Time on Market

By
Real Estate Agent with Keller Williams Realty

I recently received a question about why a home might have a lot of traffic at first and then taper off to considerably less visitors. This chart could give you an idea of how this might look. It might take a week before there is much activity at all. This is usually because it takes a few days to get good quality pictures. Then they have to get up on the internet and all of the different websites. There may be a stray showing or two at first based on the sign calls.

timeonmarketchartThen you start to go up that curve. These are the best buyers. These are the buyers that were already looking to buy a house. They have been looking for awhile and they know the market and what they want. They are basically waiting to see if a better house will show up. Hopefully, your house is the better house.

After this you hit the climax of the chart and start to roll back down. Now, you are basically waiting to see if one of the ones that saw it earlier becomes serious or if someone new comes on the market.

This is why a lot of times you might here a real estate agent say, "Usually your first offer is the best". This chart also illustrates why it is so important to price your house right at first. If you have this initial flurry of activity and they see your house and realize quickly that it is priced too high, than this opportunity has been lost. They will move on to other houses and never look back. This chart is not duplicated with a price reduction. At least not with the same numbers.

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