Long time on the market

Out side of the news you hear daily about real estate what do you believe to be reasons for properties being on the market for such a long period of time

Mike - 1:12 PM - Sep. 9, 2007 - Edit - Delete

re: Long time on the market

First allow me to thank you for your entry. The most common reason for any property to drag is over pricing, however today our market is driven by several other reasons.
1. Interest rates, they move up and down like the stock market today - solution, the Feds are trying to stabilize the situation as we speak.
2. There are (in some areas) far too many homes for sale resulting in buyers having to much to look at. Typically a buyer would look at, say 6-10 homes on average before purchase, however today, buyers and agents alike know there are many more to look at leaving (in some cases) both parties forgetting what the first home looked like i.e. when you have 30 homes to view it's very difficult to remember the first, not to mention that first home probably has an offer on it now leaving the buyer to think why should we over offer in this type of buyers market. Well the answer to that question is simple when you see a home you truly feel at home in it's time to stop looking and place your offer. Odds are you arent going to find better. Put aside the fear of missing out on something by not viewing all 30 of those homes and buy what feels right. I can't begin to tell you how many times Ive heard clients say we should have put an offer in no agent likes to see disappointment in their clients.
Al Cocchia. Realtor®

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