Why Do Days On The Market Matter? [Buy A Knoxville Home]
Price, square footage, the number of bedrooms and bathrooms, and the backyard are just a few of the factors you’ll pay close attention to.
Days on the market are another important indicator that you’ll want to pay attention to when you buy a Knoxville home. Days on the market are how many days the home has been on the market. Based on that information, you may be able to gain some interesting insight into the mindset of the seller.
In this post, we’ll explain to you why days on the market matter when you buy a Knoxville home and what you can possibly learn about the seller.
Why Do Days On The Market Matter?
Just for a second, put yourself in the seller’s shoes. You’re in the process of selling your home. From the moment it hits the market, you wonder when your home will sell and if you’ll get the price you want. As the days tick on and you see your neighbor’s home sell, you may grow more and more antsy. You’re ready to move on to your next home and be done with the selling process.
This is exactly why days on the market matter. As a seller’s home sits on the market, their mindset changes. The longer it sits, the more motivated they become. The thing you will want to figure out is at what point sellers become more motivated. For example, in a seller’s market, sellers may become more motivated after 30 days, compared to when they’re in a buyer’s market.
What Can You Learn From Days On The Market?
Days on the market lets you learn a bit about the seller. While it’s not a perfect indicator since all sellers are different, it can still provide you with a bit of insight into the seller.
The Seller Is Motivated
First, days on the market can tell you whether or not a seller may be more willing to negotiate. When a seller has sat there and seen other homes sell in a matter of days, they’re going to be willing to work with you even if it’s not a perfect offer. The longer a home has sat the more motivated they may be.
Who Is Willing To Go Down In Price
Days on the market may also be a good indicator of who is willing to go down on price. A seller who has made multiple price drops may be willing to negotiate a bit more on price than one who hasn’t been on the market for very long.
Sellers Who Are Less Likely To Wait For Something Better
Finally, days on the market can also indicate whether or not a seller is likely to wait for a better offer. If a house has only been on the market for a couple days, a seller is probably going to try and wait and see what else comes along. In comparison, a home that has been on the market for 60 ro 90 days, the seller may be more wiling to negotiate.
Bottom Line: Pay Attention To Days On The Market
Days on the market are just one more important factor to look at when you buy a Knoxville home. It can tell you a lot about a seller’s mindset and can help provide you with some important insight when you make an offer. It may not be able to tell you everything about every seller, but it can help A seller whose home has been on the market 60 days will be much more motivated than one whose home has just hit the market.
Are you thinking about selling your Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached by phone at 865-696-1888 or via email at [email protected].