If you see a home you love and want to make an offer on, there are several factors to consider before putting down an amount. Things like how much comparable homes have sold for and what the seller paid for the home originally can factor into the amount you offer. One of the things to consider is how long the home has been on the market before you put your offer in.
The amount of days a home is on the market is significant for a few reasons. If a home stays on the market too long, the seller may have to lower the asking price, or accept an offer for a lower price. Many potential buyers will associate a home sitting on the market for many days or months with the home being undesirable or having issues that will be costly to fix. But this can be a positive sign for the buyer that you can offer less than asking price for the home, as the seller is more likely to be open to negotiations.
What Does Days on The Market Mean for a Potential Buyer?
As a buyer, seeing a home that you like that has been on the market for a long time can be an ideal situation. After being on the market for some time, the buyer might be more motivated to sell. Most people who are selling a home are doing so because they are ready to move on and may even have a new home they want to get moved into. If the new home has a mortgage, the owner might be motivated to get rid of the old home instead of being stuck with two mortgage payments. However, this isn’t always the case. Some homes remain on the market because the owner has turned down all the offers that have come in on the property and is remaining firm on the asking price.
The Importance of Working with a Realtor
An experienced realtor who knows local market conditions can give you insight on how long the house has been on the market and what the right price is to put on your offer. If you are selling a property, a realtor can help you put a realistic price on the home and get potential buyers to the home to make sure it sells quickly. One of the biggest mistakes that sellers working alone make is pricing the home wrong, which can lead to the house lingering on the market. A realtor has the knowledge to come up with a reasonable price that will allow you to achieve your goals, but also interest potential buyers.
If you are looking for a home in Orlando or the surrounding areas, the Core Group can help. Contact us today to start the process of looking for the right home for you.