How Tulsa home buyers perceive days on market
When preparing your home for sale, take into consideration how home buyers will perceive your days on market should your home not sell quickly. Home buyers are getting very educated about real estate on the internet, and one of the FIRST questions they will ask their Realtor when viewing a home for sale is “how many days has this been on the market?”
If the answer is that the house has been on the market 122 days, the Buyers immediately wonder what’s wrong with the home and why nobody else has wanted to buy it. However, if the answer is 10 days on market, the home Buyer’s reaction is, “we had better look this over thoroughly and make a decision quickly before someone else snaps this up!”
Of course, this varies from market to market and longer days on market are expected in higher price ranges. But, regardless of make and model, excessive days on market will almost always ensure a low-ball offer.
How Tulsa home buyers perceive days on market
Realtors have the same perception about days on market. I was searching online for homes to show my Tulsa home buyers. It was a neighborhood that I wasn’t familiar with, so I did a quick CMA (Comparative Market Analysis) to determine average price per square foot and average days on market. Homes were selling very quickly in this neighborhood for very close to list price. So when I ran across homes that had been on the market 120+ days, I thought, “do I want to waste my buyer’s time showing this home?”
Of course I checked to see if the home was originally overpriced and took into consideration that the Seller may have turned down a perfectly good offer in the first week of their listing period. But still, it caused me to pause and almost rule this home out for my Tulsa home buyers.
So when you are ready to list your home, forget about “testing the waters” and price your home competitively from day one. Once your days on market have grown, you can’t undo that damage. Both Realtors and Tulsa home buyers perceive days on market in a negative manner if that number is high.
If you are interested in discussing how I would market your Tulsa home for sale or what price I think it should list for, give me a shout. If you are interested in purchasing a Tulsa home for sale, feel free to begin your search here! 918-852-5036
Content written and published by Lori Cain.
