How long, is too long, on the market?

Question

I've heard people say a listing is old or stale or that's it's been on the market too long. I'd assume those are house's which likely get reduced in price or possibly would be willing to negotiate a bit more liberally. But how long is too long? I'm sure all markets are different and year to year may change. But is there a generally accepted rule of thumb anyone can offer?

Ty

Mindy Jensen · Answer

@Marty Gold , it is location specific, but even sub-location as well. And it is compared to the other homes on the market at that time. So my area is super hot, and everything sells within a week. 2 weeks is a long time to be listed. A home down the street was significantly overpriced and sat on the market for more than 180 days before being pulled right before Christmas.

When I sold a house on a lake a few years ago, lake houses would sit for months - even years - before selling. Those listings didn't become stale, because they had a specific - and very small - market.

Patrick Liska · Answer

Marty,

I think it all depends on the area and if people are actually looking in that area. Right now it is Spring, this is the time most people look for a new house. Not every house is a perfect fit for everyone. Some people will not like a house because of the interior paint color or the carpet, that does not make it a bad house, but people get turned off by that. If a house is staged to sell, I think it should sell within the first couple of weeks of being listed. 60 days is long but I wouldn't consider it stale, just a possible opportunity to get a better price. I think you will get a better price if the house is over 100 days, that's usually a little over midway of a Realtors contract and they will be trying to convince the seller to sell at a lower price, just so they can get the sale.

Daniel J Aldrich · Answer

I'm looking at a duplex that has been on the market for roughly 3.8 years.  I just found out it's part of an estate which is why they are trying to sell it.  It looks like they replaced the roof in November, and raised the price $20,000 (roughly $15,000 over tax assessment).  Should I lowball an offer for this place, or do you think I would be offending the owners?

Marty Gold · Answer

Great.  Ty

Andrew Johnson · Answer

@Marty Gold I'm pretty sure that Realtor.com pulls directly from MLS.  I'm not 100% sure so don't bank on that.  However, I do think MLS will keep more detailed records if you were looking to pull info on sold comps.  Realtors can chime in on that one.  At the very least you can track price reductions and days-on-market for specific properties on (most of) the free services.

Marty Gold · Answer

Do you need the MLS to follow the market?  Can this be done with free places like zillow or other such places?

Marty Gold · Answer

That's very helpful.  Thank you.  Do I need an agent to gather info for me on other homes in the market or can zillow/realtor.com be trusted for more of a DIY approach?

Marty Gold · Answer

60 days?  Wow that's a lower number than I thought.   thank you

How long, is too long, on the market?

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