If the expiration dates on bread, yogurt or milk are any indication, there are instances in life when time is of the upmost importance. While a house won’t go bad after a certain date, when it comes to selling a home, the number of days on the market can be just as crucial.
Days on the market refers to the amount of time a home is posted on the multiple listing service (MLS). MLS is the tool real estate agents use to search properties for sale. The timer starts whenever a house is officially listed on the market, and it ends when the seller has a signed and accepted contract with the buyer.
When you’re browsing real estate websites and you come across a home that has their days on market listed as 1 or 2 days, chances are that home is getting a lot of notice. However, if the home has been on the market for 100 days, you could presume there is probably not as much interest from buyers now.
Days on market tell you more than just how long the place has been for sale -- it provides insight into how the house has been perceived by buyers.
Imagine that a buyer makes an offer on your home after being listed on the market for 48 hours. As a seller, you may not feel as inclined to cut a deal – after all, your house was just listed. The offer you get will probably be fairly close to the list price. This means there could also potentially be a bidding war – resulting in a much larger haul for the seller and a steeper price for the buyer.
Conversely, if your home has been on the market for multiple months, buyers will assume that you’ve had a lot of showings but not a lot of offers. They may even assume you’re getting antsy to accept an offer lower than the asking price.
It’s important to sell your home quickly. The longer it’s listed on the market, the harder it’s going to be for you to negotiate a deal that is closer to what you expected. Selling a home can be a stressful time, but Michigan First Mortgage is here to help. If you have any questions or are just looking for tips on getting your home off the market as quickly as possible, be sure to visit https://MichiganFirst.com/Mortgage or call us at 800.664.3828.