Every time we have an open house, I'm asked how many days the home has been on the market. Nobody asked this question 10 years ago, but it's an important part of real estate now. Here's why.
Today I wanted to talk about how a house's days on market impacts the sale.
When we do open houses for our clients, we meet a lot of buyers, and they often ask us how many days the house has been on the market. It's a funny question that nobody asked 10 years ago, but it has become a very important factor in real estate.
When I answer, I always give a qualified response and say, "At this particular price, the house has been on the market for 10 days," or, "With me as an agent, this house has been on the market two weeks," or something along those lines.
The reason to qualify this answer is because days on market is something you shouldn't take at face value. Some houses may show many days on market, and in some markets, that's very normal and really doesn't mean anything. Other homes may have many days on market, and that could mean that there's something wrong with the house. It may have been priced or presented wrong, and the buyer should take that into account.
Don't take days on market at face value; ask your agent to explain.
If there is an accumulation of days, the buyer should ask the agent to explain days on market. As you may know, some sellers play a trick with days on market by taking the property off the market, waiting until the calendar stops, and putting it back on the market.
Always ask your agent to explain days on market for a house you like, and don't discount a house entirely because you see a lot of days on market.
If you have any questions about days on market or about the D.C. real estate market, give me a call or send me an email. I'd be happy to help.
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