How Accurate is “Average Market Time?” One of the most important statistics in residential real estate — at least to prospective home sellers — is a Realtor’s “Average Market Time.” As defined by MLS, that’s simply the average amount of time it took the Realtor to sell their listings (at 34 days, I ranked second in Edina...Read More
The Housing Market’s “One-Percenters” In my experience, the vast majority of people who want to buy or sell a home (at least in Minnesota) are a delight to get to know and work with. And the fact that so much of my business is from referrals says that my clients feel the same way about...Read More
“Expired’s,” “Cancelled’s” Loom Larger Until a few years ago, I never spent much time looking at Expired or Cancelled listings when I was preparing a Comparative Market Analysis (“CMA”). Today? Depending on the part of town and property type, that’s often where I start. If you don’t take unsold listings into account these days —...Read More
“The 90 Days-on-the-Market” Showing (Preview?) Call it, “coming in through the back door . . . through the front door.” What I’m referring to is the practice of at least some agents to conveniently show any properties that have been on the market 90 days — and therefore may be about to expire. Their logic?...Read More
“So . . . How Long Has it Been on the Market??” First, a definition: “CDOM” stands for “Cumulative Days on the Market” — what non-Realtors call “market time.” As a prospective Home Seller (and their Realtor), it’s your friend on a new listing, neutral after perhaps 6-8 weeks on the market . . . and...Read More
Huh?? The explanation for the foregoing is that agents watching a listing — or their clients — will note that a listed home has suddenly disappeared, and will contact the listing agent to see what’s going on. That is, assuming they have interest. In today’s market, homes that cancel or expire invariably pop up the next day or two,...Read More
