Days on Market

25 Replies

I do not have a realtor, how do I find out how long a sold property was on market before it was sold. Any other resource to get this information other than a realtor.

Zillow works.  Why are you interested in DOM?

Joe Villeneuve
REcapSystem
A2REIC

Keep in mind though that it isn't important how long a house has been listed as much as how long it has been listed at the price it sold at.  All the other DOM before the sale price just tells you those AP's were wrong.  All you are really looking for is what the right price is...and how long it took to sell at that price.  Also, start you count of days from the time the price changed to the sale price to the time it was taken off the market...not when it shows as sold. The house sold when it was taken off the market.  The time from then, to the time it shows as sold is just how long it took to close.

JV

thank you all 

I tried all the three websites but I did not see  how many days the property was on market before it got sold.

Joe,  the reason I want know the DOM is to determine the average number of days you can expect your property to be sold. Joe explanation on DOM makes sense.

Bimal,

Give me that address and I'll look it up on Zillow for you...and see if I can post an image of it here.  Send it to me privately if you don't want anyone to know the address.  I don't invest in NJ so I'm no threat.  I'll send you the image and/or link back in private email

JV

150 Franklin ave, rockaway, nj

Bimal,

You're correct.  That property isn't showing any history at all worth looking at.  Sometimes the last sale was an off the books sale, and never listed...so it will show one sale right after another.  Could very well be what is happening here.

I can tell you though that FindCompsNow  .com shows a value of 214k

JV

Hi Joe,

Here is what I am trying to achieve,get three SOLD within last 90 days and how long where these properties in market before they were sold.

The other property address I looking for DOM is 158 Rockaway Ave, Rockaway, nj.

I also am looking to get the number of bed and bath for 150 Franklin ave and even went to the tax assessor web site to get that info but seems like they do not capture that info.

Even for my own house they do not capture the bed and bath info. 

Do you have any other site where I can get bed and bath info on a house.

Originally posted by @Joe Villeneuve:

Keep in mind though that it isn't important how long a house has been listed as much as how long it has been listed at the price it sold at.  All the other DOM before the sale price just tells you those AP's were wrong.  All you are really looking for is what the right price is...and how long it took to sell at that price.  Also, start you count of days from the time the price changed to the sale price to the time it was taken off the market...not when it shows as sold. The house sold when it was taken off the market.  The time from then, to the time it shows as sold is just how long it took to close.

JV

This is an excellent point. You will be amazed at how quickly houses sell shortly after a price drop to the RIGHT price. It really is all about the price.

Bimal,

When you are looking for DOM you look at the DOM of the comps in the area though...not the house that you are looking at buying.  Here is what I just found based on houses within a mile, and sold within the last 60 days, and close in sq ftg to the property you sent me:  1074 sq ft

Sold For                            SQ ftg           DOM

$327,000                          1312              6
$229,000                          1726            45
$310,000                          1271             34
$285,000                           1040            6
$273,000                          1450             48
$328,000                          1104             33 

My guess, not having seen any of the properties, you're looking at just under $300k in around 30 days.  Trouble is, I'm working with only a little info, so you need more info to analyze, and every area is different.

What you need to do is list all the properties that sold within the last 60 days, within 10% of the sq ftg of the subject property, and see what the high, low, avg sales prices were, and the high/low/avg per sq ft price was and then the number of days for those groups.

Then see if you can spot a trend.

JV

As far as getting the specs on a house (bed, bath, size, etc...) that is why you need to work with a Real Estate Agent. Just make sure it is one that regularly works with Investors. Just because they say the do, doesn't mean tha actually do. Ask them how many investors, and how many house they've closed with investors. Then the most important questions of all, ask them if they've gone to the special class on HUD. If they say no...move on.

JV

Joe,

Great tips, I worked with about 5 realtors but never got the information I asked.

By the way how did you get the DOM on the other properties in you list.

Thanks

Originally posted by @Bimal Doshi:

Here is what I am trying to achieve,get three SOLD within last 90 days and how long where these properties in market before they were sold.

This is why I disagree with others about the value of Zillow, Trulia, etc.  They generally get their data from the public records, which are often not updated in real time.  It could take 90 days or more for a deed to get recorded, and if data is coming directly from the recording office, that comp will be out of date by the time you see it.

Secondly, depending on when/how the agent updates the MLS listing will determine what DOM reflects. For example, when selling houses, we like to wait as long as possible before we move the listing to Under Contract, as that was we maximize our time to get a back-up offer. So, the DOM might appears to be several weeks when in reality the property was under contract in the first day or two.

If you want timely and accurate data about your local market, you need access to the MLS (or access to someone who has access to the MLS). Anything else is less than optimal.

J Scott,

You are correct in what you say about Zillow, for instance I would never use teh Zestimate for anything but a laugh, but the DOM aspect has value.  Your comment on Under Contract is also correct, but I was referring to the time laps between the last Price Change and the Listing Removal....when that Removal is followed by the Sale.

The most important item I take from your comment overall is why I also mentioned the need for using a Real Estate Agent...one that actually works with Investors.

JV

Bimal,

Do a search for sales comps for that address, then click on the individual properties that pop up,  Scroll down the list until you see the History.

JV

Thanks  Scott.

Once I sent a property information to one of the realtors to give me a CMA on the property, she went and listed it under her name, never gave me the COMPS, but luckily the se will not be able to find any info on the property because the owner is not selling the property but her daughter and none the phone numbers are listed and the owner also does not stay in the same house. It is very hard to find a god realtor.

Joe provide great guidelines on choosing a realtor.

Joe,

Could not get to the DOM, on ipad version I think the screens are not the same or navigating to the right page may be different on laptop/desktop.

Bimal,

I wouldn't know about that.  I use my Android, laptop or desktop to access.

JV

Hi Joe,

What are the fields diplayed when you scroll to the History section,
I see a list with SOLDs in the area, displays fields like date sold, sqft, beds, bath(If available), distance from the subject property etc...

Thanks,
Bimal

Click on each property link and the data for that property comes up...including the History...when you scroll down.

JV

Thanks let me try.

By the way the offer on the property I was considering and for which I was look for the COMPS, got rejected.

Appreciate your help.

I'm going to throw my hat in the ring here and question the usefulness of DOMs. It's still a buyer's market where I invest. An average duplex in my neighborhood is worth $100k, and DOMs will vary from 5 days to 300 at that price point. The only thing DOMs will tell me is the price where a deal becomes a firesale. The only explanation I can think of is that there is still a low supply of qualified buyers.

Hi Christian,

Thanks for the input.
Some of my buyers require that for all the SOLD properties that I have listed to derive ARV of a property the also want to know how many days were the SOLD properties were in the market before they sold at that price.
This way they are also ensuring that it is a moving market and not a stagnant market.

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