We’re back to bust some more Myths!
Let’s talk about one we hear often. There are a variety of indicators we look at when evaluating a property. One of those indicators is “Days on Market” or “DOM.” Often times, a great house, in a great neighborhood, at a great price will sell in a matter of days. Some homes may never even make it to the market before offers are made. Once you see this happen a few times, it’s understandable that homebuyers look at homes that have been on the market longer, and begin to question why. Here’s where the myth comes in…
The Myth: This home has been on the market for more than 30 days. There must be something wrong with it!
We understand that when a home has been on the market longer than you are used to seeing, it is natural to wonder why. The important part here is not to jump to conclusions.
The market is constantly changing and evolving, as are expectations for both buyers and sellers. If you are going to sell your home, you don’t want to leave money on the table, right? For that reason, sellers may list their home at a price they are hoping for, and then adjust the price over time based on the interest they receive.
The result is an increased number of days on market, and a seller that has become more realistic through their experience. In many cases this can lead to smoother negotiations, and both sides feeling like they are walking away with a fair deal.
Also consider this. Looking the most recent market activity report from NTREIS, the days on market average across North Texas is at 61 days. Even though it may feel like a home you are considering has been on the market for long, it may still be below the market average.
All of that being said, it is best to always conduct thorough due diligence when evaluating a property, even when there aren’t any perceived red flags. Your agent knows what to look for, and in the event you see something concerning, don’t hesitate to ask.
More mythbusting to come!
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