I found 123 homes that have been on the market in St. Paul for more than 400 days. One home has been on the market for more than 1300 days and the sellers have reduced the price by 50%. When it first came on the market in 2007 it was worth 25 to 30% more than it is worth today.
If you were a buyer how would you feel about buying a home that has been on the market since 2007? The buyers I work with and talk to are always suspicious of homes that have been on the market for a long time. They ask why and they want to know what is wrong with the home. The property becomes stigmatized and it might be a good idea to take it off the market until it appreciates in value or take it off the market and put it back on at a lower price.
Teresa – When my buyers have an interest in a home, their first question is, “How long has it been on the market”. 1300 days is a long time to stay on the market without freshening the listing. Sellers need to know how buyers respond to this information. Their first response to a home that has been on the market too long, is, Why? and then they want to know how much less I think they can offer.
BTW – love the new site!
Thanks. I moved the site and am hoping that the new one will do the job.
Here in the lakes area we have been asked by a couple of the larger firms to take the property history and DOM and CDOM off the MLS sheets. They feel this hurts their sellers. Property history is the markets tool for bring pricing into line..
How long a home has been on the market is still so important to buyers.
Here’s an attempt to infuse a little humor into the lingering buyer’s market.
http://stpaulspot.wordpress.com/2011/03/01/the-slow-move-movement/
I agree Teresa. It can only hurt a seller to keep a home on the market that long. Sellers need to be properly advised by their agents. A big part of “value” is perception. A house staying on the market for that long is, in a way, a type of negative social proof.