Buying a Home - Looking for a Great Deal? Check Out Days on the Market
In a down housing market, houses do not sell quickly. While some homeowners can afford to wait until their homes sell, others are more eager or even desperate to sell, especially if they have purchased another home and are paying two mortgages. One way to gauge how willing a seller may be to negotiate is to check out the number of days a home has been on the market.
Statistics vary by geographic area so first find out the average days on market for homes sold where you live. Then look for homes that have been listed for longer than average; the sellers may be growing increasingly eager to sell. Take it a step further and find out if those homes are no longer occupied; that’s another sign of an eager seller. The longer a home has been on the market, the more likely the seller is to negotiate and the more likely you are to buy a home at a lower price.