It always amazes me to see agents leave a property on the market for years and years. While not everything sells of course, it sure looks bad to see a property that has been on the market for more than a year.
One of the first questions that I often get when sending a list of available properties is, “Why has this one been on the market for so long?”
No one notices that the price had been reduced several times, or that the market has been slow here for a long time, but they almost always focus on the market time.
The lesson is to take the property off (90 days in our MLS,) and reset the clock at least once a year. It’s easy and makes your home or land look “fresh” again.
When we talk about days on market, we’re talking about the amount of time the home is posted on the multiple listing service, or MLS, which allows real estate agents to search for local properties for sale.
The timer starts whenever a house is officially listed on the market, and it ends when the seller has a signed and accepted contract with the buyer.
So, when you’re browsing real estate sites and you come across a home that has their days on market listed as one or two, that means the place was just listed.
Chances are, it hasn’t had very many, if any, showings yet. By contrast, if the home has 100 days on market, that means the seller has been trying to find a buyer for a long time – and things aren’t going well. 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.