“How long has the property been on the market?” If I had a dollar for every time I’ve heard this question from property buyers I might not need to sell homes anymore. Personally, I don’t think this question is relevant. What does it matter? If you like the place, then who cares if it has been for sale for a while? Rule of thumb, if you like the property go with it, unless you want to stay homeless forever.
Here are a few mental responses I imagine my clients give (depending on their personality) when I tell them about how long a property has been on the market.
Real Estate Agent: “A year.”
a. The Skeptic: The property is probably damaged or not worth it. No wonder it isn’t selling.
b. The Pessimist: The owner is probably too stubborn to be flexible and will not consider a reasonable offer.
c. The Optimist: He is having a hard time selling so he’ll be flexible. This is my chance for a good deal!
Real Estate Agent: “Three months.”
a. The Skeptic: That’s a long time. See, nobody wants it!
b. The Average Buyer: Is that a long time or not?
c. The Optimist: It is new on the market but not too new so that the owner won’t be flexible. I can make a deal.
Real Estate Agent: “It’s brand new on the market!”
a. The Skeptic: Liar!
b. The Serious Buyer: I like it, but since it is new on the market, the seller will not be willing to go down in price. If I want it, I’ll have to pay the asking price or close to it.
c. The Optimist: I’m lucky! I have a great chance to get something good before others know about it!
Real Estate Agent: “It was on the market a year ago, the owner stopped selling, and he just put it back on the market."
a. The Skeptic: The seller’s asking price is too high. He keeps waiting for some sucker to fall for his price.
b. The Pessimist: The seller isn’t serious and doesn’t really want to sell.
c. The Optimist: Maybe he wasn’t serious before but now he is serious and really wants to sell. This is my chance for a good deal!
Real Estate Agent: “It was on the market for a while by the owner but only recently I began to market it as an exclusive property.”
a. The Real Estate Agent: The buyer will realize it’s really a desirable property and the seller simply didn’t know how to sell it. Then he’ll appreciate what a great salesperson I am.
b. The Buyer (Skeptic, Pessimist and Optimist): So what? How long has it been on the market?
In my opinion, it doesn’t matter how long a property has been on the market. If you like it, you like the location, your lawyer finds no legal problems, and the engineer determines the building to be in good shape, buy it! As in romance, the right home is a personal choice. So, buy that property and build a bayit ne’eman in Israel; if you haven’t already.