Market Time Myth

When showing houses, one of the big questions that is almost certain to join "What's the square footage" is "How long has it been on the market?" You'd think it's a viable question but it many aspects it is not. A home might have a market time of 30 days or one of 300....does that impact its value? NOPE. That house is worth, call it, $200,000 either way.

Now I'm not oblivious to the wheeling and dealing in real estate by any means- I'm quite the established negotiator. I understand a buyers thought that 'If it's been for sale a long time, we might be able to low-ball them and get a great deal." It's possible- though usually not likely.

But the notion that a house becomes worth less money because it's been on the market a long time slays me. A house has an extended market time because the BIG 3 have not been satisfied to procure a buyer....but most importantly because of its price. If that same $200,000 house hit the market at $240,000- there's no wonder why it's been on for a long time.

There are plenty of reasons why houses become worth more or less money- but market time really is not one of them.


Since I missed yesterday's post you get two Rocktober quotes today:

Are you gonna take me home tonight? Ah down beside that red firelight?

He said, "Hey there, fellow with the hair colored yellow whatcha tryin' to prove?