Tag Archive | "days on market"

Is The “Days On Market” Number Important To Buyers And Sellers?

Is The “Days On Market” Number Important To Buyers And Sellers?

For my 29 years in real estate, the “days on market” stats on listings has always been tracked. It’s always a discussion between buyers and their agents and  it’s used in price opinions as a measurement tool.

Typically, buyers ask “how long has it been on the market?” When a property is listed for longer then the average time (100-120 days in our area), you will see them cringe a little. So my question is, should the “DOM” number influence buyers and is it a factor in what initial offers?

Years ago on MLS you had to do a little research and add up the days. Now, a click of the button gives the cumulative days.

So, back to my original question: Is measuring “days on market”  truly meaningful in the exchange of real estate or a barometer of anything important? Extended time on the market is reflective of resistance in the market to condition, location and ultimately price. But, don’t buyers already determine what they are willing to pay?

I think buyers are smart enough to figure out the value (or lack of value) on a home without examining the time on the market. Do you think it’s important to track “days on market”?

Posted in Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Is The “Days On Market” Number Important To Buyers And Sellers?

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