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You are searching to buy a property. There is nothing on the market to buy and then suddenly you come across an apartment online. You can’t believe your eyes as the apartment is in a great location. However, then you notice the days on market and it...
You are searching to buy a property. There is nothing on the market to buy and then suddenly you come across an apartment online. You can’t believe your eyes as the apartment is in a great location. However, then you notice the days on market and it says 372 days! What??? So then you ask yourself is the property overpriced? And then you tell your buyer maybe we can get it for a song? What’s the truth?
There are many reasons why an apartment can be on for a long time. There can be access issues, a tenant in place that won’t allow showings, or a stubborn seller regarding price. If you see a property with a high day count that doesn’t mean it’s a bad property and it might be an opportunity for you to buy something special you just need to do your due diligence and ask questions to find out why.
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