Days on market matter because they serve as a crucial metric of a home’s selling potential. In most markets, especially rural or less densely populated cites, the number of days has a serious influence on a potential sale. In addition, buyers have a greater advantage when attempting to negotiate a lower price, the longer a home is on the market.
According to the National Association of Realtors, the average home stayed on the market for three week in 2018. In most cases, homes that stay on the market for only a few days usually sell at asking price or higher. However, if the home stays on the market too long there could be several reasons why.
Days on Market Warning Signs
But why do days on market matter? What does it indicate to the average homebuyer or seller? The first impact is the negative perception a home can give to potential buyers. The longer it stays on the market, the more people would have looked at it. This means out of all the families that checked out this this house, no one liked it enough to make an offer?
If the property looks desirable, is in great condition, in a nice neighborhood and all the other indicators are looking positive, then there must be another problem. Of course, there is! This means there is either an underlying legal issue with the home, a structural defect naked to the eye, or the price is just too high. In most cases it’s the price.
Days on market matter only when comparing it to listings in your particular area. A home in a densely populated neighborhood in New York City might stay on the market for a week. However, somewhere like New Mexico might be as high as 75 days. So be careful to jump to the conclusion right away that a home is overpriced as a buyer or seller. Let the market steer you in the right direction and be wise to what’s happening around you.
How to Sell Fast
Sellers can put an end to misperceptions and sell their homes fast. Research and decide on your price. Balance ambition and high hopes with realistic expectations. Do not overprice your home because guess what? Everyone else does their homework too – not just you. Find the number. Stick to it – at least initially. Hey, if it’s priced right you may even trigger a bidding war. This is especially the case if you price below other homes in a market that has an inventory shortage. That’s why research is pivotal.
Make your house a home. Let it appear move-in ready and you will remedy a lot of anxiety from potential buyers. Let them picture themselves in your home. Make them thirst to live there. Make minor fixes, stage the furniture and clean up.
Timing is everything too. No one sells their home in the winter. Wait for the spring or summer if you can because there are more buyers.
Remember – when selling your home – days on market matter. It can say a lot about your home and its potential. Do not let that stop you in your tracks. Can’t wait? Request a cash offer from WeBuyHouse to find out how much your house is worth. We are making selling quick, easy and stress-free for homeowners