Don't be deceived by numbers
There's a common statistic in the real estate world called Days on Market, or DOM. Some people believe a property that has been on the market for a while must have serious problems, but this is not necessarily the case. Don't let the number of days a property has been on the market dissuade you from making an offer on a house you really like.
Some houses are listed before they're actually ready to sell-perhaps the house is on the market despite the fact that it's undergoing remodeling or repairs. In this case, the home was just listed too early and probably isn't showing well. The days on market will increase, but after 90 days of renovations, it's not the same house, and it will show a great deal better.
There are also situations where the seller may not be motivated-maybe he doesn't need to sell and is simply testing the market. Perhaps he has a price in mind and is willing to wait for the market to catch up with that number.
Maybe the property has simply gone unnoticed-obviously a roadblock to a timely sale. Some homes may be tenant-occupied, which can complicate the showing process; others may not be marketed well, especially on the Internet.
Sometimes property is simply too specific for most buyers. It may have an amenity or quirk that just doesn't work for 99 people out of 100, but if you're that 100th person who appreciates the unconventional feature, you might immediately make an offer.
The bottom line is that there are many reasons a property may linger, and all that really matters is what you think.CONTACT TIFFANY SHARKEY OR TONYA PEEK AT 214-356-4472 YOUR ALL YOUR REAL ESTATE QUESTIONS.
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