Number mof days on a listing
Should the number of days that a property has been listed determine if I should consider purchasing a property? How should that factor in on my decision?
@Wave Taylor
Only as much as to determine motivation. An owner with A property that's been listed a while may be willing to accept a more investor friendly price.
If a property has been listed on the market longer than the average then there’s usually something going on. It’s either overpriced or something could be wrong with it. Make sure to understand the area the average days on market and the after repair value. I target vacant properties that have been on the market for a long time and have had price reductions. I have been able to get some great deals this way.
#1 Massachusetts Real Estate Q&A Discussion Forum Contributor
- Real Estate Agent
- Boston, MA
- 1,439
- Votes |
- 1,865
- Posts
#1 Massachusetts Real Estate Q&A Discussion Forum Contributor
- Real Estate Agent
- Boston, MA
It should not consider if you should buy a property.
I think given the competitive market it's a consideration of the condition of the home, motivation of the seller, and marketing done by the agent.
@Wave Taylor
I think Gary Keller from the Millionaire Real Estate Investor said something to the effect of (re: the time a property is on the MLS).
"You want to be the first or the last to make an offer)
@Wave Taylor usually there are 3 main reasons why a property seats on the market for long.
1. Asking price is too high.
2. Structural issues with the property, but the price is not reflecting it. ( if the properties good location with value add opportunity then it would be attractive AT THE RIGHT PRICE)
3. Marketing is no good, a Broker is not doing his or Hers job properly.
Bottom line is to investigate the reason, if the price is too high then time is often the best solution.
ie. make an offer and follow up with the broker / seller regularly. at some point they may become more realistic or motivated. OR they may get that price, because an investor from California will over pay.
@Wave Taylor - It can be a good opportunity for a low offer, maybe seller financing, who knows.