Timing is everything when selling a home. Many factors determine the days on market (DOM). Market conditions, when to list, how much to list for and the marketing strategy to share the product with the masses are the key pieces to this real estate puzzle. When all meet in perfect harmony, a home should sell for what it’s worth and in record timing. That is the goal.
We are pondering why some homes sit for so long when we seem to be in a buyers market and prices range in the sellers favor. Proves to be a win win, right? Wrong. It all boils down to that simple concept studied in economics class. The concept that remains constant throughout this real estate roller coaster. Supply and Demand.
A prime example is best presented in a recent article in The Miami New Times regarding the plummeting condo market. The supply is actually in complete opposition of the demand and it’s not looking good. Though a house nestled in the quaint streets of the Biscayne Suburbs may seem miles from the hustle and bustle of Brickell City Centre, the markets are very much intertwined. There is an excess of inventory citywide that is very appealing to the constant flow of buyers “migrating north” that are looking for a deal!
Here are some homes listed in the Biscayne Suburbs that have been listed for over 100 days. Can you spot the deal?
Click here to view the listings.