We hear this question way too often and there are reasons why the answer might be totally meaningless or misleading.
- When the D. O. M. number is very high it may possibly be because the home began at an exaggerated listing price and lingered longer on the market. That same home may have begun price reductions too late and got caught in the trap of chasing the market down. Very often these properties turn out to be good buys because the listing becomes “stale” and it gets ignored even though it may have reached a price point which represents great value. Just because the number of days on the market is high, it does not mean that there is something wrong with the home.
- The seller could have temporarily taken the home off the market while they are in town for the winter season – which happens a lot around here. That could change the actual number of days on the market by 60 or 90 days.
- The home might have been tied up with a contract for a while before the contract fell through because of financing.
- A listing that shows a very low number of days on the market may be misleading. When a listing is about to expire, a listing agent can either extend the listing (carrying the same MLS #) or could choose to start a new listing with a new MLS#.
“How long has this home been on market?” is actually the wrong question. The correct question is, “What is the Listing History” of this property?” Knowing the history behind the number of days is what matters. As agents, we have access to information in the MLS system which is not available to the public. One of these features is the “Listing History” which shows us every change in a property listing – intial list price, reductions, increases, pending status, withdrawals from the system, expirations and listing terminations.
Buying a home in Naples or Bonita Beach FL is easy when you have a local and knowledgeable professional on your side. We work exclusively with our buyers and sellers – Call us today at 239-776-5077
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