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Hi Brian - The days on market (DOM) is an interesting indicator. Generally, DOM is the time that the property has been listed with a Real Estate Agency. There is also, cumulative days on market (CDOM). CDOM is the total number of days the property has been marketed, without being off the market for longer than 31 days, by the same or competing real estate firms. There is pricing history that is available to real estate agents that will show you exactly what this number represent. As for making a below list price offer on the property - it depends. The subject property needs to be compaired with similar properties to determine the "market" value as Curt indicatd below. The bank wants the higest and best price and they want the property off their books, however, they are not going to give it away. THe banks usually base their listing price on broker price opinions (BPO) or appraisals - they do their homework. Its possible that the BPO is not accurate or outdated. At the present time, there are 383 homes for sale in san benito county of which 171 are active and 212 are pending (in contract). A year ago, there was 568 active listings. While prices are lower - the "screeming deal" is much much harder to find due to competing offers. The present market is one of multiple offers on properties due to the thin inventory. If you done your homework you'll have an idea of what compairable sales are - get an agent and write up - best wishes!
Wed Jun 17 2009, 08:46
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