Check out "days on market" when shopping for a home. Also, check out history information of how long a property has been on the market. Sometimes a property is relisted with another broker and the buyers think it is a new listing. I research "days on market" and history information for my clients since it helps in determing whether or not a property is overpriced. Inventory sitting on the market for long periods of time, even if price gets reduced, usually shows that the price is too high. If a property is priced right for today's market, the average "days on market" is usually between 15-30 days. On every MLS listing it shows "DOM" which stands for "days on market", and this, in my opinion, is critical information for every buyer out there. Best deals are now for any motivated buyer since it is the end of the summer season. Sellers that have put their houses up for sale in the spring and have not sold yet are now in a panic mode knowing that the winter months are just around the corner. Smart buyers looking for a home will make offers now on houses that have been so-called "sitting around".
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