What Does ‘Days on Market’ Mean and Why Does It Matter to Home Buyers?
The typical number of days on the market is frequently used to describe how hot the market is in a particular area. In a seller’s market where there are more buyers than the number of homes listed for sale, the days on market are less due to the fact that of the high need. In a location that has a large number of homes noted for sale, and the home has been on the market longer than the other homes, the days on market can end up being a negotiating tool for the buyer.
As a home’s days on the market creep higher, it gets “stale” and potential purchasers start to be curious. Knowing a home’s days on market is vital in numerous methods. The average number of days on the market is frequently utilized to explain how hot the market is in a particular area. In a seller’s market where there are more buyers than the number of homes listed for sale, the days on market are less because of the high need. In an area that has a big number of homes noted for sale, and the home has been on the market longer than the other properties, the days on market can become a working out tool for the purchaser.
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