I found 107 homes listed on the MLS that have been on the market for more than 500 days. That is a long time even in today's market.
Of the 1768 homes that have sold this year in St. Paul the average cumulative days on market was 137.
Town homes and condos take about 90 days longer to sell on average than single family homes and most of the homes that have been on the market more than 500 days are townhouses or condos.
Buyers look at how long a home has been on the market. Sometimes the information is used to determine how much to offer for the home and in other cases they get cold feet and make no offer because the home has been on the market for so long.
When I look at these listings I check to see if there have been any price reductions. If I see a home that has been on the market for a long time, like over a year and the price has never changed I assume that the sellers are not very motivated wonder if they are open to negotiation.
As a listing agent I am not open to the idea of having a listing that has sat on the market for more than a year with no price reductions. I start spending money on my listings before the ink is dry on the contract but do not make a dime until the sale of the home closes.
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I dont know if this is true but some one once told me he would put his houses in market listings no matter what. If some one was interested and made an offer he wouldnt want to miss out.
I guess it makes sense.
Judging from the houses in the photographs they look like awesome brick houses from the past perhaps its a way to constantly know what your houses price could be.
Well, I got that beat.
My match.com listing has been online for about seven years now.
I have been making several slow reductions in my asking price, and have kept up with the maintenance (haircut, showers, toothpaste).
In fact, I have even been putting some money into upgrades (shoes, new suit, etc.)
I’ve had a bunch of showings, but only a couple offers from individuals who probably couldn’t close.
Currently I’m contemplating a few open houses: I’ll sit behind one of those little stands like in the Charlie Brown comics, with a sign that says “The Single Guy is IN.”
I’ve probably got another couple decades before I become a tear-down, and then after that the Almighty will probably foreclose.
I better get an offer soon, if this continues much longer I’m gonna need to bring a lotta cash to the closing.
PB
Yes, you are judging right. If a house is being sold for long you can expect reductions on its cost. According to my observations, some costs were reduced by 30%.