By looking at the number of days on market, buyers and sellers can save money during a home sale.
Today we’ll be talking about the number of days on market and why it’s an important metric for buyers and sellers alike. Essentially, the number of days on market measures how long a property is listed before it is sold.
There are a few different ways you can interpret this information as a homebuyer. Our latest market numbers show that the list-to-sale-price ratio is at 99.3%. This means that if someone tries to sell their home for $100,000, it’ll sell for around $99,300. If this home has only been on the market for a few days, it’s unlikely that you’ll be able to get it for a lower price.
When a market has been on the market for 100 days, however, it tells us a few things. It shows that the house may not be in perfect condition or that its location is not in high demand. Regardless, a high number of days on market means the seller is having a hard time selling. For buyers, this as an opportunity to make a lower offer.
Sellers may receive an offer at list price after just a few days, but they may wish for multiple offers or higher ones. However, it’s usually a good idea to take offers that are close to list price. That first offer is often your best offer.
If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.