Days on the Market
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With the abundance of property information available at the fingertips of buyers on the internet, one of the most-used pieces of information when looking at listings is days on the market.
Just as the heading declares, it gives buyers a quick and easy glance as to how many days a property has been listed with no sale. Markets vary, but a general rule of thumb by real estate agents is a listing goes stale at around 30 days.
Buyers use the days on the market information to immediately determine the possibilities of pricing. If they are interested in the property it signals an opportunity to present a lower than listing price offer. In most markets a stale listing will usually require a reduction or correction in price to revive and generate new interest and visibility. Sometimes multiple corrections if the initial listing price was too far off the market value.
Correcting the price after a listing goes stale signposts a downward trend and often results in disappointing results. The importance of succinct pricing at market value is clear. Trying a higher than market listing price for even a short amount of time will quickly add days on the market and funnel the listing to a stale with price correction listing.