There was a good article on the Wall street Journal site that made an interesting point. A question was posed to author June Fletcher that has to do with days on the market. Is a home that has been on the market too long an bad buy?
June goes on to make a few interesting points:
1. Many people are waiting to catch the bottom and are not buying quickly. The property itself may be quality and even well priced in qa slow market and still sit. Dont assume all properties with many days on the market are poor candidates
2. She uses the phrase "shopworn Listings" and makes the good connect that these sellers are now tired and perhaps worried. It can be a very good time to negotiate price or improvements. If you are well heeled it can be a good time to leverage the bad times to your favor.
3. Days on market can be misleading....and this is a VERY good point - many listing services will reset the number back to zero when re-listing a property. You should call your local listing MLS or NLS and ask for their policy.
There is also a good article on Your Property Path on three indexes for home prices that all interested should follow for price fluctuations in your area. One new one is tarcking 25 metro areas daily.
Thanks for Reading
Your Property Path