Should you buy a house that’s been on the market a long time?
“I’m not sure about this one – it’s been on the market for so long” is a common observation we see when evaluating homes.
The reasoning is: “there must be something wrong with the home. No one else seems to want it. Why should I?”
Days on the market (DOM’s) do not always tell the whole story.
Here are a Few Cases Where High DOM’s can be Misleading:
- Listing Initially Overpriced: Probably the most common reason for high DOM’s. The house may be perfectly fine, but just in the wrong price bracket
- House Listed with Difficult or No Showing Procedures: The home may be difficult to show and racked up days on the market. Agents may even list a home without having a prepared plan in place (not having lockboxes set up, occupants are not aware of showings, etc). This can build up DOM’s quickly.
- Listing Not Updated Property: Agents sometimes do not update the MLS when a home goes under contract. They may forget or do this intentionally to generate more buyer leads. However if the accepted deal falls through, DOM’s can accrue more than example 1 and 2 combined.
These are just a few real case studies we have seen many times. There are countless examples of why perfectly fine houses could stay on the market.
The exciting thing is there is opportunity where others overlook.
Every property has a story. The key for us as agents is to dig into that story. More importantly, it’s about analyzing the home in relation to the market and other opportunities available. Sometimes there is something wrong with the property. In other cases, such as the examples above, maybe nothing at all.
There is treasure where others don’t look. It’s a matter of turning over all stones
If you have further questions and would like to discuss in greater detail, please contact me here:
Robert O’Keefe, ROK Realty
Broker of Record – Keller Williams Park Views
(201) 372-4084 (cell: text/call)
(201) 939-0050 (office)
