Profile picture for Derlam

Days on market perception

Given the current housing market, does a high number of days on market carry the same negative perception to agents &/or buyers as in past?

 

I've been trying to sell a home in Rio Rancho, NM for over 18 months. Dropped price from $229K to $219K in mid-June with hopes to capture a bigger buyer pool. Seemed to be working, but has dried up in past 6 weeks (only 2 showings). Consistantly get wonderful comments, yet no offers. We're priced under comps. Currently at $84/sq foot. Built in 2006 - like new as lived in little over a year. Not sure if it's the days on market, distance from downtown + gas, new foreclosures/short sales etc are issues prohibiting sale.

 

I am considering getting real aggressive price (say $205K range) to see if can sell by December. Hoping to stop bleeding on carrying costs from savings. If doesn't work, will pull off market for a month (Dec 15 - Jan 15) in order to get new MLS (drop days on market). Re-list back in $220K range. Good or bad plan?

 

Any other thoughts are welcome. We're a young, single income family that needs help to move this house!! Thank you.

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September 02 2008 - US
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Replies (37)

well, i would say that 30-60 days on the market in this market isn't really a mark against you, but 18 months? yeah, unfortunately, that smacks of desperation.

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September 03 2008
Profile picture for Mark75NYC

You've already dropped in price from 229K down to 219K, with no offers.  If you lower the price to 205K and still don't get any offers, what makes you think that relisting at 220K after a 30-day break from the MLS will make your situation any better?

 

I don't know anything about your house or your market, but I think you're kidding yourself if you think anyone will bite at 220K just because you've relisted after 30 days off the market.

 

Hopefully you'll get some interest at 205K (again, I have no idea about your house or your market, even that may be overpriced) but if you don't, there's no way you're going to get interest by raising the price back up to 220K.  There is plenty of historical data out there, don't kid yourself that any intelligent buyer won't know that your house was listed at 219K (and then 205K) and on the market for 18 months before being put back on the market.  If I were interested in a house, and I found that out (which I could, and would) I would walk away immediately - it screams "shady!"

 

Good luck.

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September 03 2008

it also screams "lowball me! i'm desperate! i am flailing around like a bug in water!"

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September 03 2008

I’m not familiar with how your local MLS operates but in my area if you withdraw and relist the Property Marketing Period still shows the previous days on market. Have you spoken to your REALTOR about what they are doing to get your home sold? When does your listing contract end? After 18 months it might be time to interview new REALTORS. Unless of course your home is unusual for the area geodesic dome, contemporary, converted missile silo, ect...

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September 03 2008

  I'm not sure about your MLS but ours will show the house expired and listed too, so people will know. Talk with your Realtor to see what and how it is advertised, maybe something might be changed, maybe not. Research the local market and see if the market is slow in your area, which prices are slow and which aren't. Chances are, IMHO, it isn't the DOM that hurts you. When the right person sees the right house, priced right, it sells. How many times it shows doesn't really mean anything if people are just window shopping. Relisting at a higher price when it did not generate interest at a lower price is bad, either new agent or old agent, it all shows up.  

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September 03 2008
Profile picture for 2 Big 2 Fail

Keep the price the same and re-list the house to reset the DOM to 0.  And don't listen to anything the doomers here tell you.  It is nealry impossible for buyers to find out the true DOM for a house.  This, after all, is NOT public information.

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September 03 2008

sure, but it is information that an agent can has access to.

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September 03 2008

can have. can have access to.

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September 03 2008
Profile picture for 2 Big 2 Fail

That is what I said.  ONLY agents have access to the DOM, not the general public.

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September 03 2008

still, a potential buyer's agent could, and probably should, make them aware of the history of the house. i would want to know the house was on the market for 18 months prior to the current listing. i would also want to know that at one point they were offering it for 15k less than they are currently. that would make a huge difference in my offer

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September 03 2008
Profile picture for 2 Big 2 Fail

Agents don't always tell the truth.  I enocountered one agent who told me the house was just listed the other week.  But the truth was that the house was just RELISTED the other week aafter being on the market for 3 years.

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September 03 2008
Profile picture for wetdawgs

18 months on the market would definitely stand out if I were looking in your area.   (And, yes, I ask and the buyer's agent shows me the paperwork).  

 

What comps are you using?  Things that have sold in the last couple of months that are as far from town as your home?  Short sales and new foreclosure prices do need to be considered.       Distance from town is extracting a much bigger premium on house prices now than even two years ago.  

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September 03 2008
Profile picture for Mark75NYC

"And don't listen to anything the doomers here tell you."

 

Yeah ... listen to the guy with nearly 11,000 posts on Zillow and a house that's been sitting unsold on the market for over 2 years.  I'm sure he has some good selling advice for you.

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September 03 2008
Profile picture for wetdawgs

MarkNYC:  Is it necessary to include an Alpine attack in so many of your posts?    The attacks say far more about you than the person you are commenting on.

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September 03 2008
Profile picture for Mark75NYC

I think Alpine's own comments say plenty about the type of person I'm commenting on.  In addition to his racist comments and constant stream of bad financial advice, here's one of my all-time favorites:

 

I have some leaking pipes in my house that have caused water damage. I was in the process of locating a plumber to fix the problems, but, I am so angry at the buyers for sitting on the sidelines, I am just going to paint over the water damage. They want to play nasty by causing hardship to sellers, I can do the same by selling them a house with more leaks in it than the Titanic. Oh well. I did not want to go down this route, but better the money is in my pocket than the buyers'.

So for all of you sellers Ivalene getting taken advantage by the buyers, just remember that I will be taking them for a ride one day in the near future.

 

I'll leave it to you, wetdawgs, as the founding member of his fan club, to research the rest of the wit and wisdom of Alpine.

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September 03 2008
Profile picture for buyer4896
Seems like dropping the price from 219 to 205 is a very aggressive cut. I recently withdrew a 250K offer on a 305K asking price that was accepted, because I figured I gave too much. I am thinking I should have given 220 to be comfortable. Given current market conditions buyers are very shy of getting entangled into deals that may turn out too expensive a few months down the road.
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September 03 2008

mark: and that's why you get an inspection

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September 04 2008
Profile picture for Mark75NYC

Zandanel: And that's why in NJ sellers complete seller disclosure forms, and why it's considered fraud to hide known material defects from sellers.

 

An inspection is a no-brainer, but they are never flawless and can never uncover every problem with a house, especially a problem that the seller is deliberately trying to cover up.

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September 04 2008

we do seller disclosure forms in pa, too. i don't know how enforceable it is. to deliberately stick an innocent person with a major problem is unforgiveable. i've seen it before, though. likely will see it again.

 

the best/worst story i ever heard was a friend of mine went into escrow on a vacant home. the seller lived in the city still, just not in that house. this was in pa in january. the seller, in an effort to save money, turned off the heat in the house (the contract stated that the house had to remain heated, etc during escrow). the pipes burst 3 days before closing, everywhere. seller goes into the house, discovers the water damage and -- wait for it-- turns the heat up to 100 to try to dry everything out before closing. friend does final walktrhough day before closing to discover that every wood surface in the house-- moldings, baseboards, doors, doorframes, windowframes, etc.-- had completely warped. the wood floors were rippled! 5 years of abandonment later, the city had to tear the place down. it was a really nice old victorian.

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September 04 2008
Profile picture for Mark75NYC

That's crazy!  Shame to hear how a greedy seller ruined a nice old Victorian house and tried to cheat your friend in the process.  Glad to hear that his devious plot didn't succeed though.

 

Water damage is a serious matter.

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September 04 2008
Profile picture for 2 Big 2 Fail

I have never made racist comments.  So shut up you pig.  All your doing is trying to invoke a fight.

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September 04 2008
Profile picture for 2 Big 2 Fail

"MarkNYC: Is it necessary to include an Alpine attack in so many of your posts? The attacks say far more about you than the person you are commenting on."

 

Thank you for your kind words wetdawgs.  You see, Mark is obsessed with certain comments I made almost 1 YEAR AGO... well before he even joined Zillow.  He and other doomers keep accusing me of making racist comments, but when I ask to see a link to these comments, they often shut up and go away because they have no evidence of them whatsoever.  And attacking me because I have a large number of posts is just plain silly.  So what if I have almost 11,000 posts?

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September 04 2008
Profile picture for Jimmy38

Why are you trying to sell a house that you said you lived in less than a year?

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September 04 2008
Profile picture for johnnyr41

What does your CMA say it is worth?

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September 04 2008
Profile picture for Micky007

It sounds like you are very unethical!!!  Maybe you been talking to Real Estate agents alot!!

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September 04 2008
Profile picture for la457

Go check out Zip Realty.  Anyone who wants to take a peek has access to DOM.  As well as Zillow, Cyberhome, and Eppraisal.

 

Derlam, I don't think there's any way you will get away from this one intact.  I suggest a new fresh realtor and price reductions till you get it sold.  Otherwise you will still be on the market next year and be down another year's mortgage payments.  If you can't realistically get more than you owe on the property, you may want to check out becoming a short sale.

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September 09 2008
Profile picture for 2 Big 2 Fail

WIth Zillow, you can re-set the DOM to 0 in 5 seconds by re-listing the house.  Also, Zip Realty does not cover the entire country.  It does not cover my area.

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September 11 2008
Profile picture for Nightowl1

Saavy buyers recognize the cancel and relist trick. If you truly want to sell, lower your price below the competition by 5 to 10 %

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September 12 2008

We find that homes that are selling in our area are either brand new listings (not relists) or homes that have had a recent price reduction.  As you have learned, chasing a falling market is like diving on a sword.  From what you have described, it sounds as though Price is the issue and you need to address that.  I do think that there is a perception around days on market.  Here in NJ the most common term for a listing is 6 months - if that is true where you are as well, I think you might want to consider your plan of giving it a rest for the period you describe - it is very slow at that time anyway. Reintroduce your property with aggressive pricing and push very hard on  your marketing.  Having said that, no amount of marketing will overcome a pricing problem.

 

Deal with the price and move on.  Good luck.

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September 13 2008
Profile picture for 2 Big 2 Fail

THat's not true nightowl.  You would be surpisied by what you can do.

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September 13 2008
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