When buyers are out looking at homes they always ask how long a house has been on the market. This question can often provide some valuable insight. How motivated is the seller? How flexible is he on price?
Currently there are 981 single family, condos and townhouses for sale in Melbourne Florida in the MLS, Multiple Listing Service. Over 100 of these properties have been on the market for at least a year and many much longer. Three properties have been on the market for over 1000 days. These 100 properties are stale. These sellers are in a precarious position. They may appear unwilling to budge, or unmotivated, perhaps unrealistic in the eyes of a buyer. Perhaps they truly can’t budge on their price, based on what they owe on their mortgage.
Are the houses continuing to be shown or have buyers and agents lost interest in them after all this time? Did they have consistent showings when they first went on the market? Is a serious buyer going to make an offer close to the asking price on one of these homes? Or, are they going to make a low ball offer, if they make any offer at all?
The question from the buyer then becomes, ‘what’s wrong with this home since it’s been on the market so long?’ ‘Well, I’m not sure I want it, because apparently no one else wants it either.’
Price drives the real estate market today, and the longer a home sits on the market, typically the less a seller is going to get for his property.
This article is authored by
Sandy Shores Realtor, Melbourne FL Real Estate
Brevard County Real Estate & Investing
I buy, sell, rent, own and manage Brevard County real estate.
