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"How long has it been on the market"?
This is a question many buyers ask. The thought
behind it is often one of two things. Either
there's something wrong with the home or the
price is too high. Both of these notions may
need clarification. Let me deal with the first
thought.
Consumers need to know that under the closest
scrutiny one could argue that there is something
"wrong" with every home. The real
question here is:- does the price reflect
what is being offered. In this case what is
"wrong" with a home may be exactly
what makes it right for some one who appreciates
the opportunity and the reflected price.
Regarding the thought of overpricing, it
must be considered that where a home is extremely
unique, a long marketing time may be necessary
in order to obtain market value while pursuing
a buyer with the same unique interest. On
the contrary, with atypical homes, a long
period of time on the market may point toward
inferior marketing but mostly toward an overpriced
listing for that market regardless of what
is "right or wrong" with the home.
However, sometimes when homes are reduced
and buyers ask "how long has it been
listed" the proper response is "at
that price only...weeks". By illustration
and a bit of exaggeration to make the point,
suppose a home is on the market for 2 years
at $300,000 and the seller reduces it to $250,000.
Then, while the buyer is asking "how
long has it been listed", there are 5
offers being presented, followed by the hollow
apology "Sorry it's sold".
It is obvious then that both notions for
time on the market may be incorrect. While
you can always make an offer, it's always
best to ask yourself "does the price
reflect what is being offered" to avoid
disappointment.
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