How Long Has This Home Been On The Market?
An important question buyers often ask when they find an interesting home is "how long has this home been on the market?"
They usually are asking because they want to gauge the seller's motivation, thinking that if a seller has been on the market a long time, they are more likely to negotiate than if they just hit the market. This makes perfect sense.
Even in today's fiery hot housing market where many sellers are getting multiple offers within moments of hitting the market, there remain some properties that just haven't moved.
Today, we'll address a few important points about market time for listings, but first let's take a look at all the single-family detached homes for sale in Tallahassee, sorted by time on the market (longest first).
Single-Family Detached Homes For Sale In Tallahassee
Market Time Isn't Always What It Seems
Unfortunately, the time on the market that you see on real estate websites is often a lie! Most MLS systems allow listing agents to hide the time on the market by applying a few tricks, the most common one being a simple cancel and re-list. The agent cancels an active listing and immediately puts it back on the market, thus resetting the market time counter.
Builder homes can also be skewed by several factors. For example, THIS HOME shows that it has been on the market for 603 days, but if you read the comments below the listing, you will see that it is being used as a permanent model home for the neighborhood, thus it is not really for sale. One thing I can assure you though when they do decide to sell it, they will cancel this version of the listing and set up a new one, thus it's final time on the market will likely be a matter of days.
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How To Find The True Market Time For A Home
The amount of time that a home has been listed for sale is available to your agent through the MLS, but you better have a well-trained real estate buyers' agent or you'll likely get the wrong answer.
The MLS shows the same time on the market as do these websites (they get their information from the MLS systems), but with a little extra work, an agent can pull up a history of the home and see how long it has been truly listed. Some homes have repetitive cancellations from more than one agent, so to discover the true market time, it takes a little extra effort from your agent.
I once saw a home that showed it was listed and sold in just two days, but when I did further research, I saw that the agent who finally sold it was the third listing agent and it took her more than a year to sell it. Furthermore, it had been previously listed by two other agents, so when you added that time on the market to the total, the home was listed for nearly four years! And yet it showed a market time of just two days.
The moral of the story here is that there are a lot of things you might not be aware of when you go to buy a home, so having a highly regarded, highly active real estate buyers' agent can help you in ways you might not even have imagined. Take the time to interview agents for the job of helping you buy a home, it will be well worth your time for sure!
Frequently Asked Questions (Answers)
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I recently stumbled upon your latest Carrabelle listing. I must say, a home on Florida's Forgotten Coast is bound to be snatched up quickly. Best of luck with getting it under contract soon!Posted by Barbara Corcoran on Thursday, June 15, 2023