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Real Estate News Real Estate News

How Long Should A House Stay on the Market?


Written By: Ashley Sutphin
Monday, June 7, 2021

When you put your house on the market, you obviously want it to sell as fast as possible. Thats not always what happens, though. In 2020, homes spent an average of 25 days on the market, which was down from 30 days. Compare that to 2010, when the average number of days to sell a home was a whopping 140.

Its a sellers market right now, especially since inventory is low and building materials are incredibly expensive.

While the time on the market has, on average, gone down, there are a lot of individual factors that play a role in how long it takes to sell a house.

For example, demand, seasonality, and local market factors all play a role. So how long is too long, and why does it matter?

The DOM Metric

DOM stands for days on the market, and its a >

The more those days tick upward, the staler your listing gets.

The Effects of a Home Being On the Market for Too Long

If your home stays on the market too long without being sold, there can be serious consequences. First, a buyer will know that, and theyre undoubtedly going to use it as a negotiating tool. That means you may have to sell your house for significantly lower than you intended.

When your home seems like its a good property, but it stays on the market for too long, especially in a hot market, buyers are also going to start to worry theres something wrong with it.

Inevitably a home generates the most interest when its fresh on the market. Thats when youre going to see a buzz and sense of activity that will include more showings and phone calls. Then, over time interest will decline.

Once all the buyers who are currently looking have seen your home, youre going to have to wait for new buyers to enter the market.

How Long Is Too Long?

You have to look at local conditions in your market to figure how long is too long, but right now, if youre in a pretty popular area, if your home has been on the market for more than a couple of months, it might be time to rethink things.

If you arent sure, talk to your agent about the average time other homes in your neighborhood are staying on the market. You dont want to reduce your price too soon, which is why its key to have a good idea of whats happening with houses around yours.

Should You >

A common way to drum up interest in a home thats been listed for a while is to lower the price.

Another option is to take it off the market and then >

>

Better than trying to work against the market is getting your pricing right before you list your home the first time, which is why you need an experienced realtor. You also need to listen to their advice on things like staging and preparing your home to go on the market, because otherwise, a couple of months out you may find your home isnt seeing much action, and youll have to do these things anyway.



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