When I look at the marketing materials some real estate agents put out there you would think they are magicians the way they sell houses. When selling houses in a seller’s market just about any kind of marketing works better than it did during the buyer’s market. Here is something I wrote in June of 2009:
“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.
Townhomes 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 and wonder if they are open to negotiation.”
Ten years later in some price ranges if a home is on the market for more than three weeks without any offers it is almost always overpriced. The demand for homes is higher than the supply especially in price ranges below $450,000.
Back in June of 2009, there were 1770 or so houses on the market in St. Paul, today there are less than 550. It was a very different housing market.