Just about the very first question a buyer is going to ask their agent when they become interested in your home is how long it how long it has been on the market. You may have asked your agent the same question when you purchased your home.
The reason your potential buyer wants to know how long the home has been on the market is they are determining how they will negotiate with you. If a home has only been on the market a few days or a couple of weeks, the buyer will assume there won’t be much room for negotiation and if they truly want the house and will be much more inclined to make a higher offer.
On the flip side, if your home has been sitting on the market for several months to a year, the buyer will use your ‘days on market’ to negotiate against you, creating a ‘buyer advantage’ in negotiations.
The longer you are on the market, the lower your offers will be (if you even get any offers at all). Most buyers consider homes that have been on the market a long time will assume that something is wrong with them, since they are still available and haven’t sold.
Most Multiple Listing Associations keep track of Cumulative Days on Market (CDOM) on all listings, so you cannot hide your days on market – it stays with your address for up to 8-10 years. This is why it is so important to put yourself in the best position possible to create a sale within 30 days after coming on the market, so you can negotiate from a position of strength with the buyer.
Many sellers who choose to ‘try the market’ at a higher price eventually sell for far less than they would have if they had only been correctly positioned in the market in the first place. Re-creating that interest from the market weeks and months later is almost impossible and most buyers will have forgotten about your home in just a few short weeks.
Your agent needs to be your advocate – which means they need to be willing to be honest with you about the price, even if it means you will be disappointed. Your agent needs to be honest with you about your market value and market conditions, as you will be making major life decisions based on this information. Make sure your agent takes a consultant approach in their business, not a salesperson.