What does the number of days a home is on the market mean to you?
I often see agents promote themselves by telling about how they sold a home in just a few days and I often get a chuckle. In my opinion, if a home sells in a few hours or in just a few days, more than likely the seller could have gotten a little higher sale price. In many instances it just comes down to supply and demand and peak seasons, for example; right before school starts in some areas, can spur a very quick transaction with a home ready to be sold.
While accompanying an agent during a recent showing, I observed an her telling her client the number of days the home was on the market, but with nothing further. As a broker with extensive sales training, I found it interesting because she left it up to her customer to decide what it actually meant instead of supporting her statement with what she was trying to point out, which can truly open a whole world of views, both positive and negative.
The number of days on the market can vary based on so many factors. First, there are peak seasons where demand is high and low seasons where demand can be extremely low. Shoulder seasons encompass the in between seasons. There are different averages of days on the market depending on when a home is listed. That being said, the home buyer should always ask their real estate professional what the average number of days on the market would be for the season and neighborhood they are looking in to better assess a property and if it is a good opportunity for you!
In addition, when markets shift or average price per square foot moves greater than 3% per year, this can also greatly impact the average days on the market in any season. For example, some neighborhoods in the St Johns or World Golf Village area of St Augustine are what are deemed an "A" Rated school districts attracting consumers both nationally and internationally with school age children. Because of that, the peak selling season in these areas of St Johns or St Augustine is between the months of May and August, prior to starting a new school year. In 2018, the average days on the market in one neighborhood through the summer were 53.75 days whereas the rest of the year averaged 80 days.
In addition, Sellers sometimes have their own plans. For example, I have often listed homes for sellers that wanted to sell but needed to list so they can get an accepted offer on their next purchase before they got motivated to sell. I recently had one seller who refused several offers because her new home was under construction and delayed and she did not want to move twice. There are so many variables to each home listing which is why I do not place too much weight on this stat until I am consulting with someone in submitting a fair offer.
If you are thinking of Buying or Selling or just have a few questions, call me, Stina, at Augustina Realty today at 904-671-7160. I would love to assist you!
If you are thinking of selling or shopping new homes for sale in Saint Augustine, Saint Johns, Nocatee, Ponte Vedra and all Jacksonville surrounding areas, call your boutique services company, Augustina Realty today at 904-671-7160 to get started today! We are Nocatee certified and offer a convenient office location in World Golf Village. Visit http://www.AugustinaRealty.com to search the MLS like a realtor does or call us for a customized search today!
Saint Augustine Realtor and Licensed Real Estate Broker, Stina Antonopoulos is an Award Winning Top Producer at Augustina Realty specializing in residential sales, rentals and property management in St. Augustine, Saint Johns, Nocatee, Ponte Vedra and all Jacksonville areas, call your boutique services company, Augustina Realty at 904-671-7160 to begin today!