One of the first things a buyer asks about a listing is its days on market. Days on market matter. To determine the average days on market, agents take the last 30 days to six months of sold listings, add together the days on market (before each listing went pending) and divide that total by the number of listings.
Do Average Days on Market Matter? Which is more important? 16 average days on market or the number of days on market of each listing? If you're a buyer, of course, it's the home you want to buy that matters. If you're a seller whose home has been on the market for 17 days, you will have fallen into the lower 50% of homes that sold over the previous month.Â Â
How Buyers Look at Days on Market. There are no ifs, ands or buts about it. When buyers see extensive days on market, they figure the seller is desperate to sell because the home is still on the market. Buyers also believe there might be something wrong with the home that caused other buyers to pass it up. Both of those assumptions, however, can be wrong.
Homes can linger on the market for the following reasons: Â Â Â Read more...