Most Popular Question: How Many Days Has The Home Been On The Market?

As a Realtor, one of the questions I’m most often asked by buyers is, “How long has the home been on the market?”

Buyers naturally assume that if a home has been on the market a long time that they can make a lowball offer and get it at a lower price. Sometimes this is true, but not always. And here’s why.

1. If a home is priced correctly (at market value) it will almost always sell in 30 days or less. Every Realtor knows this and nearly every seller refuses to believe it. That’s why so many homes stay on the market for 6 months to a year, or more. Sellers who over price their home are rarely ever open to low ball offers, no matter how long their home has been on the market. The reason they over priced it to begin with is because they have little motivation or need to sell or move.

2. Something major is wrong with the home, or it needs a lot of work (most of our desert mobile homes were built in the ’60s and ’70s and need a lot of work).

3. The seller or listing agent have made it very difficult for anyone to get in to see the home (this is the most common reason).

4. It’s already been in escrow and fallen out. Sometimes multiple times for any number of reasons. This means the price is correct and eventually the right buyer will make it all the way through escrow. In cases like this, there is no reason for the seller to lower the price.

5. The HOAs (monthly homeowner association fees) or space rent are very high.

The point I want to make is that days on market is rarely a good way to determine what price a home will sell for. The best way is to ask your Realtor. We know what similar homes have recently sold for in every community and we also know, in general, if the majority of homes are selling for above asking price or below. And if they are selling below, for how much below.

Contact me today, if you’re thinking about making an offer on a manufactured home and I’ll help you make an offer that will be accepted.

Email: stevestewart@kw.com or call the number above.