Take Days on Market With a Grain of Salt

real estate Days on market doesn't mean a house is a lemon

Real Estate Days on Market

Home buyers, almost without fail, will ask their agent “How long has this house been on the market?”

What they often don’t realize is that, in New Orleans, it’s a throw away number that can (and often is) manipulated by listing agents.

Because of the limitations of our Multiple Listing Service (MLS), it’s quite easy for an agent to simply withdraw a listing and then input it as new to essentially reset the clock on days on market. This makes the answer to the question of how long a property has been on the market suspect.

While a home that has been on the market for an extended period of time could be ripe for a lower offer, it could also be that it’s in a location or price range that is just not moving as quickly. If you are coming from an area of the country that is experiencing a resurgence in multiple offers, some of our stats might make you think there is a problem where none exists.

The real question is “do you like the home?” If so, review the disclosures for any red flags, then have your agent pull the comparables so you can make an educated offer.

 

Need assistance with buying a New Orleans home? Contact us and we’ll be happy to help.

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