Blog Post 20: 60 Days on Market?! Something Must Be Seriously Wrong!

In the past, a buyer could see the number of days on market and conclude “there must be something wrong with the house,” if the number of days exceeded 30.. many buyers still determine their offer price based on this number.

With the ever changing market there are new and different explanations for stats like this.


Currently, sellers are experiencing longer days on market if they listed their house right at the spike of interest rates.

Sellers are also seeing longer days on market if they have the mindset of a seller 6 months ago, when homes were selling within days with multiple offers.

This mindset hurts sellers in the current market as they’ll list too high and have expectations that simply cannot be met in this market. 


If you’re seeing a house with 30, 60 or even 100 days on market, there may not be anything wrong with that home at all. It could simply come down to timing and affordability for buyers.

Interest rates being where they are at, are pricing manny buyers out of the market. 
Homes are certainly still selling, but they are experiencing multiple price drops with an initial aggressive list price.

 
It’s also important to be aware of the fact that some areas are more favorable than others, and each different division, neighborhood or even street has a unique demographic and that buyer you’re looking for is likely waiting and watching those interest rates. 



So next time you go to view a home that’s been on the market for a while, don’t go into the showing with the mindset of looking for what’s wrong, or why no one else wants the house. Instead, work with your realtor to customize an offer. Buyers and sellers are negotiating creative deals in this market which is a huge benefit to buyers who are willing to consider buying right now.