Updated about 5 hours ago on . Most recent reply
Is a property being on the MLS 30+ days in a scortching hot market a red flag?
Hey there! I am a new real estate investor looking to purchase a single family long term rental in Rochester, NY. I'm planning to buy a property that could use 25-30k of rehabbing. This particular property I'm looking at was listed for 35 days then relisted at a 10k discount, the area and property looks incredibly promising but I'm weary being it didn't sell in a red hot market during the summer. I have been coming across similar proprieties with similar stories. My agent noticed the property may of have been tenant occupied at the time which may be the reason?.
To what extent is excessive days on market a red flag to you? Does this mean there is clearly some issue its not selling or could be attributed to other factors?
I mainly do not want to waste my agents and contractors time (and my money) in assessing properties that have have major red flags. I am hungry and want to offer asap but don't want to lower the bar for a bad deal. Any advice!
Thank you,
Ethan
Most Popular Reply
#4 General Landlording & Rental Properties Contributor
- MD/DC
If it sat and they reduced it in my opinion the clock restarts. I'd look at it if it seems like a decent deal. Without knowing any details at all my first guess is that it isn't cheap enough for hardcore investors and yet too ugly for the average home buyer which has always been my sweet spot as a small investor.