So That's How You Determine Days on Market?
I wanted to talk to you about what constitutes average days on market and those things can be different depending on a variety of different variables and good or bad depending on if you're a seller or buyer so depending upon your neighborhood or your city.
The items that go into making up days on market will very first and foremost is the actual market place what is happening in the neighborhood think of that as supply and demand are there more buyers than sellers. What time of year is it time in the marketplace when there is not enough inventory. If you think of as supply goes up then demand may go down or as demand goes up supply may go down so it's basic economics that can affect days on the market.
You'll also find that there are industry trends based on the things that can be happening in a given city-state, or across the nation even, economically right now we're seeing a decrease in baby boomers that are purchasing and in the fact they are starting the process of downsizing more consistently as we see Millennials at the same time move away from renting and starting to look at purchasing more. So the cycle has a tendency to continue itself that fluctuation the marketplace will have a ripple effect upwards as Millennials by starter homes they move up.
The next buyer pushes up to the next until we hit generally boomers who then downsize and as I said the cycle continues these are the biggest things that will make up days on market but as I had mentioned there are also economic factors interest rates can come into play down payment amount what is happening in the political world AKA are we soon having a new president all of these things will come into play if we're looking nationally.
The average time on the market is hovering around two months but again with an aggressive neighborhood, homes can sell as fast as a day or take as long as years to find out a little bit more on these variables please connect with me and our team anytime we'd love to be a resource for you with any questions that you have and as always if you're interested in finding out what your home is worth or would like to see all the new homes that are on the market touch base with the links that we have below.
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Beverly Hills: 424-239-6519