Nine Months is a LONG Time!

Real Estate Agent with Long & Foster

The National Association of Realtors recently stated that nationwide, homes are staying on the market for an average of 9 months. (8/07)  That's a very long time for a home seller, especially if they need to move!

This is a scary time for the real estate industry - mortgage lenders are going under, and the stock markets bounce up and down on a daily basis as a result of the latest news or even just "rumors" of news.  People just don't want to enter into the real estate markets if they don't have to right now.

There are no easy answers, but I honestly feel that this stabilization of the economy will continue at least through 2008, even into 2009.  (A lot has to do with the uncertainty of the US Presidential elections, and the continual problems in Iraq and the rest of the Middle East.)

Hang in there, folks!

Comments (10)

Karen Rice
Keller Williams Real Estate - Hawley, PA
Northeast PA & Lake Wallenpaupack Home Sales

I think part of the problem is that sellers and their agents are listing their homes too far above what the market can pay.  Homes in my area stay on the market for 9 months or even over a year - one home sold a year later, almost $40,000 below the original asking price.  

Somehow, I suspect that had they originally listed it at a lower price, it would have sold a lot more quickly.  People are wanting to buy houses in my area (a vacation area) but they are unwilling to pay high prices for them.

It really makes no difference to the market how much money a seller needs to walk away from the closing table with.  The only thing that matters is what a buyer is willing to pay.  :-/  That's a tough pill to swallow, but there you have it! 

Just my opinion... 


Aug 28, 2007 12:33 AM
Al Maxwell
Keller Williams - Marietta, GA
Real Estate Agent
Fortunately that's an average. Some are selling in three days and some take over a year. Right?
Aug 28, 2007 12:37 AM
Richard Thewissen
ERA Realty Pros - Stonington, CT

Its certainly a bad situation that we are all seeing. Lets just hope that, once the market is on the upswing, the mortgage lenders will not get themselves into another mess like this by offering really outlandish finance options.


Aug 28, 2007 12:39 AM
Victoria Small
Keller Williams Realty Chesterfield - Saint Louis, MO
Remember Small is the name...not the SERVICE!
You know this talking about nation wide but what we need to remember that real estate is local. What maybe happening on the east and west coast may not be the same type of market you're having in your neck of the woods that is why it pays to do your own statistics for your area. That way you show your potential clients that you are on top of the market in your area and this differentiates you from the competition.
Aug 28, 2007 12:41 AM
Karen Rice
Keller Williams Real Estate - Hawley, PA
Northeast PA & Lake Wallenpaupack Home Sales

We had a house two weeks ago sell before it even got on the MLS!  The agents got the contracts back from the seller, put the sign up on the property, and the next day went to install the lock box.  Guy walked up to the agent and said "How much?"  

24 hours later it was under contract.


It helped that it was a good price...I'll bet if the agent had told him a price that was $40,000 higher the guy would have shrugged and walked away. 

Aug 28, 2007 12:42 AM
Karen Rice
Keller Williams Real Estate - Hawley, PA
Northeast PA & Lake Wallenpaupack Home Sales
Victoria - AMEN!
Aug 28, 2007 12:43 AM
Melissa Grant
A Serendipity World - Greenbackville, VA
The Law of Attraction In Life & Business
I had 2 recently sell in under 30 days !
Aug 28, 2007 12:45 AM
New Jersey Real Estate James Boyer Morris, Essex & Union County NJ Realtor
RE/MAX Properties Unlimited, Real Estate - Morristown, NJ

Pricing is very important in any market but especially today. 

There have been 2 homes in my market area which were priced 5% below what the comps said they should have been listed for.  Both sold in less than 4 days on the market and both made it to 99% + of what the Comps said they should have been listed for.  I think that is really good, and a good indicator that if it is priced right it will sell for fair value.

Aug 28, 2007 01:18 AM
We just placed a bid on a home that has been on the market for 9 months. The asking price was $79,900 and we are bidding $66,000. The home has been vacant for almost four years and was advertised with a 2 year old furnace.... the sticker on the furnace shows it hasn't been serviced for 6 years! I'm not even interested in paying a dollar more than the offer because I don't believe the seller's are being realistic or perfectly forthright. Any advice?
Sep 02, 2007 01:11 AM
Anne Morrison
Long & Foster - Severna Park, MD
Best of luck on your purchase.  Not knowing the property nor the area where you are purchasing, I think your best bet is to insist on a complete home inspection by a licensed home inspector.   With a property that has been vacant for such a long amount of time, there are probably many other items beside the furnace that need to be addressed.  Contact a trusted realtor in your area for assistance if you do not already have one.
Sep 02, 2007 07:05 AM