Extended days on market (DOM) signal opportunity for buyers. A property listed for an extended period, often over 30-60 days, may indicate motivated sellers. This can lead to price reductions, negotiable terms, and seller concessions. Buyers can leverage extended DOM by offering below asking price, requesting closing cost assistance, and being flexible on timelines. However, it’s crucial to investigate the reason for extended DOM and avoid over-leveraging or skipping inspections.
What Does Extended Days on Market Mean?
Extended days on market simply means a property has been sitting for sale longer than the average.In most areas, that’s anything over 30-60 days.Sometimes it’s because the home is overpriced.Other times, it might need repairs or have a less-than-ideal location.But for buyers, extended days on market can mean opportunity.Think about it: the longer a house sits, the more motivated the seller becomes.And that’s where you come in.
Why Sellers Get Nervous with Extended Days on Market
Imagine you’re selling your home.You list it, expecting it to sell fast.But weeks go by, and nothing happens.You start questioning the price, the condition, and even the market itself.That’s exactly how sellers feel when their home has extended days on market.They’re more likely to accept a lower offer or be flexible with terms.And that’s your chance to negotiate like a pro.
How to Spot Homes with Extended Days on Market
Here’s the thing: not all listings make it obvious.You’ve got to do a little digging.
- Check the listing history: Look at when it was first listed. If it’s been up for months, you’re in business.
- Watch for price drops: If the price has been lowered multiple times, the seller is probably eager to close.
- Ask your agent: A good agent knows which homes have been sitting and why.Once you’ve identified a home with extended days on market, it’s time to make your move.
Strategies to Make the Most of Extended Days on Market
Now, let’s talk tactics.Here’s how you can use extended days on market to your advantage:
- Start with a lower offer: Sellers with extended days on market are more likely to consider below-asking-price offers.
- Ask for concessions: Maybe they’ll cover closing costs or throw in that fancy fridge you’ve been eyeing.
- Be flexible with timelines: If the seller needs extra time to move out, work with them. It might score you a better deal.
- Leverage inspection results: If the home needs repairs, use that to negotiate a lower price.
Remember, the key is to stay calm and confident.You’re in the driver’s seat here.
Common Mistakes Buyers Make with Extended Days on Market
I’ve seen buyers mess this up more times than I can count.Here’s what to avoid:
- Overestimating leverage: Just because a home has extended days on market doesn’t mean the seller will give it away.
- Skipping inspections: Never assume a home is in great condition just because it’s been sitting.
- Being too aggressive: Lowballing too hard can backfire. Keep it respectful.
- Ignoring the reason:Always find out why the home has extended days on market. Is it overpriced? Or is there a bigger issue?
Frequently Asked Questions
What counts as extended days on market?
Typically, anything over 30-60 days is considered extended, but it varies by location and market conditions.
Should I avoid homes with extended days on market?
Not necessarily. These homes can be a goldmine if you’re strategic. Just do your homework first.
How do I negotiate with a seller who has extended days on market?
Start with a fair but lower offer, and be open to concessions like closing costs or repairs.
Can extended days on market indicate a problem with the home?
Sometimes, but not always. It could just be overpriced or poorly marketed. Always investigate before making assumptions.Extended days on market can be your secret weapon if you play it right.With the right strategy, you can turn a seller’s frustration into your gain.So next time you see a home with extended days on market, don’t scroll past it.Take a closer look—it might just be your dream home at a dream price.Extended days on market are waiting for you to take advantage of them.