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What Is “Days On Market” And How It Affects The Home You’re Selling

Posted by iSell Properties on June 7, 2016
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Image By: Gimme-Shelter

There really is no predicting when it comes to how long it will take you to sell your home. There are multiple factors that affect a home’s success in being sold. There are a lot of possible circumstances that can hinder or delay your home from finding its rightful buyer. If you are concerned about your home’s marketability, here are some of the things that you need to know about ‘days on market’ and how it affects your sale in progress.

What is Days on Market?

Days on market literally refers to the number of days a home has been listed for sale on the market. This figure can be found on multiple listing systems and it suggests the overall popularity of a home to both agents and buyers. The manner of determining the importance of a home’s ‘days on market’ may vary from one listing site to another, but it is a common belief that after a specific time frame, a home may lose its market value.

What your home’s Days on Market say to potential buyers

When it comes to home selling, the goal is to sell the property in sixty days or less. If you are unable to sell that quickly, people can assume that there is something wrong with the property. It would be either that the price is too high or the home is in a bad shape. In general, having a high days on market number can give potential buyers some negative presumptions about your property.

What to do when your days on market are increasing

If you got past 30 days without any luck in finding the right home buyer, you might need to start figuring out what’s wrong and what you can do about it. Sit down with you estate agent and brainstorm about the steps you can take to attract more potential buyers. Generally, it could only be about the price. It’s either your home is nice looking but pricey, or its price is not apt for its condition. In such case, there are three things that you can do: you can drop the price a bit and see if that improves the offers you receive; you can add in a key selling feature to help attract buyers; and if you are not in a hurry to sell, you can also remove the home from the market for a short while so as to restart the counting. iSellProperties

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