Home buyers are getting a bit frustrated. A home they are interested in comes on the market and before they can even go to see it the home is sold, yet there are homes on the market for a month or longer that are just as desirable. Often they go unnoticed because they are priced a little high or they need a little work.
The house that already had three offers on it might not be the best buy.
There are a couple of strategies home buyers can use in what continues to be the strongest buyer’s market we have ever seen.
- Look at houses that have been on the market for 10 days or more.
The reason for looking at homes that have been on the market for awhile is because the owners might be willing to accept the asking price or less.
2. Look in a price range that is slightly lower than what you can afford.
Buyers who look in a slightly lower price range are able to outbid buyers who are stretched to the limit as buyers often are in multiple offer situations.
Another tip is to continue looking in the late summer through the end of the year. There are fewer homes on the market during that time but there are also fewer buyers out making offers.
The graphic is a screen print form the MLS.
DOM = days on market
PDOM = days since price change
CDON = cumulative days on market and counts the days on market each time the home is listed in a 12 month period.