I was talking with one of my new home builder sales consultants today. She related how several agents have been in with potential buyers and have commented that since the property has been listed for 120 days the builder should be willing to give the buyer a “huge” discount.
While I don’t really think that even applies to resale listings, it clearly does not apply to new home listings.
This particular property was listed while it was under construction and will not be completed until January 2012. The listing is correct in the MLS and we even have a comment in the property description letting potential buyers know that the property will not be ready until January.
"Days on Market” is not a public field within our MLS so it appears that some agents are simply searching by days on market, looking for “deals.” I would hope buyers agents would do a little research before coming out to the new home builder and demanding discounts!
My advice is to read the remarks in the MLS and don’t assume that higher days on market means a distressed seller willing to take a loss. This builder’s homes are selling fine and he rarely has any “spec” homes lying around.
High days on market does not equal a huge price reduction.
Originally posted at http://www.thebranchteam.com/wordpress/2011/12/22/high-days-on-market-equals-a-huge-price-reduction/
Tom Branch and Gina Branch, The Branch Team with RE/MAX Dallas Suburbs, service the greater North Dallas suburbs including Dallas, Plano, Allen, McKinney, Frisco, Lewisville, and Carrollton. While Gina concentrates on traditional listings and buyer/tenant representation, Tom specializes in assisting distressed homeowners to avoid foreclosure. Tom and Gina have published two books (Achieving Rock Star Status and The Field Guide to Short Sales) and are available for speaking engagements in the greater Dallas - Fort Worth Metroplex. Subscribe to The Branch Team Blog.
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