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Answers (7)
- Carmen Brodeur, "Scottsdale AZ"
- Contributions:1035
Really depends on the price point and the neighborhood. In the high end luxury market, it is very common for multi-million dollar homes to be on the market for 300+ days. If the home is over $2 Million I don't think the listing is stale until it is over a year on the market. In the low end market, a $200k home would be stale after 100 days.
- Jackie Griffin, "Jackie Griffin"
- Contributions:591
Excellent question! It all depends on how well the property is priced. Are buyers using the overpriced property to get bargains on other properties? Are buyers content with waiting for the market to change sellers mindset? Are buyers waiting for the perverbial "bottom"? Are sellers too over optomistic? The answer is all of the above, as there is a seat for every person, the seller and buyer just have to figure out at what price that seat is available.
- S. Chris Webb, "PHX AZ RE BROKER"
- Contributions:411
"Stale" is a little subjective, but if any property has been listed for a month at a reasonable price and not changed from active, it makes me wonder what's wrong with it.
- Thomas Osterman, "Thomas Osterman"
- Contributions:155
There is no real answer to the question, but if you are a seller and you haven't received an offer within 30 days on the market, you are priced too high.
- Spirit Messingham, "TucsonSpirit"
- Contributions:663
It does depend on area as each city has average DOM (Days on Market). Here in Tucson, I heard the most recent number is 110 days, but this takes into effect short sales that can take 6 months and REO that can be Active Contingent in 30 days.
For me, on my listings, I tell my clients we will get the most action and your "best" chances of selling the first 30 days. Even if they do price cuts, buying a house (just like selling) is a very emtional process and for a lot of clients, once they move on from a house that is "priced too high" they rarely look back. Not always mind you, but sometimes. I have never heard a client, or anyone for that matter in the real estate industry refer to a property as "stale". I guess if it was listed for 100+ days, in my book, it would be getting close.
Best of luck.
Spirit
For me, on my listings, I tell my clients we will get the most action and your "best" chances of selling the first 30 days. Even if they do price cuts, buying a house (just like selling) is a very emtional process and for a lot of clients, once they move on from a house that is "priced too high" they rarely look back. Not always mind you, but sometimes. I have never heard a client, or anyone for that matter in the real estate industry refer to a property as "stale". I guess if it was listed for 100+ days, in my book, it would be getting close.
Best of luck.
Spirit
- Tim Grossglauser, "VIPAZHOMES"
- Contributions:60
It really depends on you area. Each area has a different time on market. The Average "Days on Market" in 2010 was 105.5 Days. 2011 Shows 116.6 Days on Market as the Average.
A Bank for instance typically says a "Bank Owned Home" on the market is stale after 120 days and has not sold. Based on the Numbers provided above, 120 days would be a good number to consider a property stale.
Maybe a Price Reduction is needed, a new customized marketing plan, or maybe just some minor things with the home such as Curb Appeal, Showing Appeal, etc.
A Bank for instance typically says a "Bank Owned Home" on the market is stale after 120 days and has not sold. Based on the Numbers provided above, 120 days would be a good number to consider a property stale.
Maybe a Price Reduction is needed, a new customized marketing plan, or maybe just some minor things with the home such as Curb Appeal, Showing Appeal, etc.
- Pam Stevenson, "PamStevenson"
- Contributions:64
A property will always sell at the right price. If your home has been on the market a month and you have not had many showings, it is time to lower the price.
In today's market, how long until a property for sale is considered stale?
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