How many days has it been on the market?
One of the first things a buyer will ask me about a Spring Texas house is “How many days has it been on the market?”
Days on Market (DOM) is a measurement of time. It represents the number of days a house has been listed as Active on the Spring Texas real estate market.
If the house has been on the market for a short time, buyers believe the sellers will not be willing to take much less than the list price.
But if the house has been on the market for a long time, buyers believe the sellers must be ready to sell and will take significantly less than the list price. Buyers also believe that if the house has been on the market for a long time then there surely must be something wrong with the house. Both of these assumptions can be WRONG!
There are many reasons that a house can linger on the market for a long time including:
- Overpriced – The sellers decide to “test the market” and started out to high for the market. Over time (typically months) the sellers went through a series a price reductions. The house may now be finally priced at the correct price for the market.
- Lack of Marketing – If the house has only a few poor quality photos, buyers will say “Next” and move on to the next listing.
- Condition – Is the house dirty? Does it need new carpet? Does it need painting? Does it need updating? Houses that are not in move-in condition take longer to sell. Buyers only want to unpack.
- Limited showing availability – Do the sellers have pets that need to be removed for showings? Is approval required for appointments? If buyers can’t view the home, they won’t buy the home.
- Non-motivated sellers – The sellers have no definitive plans. They will move whenever their house sells.
Just because a house has languished on the Spring Texas real estate market for a long time doesn’t mean it’s a bad house. It just means it had a problem that it had to overcome before it would sell.
BTW: Current days on market for Spring Texas houses (MLS area 13) is 76 days.