 9 months ago

Here in our condo market, the days on the market doesn't matter...They are SOLD before buyers can even ask this quesiton!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) 9 months ago

Debbie sounds like Buyers asking "how many days the house has been on the market", is much like what I get asked all the time, "do you think the rates are going to go up".

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 9 months ago

You got it Debbie - and George Souto echoes another frequent question. I'll add -  "Do you think prices are going to continue to rise?"  At least we can answer the days on market questions with some degree of certainty. :) D

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 9 months ago

        It is imperative for Sellers to price their houses correctly when they put them on the market.  "Days on market" is much easier to find thanks to Zillow and other sites.   When the Buyer sees months and months on the market, the questions are "Can I get a deal on this house?" or, "What is wrong with this house?"

Posted by Fred Griffin, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) 9 months ago

Hello Debbie,

Great post and congrats on the feature from the God's ;o)

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) 9 months ago

Every buyer is looking for a deal and they think the longer on the market, the better the deal.

Posted by Ellen Caruso (Daniel Gale Sotheby's International Realty) 9 months ago

Hi Debbie - why do buyers want to know.  Because they want to know as much as possible.  Yes, inquiring minds WANTto know.

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) 9 months ago

Debbie, I find that these numbers can bee "cooked" and then it could be even more misleading the buyers, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 9 months ago

Thank you for sharing this. 

Posted by Golden1 Agents 9 months ago

I can lecture on Real Estate for hours as it all connects to so many things. One thing alone like DOM is just part/slice of the Real Estate pie. Hearing/understanding another matter. Hire-up and then listen-up 

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) 9 months ago

I do get this question quite often. Sometimes the reasons a home is still on the market have nothing to do with the house. 

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 9 months ago

Ever hear the expression...hot off the shelf? People relate to whether it's a hot deal , in my humble opinion. And also as a bargaining tool.

Posted by Raul Rodriguez, Looking out for the client's interest and not my p (Covenant Partners Realty) 9 months ago

This is a great post and very true, sometimes buyers don't understand why the days are long and make wrong presumptions. We had a listing recently, buyer took us under contract in a matter of days with two offers, went through inspections, home got appraised and then just before Xmas the buyer was laid off. Mortgage was denied. We went back on market but we lagged as everyone presumed there were now problems and as days mounted offers got less.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 9 months ago

The high DOM is like a fever temperature. It is a red flag that something is preventing the sale. Usually unless it is lots of crazy seller contingencies, too high a price, poor condition that prevents financing underwriting, it is lack of marketing. Or all the above Debbie Reynolds !

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) 9 months ago

Yes, it IS a popular question, and the answer so often is that it just came on the market.  Buyers assume a house that has not sold quickly has something wrong. After price, and days on market, they often ask WHY are the sellers moving?!

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 9 months ago

A lot of people (above) have pointed out that the buyers may look at days on the market as an indicator of something wrong or perhaps a crack that they can use to get a better price. Possibly, but it could also mean a seller that refuses to budge or a sellers agent that cant control the seller or may be inexperienced and dosent know what they are doing. Point is, it is one of several factors that needs to be evaluated "with" not by itself. 

 

Posted by J Perrin Cornell, Broker, ABR, VAMRES (Century 21 Exclusively, Wenatchee, WA) 9 months ago

Hi Debbie Reynolds Thanks for the great blog.  Your last paragraph says it all for me. Ask questions if it has been on the market for a while. If the listing agent cannot or will not answer them...knock on the neighbors door and ask away.

I showed a home recently that looked great in photos but the agent was not sure why it had not sold.  When we looked at it...we opened the door to the attic on the addition...and it was full of snow...and the old roof that was underneath part of it was still able to drain...thus no ceiling damage (yet)...but it made my clients run faster than a hungry kid at the dinner bell....

Posted by Mike McCann - Nebraska Farm Land Broker, Farm Land For Sale 308-627-3700 or 800-241-3940 (Mike McCann - Broker, Farmland Broker-Auctioneer Serving Rural Nebraska) 9 months ago

Congratulations, Debbie, on your feature recognition. This is good advice to share.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 9 months ago

In my area if the days on market are more than 4 days then you can visually see why by just looking at the house.

Posted by Sussie Sutton, UTR TEXAS Realtors - Rep for buyers and sellers. (UTR Texas Realtors) 9 months ago

Debbie,

 You are correct about days on the market, we have a home has been on there awhile but everyone wants for below cost, we can't do that it is priced right so we will just wait! Great blog! Congrats on the feature!

Posted by Yolanda Cordova-Gilbert 9 months ago

I think DOM is very important.  For me, anything over 45 in this market means there is something wrong with the home.  Hate to say it but I don't need to spend my time trying to figure out why other agents are not selling a listing that's been sitting around.  Obviously there's something wrong with it. Nice post Debbie Reynolds .  I don't hear that Q asked as much as other's relating to price such as why are they moving. 

Posted by Jim Cheney, Rincon Valley Realtor 707.494.1055 (Saint Francis Property Santa Rosa, CA) 9 months ago

This is a grea blog post Debbie, and congratulations on the feature. 

Posted by Joyce Marsh, Daytona Beach Florida Real Estate, Daytona Beach Area Coastal Homes and Lifestyles (Joyce Marsh Real Estate) 9 months ago

Hi Debbie: Great post--- I have seen this lately: Owner wants to make sure the public does not know how long its been on the market. After overpricing it and having it sit for 2 years I come on the scene and they want me to be the one who takes it down--remove it from the system (we don't have an MLS here)  they say and we will give you the listing. Sounds good except theres a big problem: Our listing department will not EVER take down an active listing just to put it back on the market in a few days at a new price...This is a problem from an ethical standpoint and I turned down the listing.  They were still going to be too high in their asking price, by the way ---sad.

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) 9 months ago

I tell flippers all the time...if that fixer upper has been on the market over 30 days don't touch it with a ten foot pole because if it was worth flipping someone with cash in hand would have already snatched it up.

Posted by Chad Felter, Providing service through out Hampton Roads 9 months ago

We see this often when it's a property that's hard to finance, so it could be a red flag.

Posted by Andrea Moore (The Mortgage Market of Delaware) 9 months ago

Most homes with excessive DOM has more to do with the sellers and not the agents or the property. Most agents will allow the seller to dictate the marketing terms and conditions just to secure the listing and hopefully, after weeks or months on the market, adopt new terms and conditions that are comparable to its FMV. 

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) 9 months ago

Great post!  Our MLS has a history button and we can easily see when it was listed, when price reductions were done and for how much, if it was previously pending when it came back on market and more.  It is a very helpful tool.

Posted by Terry McCarley, REALTOR, SRES, CDPE - Cape Coral, FL (REMAX Realty Team - Cape Coral FL) 9 months ago

When considering a home versus an automobile, the time its for sale is similar. Consumers will normally ask about this.

Posted by Ron Aguilar, Mortgage & Real Estate Advisor since 1995 (Continental Mortgage) 9 months ago

In a seasonal/vacation area (such as mine) days on market can be huge, many times close to a year. We constantly have to educate folks as to the reasons why.

Of course there is always the over-priced ones...

Posted by John Dotson, The experience to get you to the other side! (Preferred Properties of Highlands, Inc. - Highlands, NC) 9 months ago

It's human nature to suspect something is wrong if a product is not selling. Nobody else wants it, why should I?

Increasing the chances of less DOM is something stagers promote when marketing our service.

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) 9 months ago

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