As we head in to this buyer’s market, one thing that will trend upward is the number of days a property stays on the market before selling. This is a valuable statistic to track and compare when you are deciding on an offer price for any property. The longer a seller has been trying to sell, the more they may be willing to negotiate on the value.
Redfin has great search options for available homes including a selection bar in the pop-up menu for anything from new listings to listings with over 180 days on Redfin. Also on any full print out listing from Redfin the On Redfin number gives you a quick glance at this stat.
While this number sounds easy to calculate, it becomes tricky because the different local listing boards may have differing ways they allow listing agents to modify the Days on Market value. Some may allow an agent to “re-list” a property and thereby reset the count, the board may consider the day count reset if the owner changes listing agents or the listing agent may cancel the listing for a short period and then bring it back on as new.
It can quickly head in to ethically gray areas so most boards frown on agents using any method to give the wrong impression of market time. Many have added extra information on consecutive days marketed and history searches which bring up years of past activity. In the south bay area the board has strict policies on pushing accurate DOM counts and the numbers are easy for your Redfin agent to verify.
When you are approaching the offer phase for a property, talk to your Redfin agent and they can provide you the extra background information to know just how long the seller has been waiting.
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