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UrbanTurf Reader Asks: The Higher the Days-on-Market, the Better My Chances?

  • November 22nd 2011

by UrbanTurf Staff

UrbanTurf Reader Asks: The Higher the Days-on-Market, the Better My Chances?: Figure 1
Shaw condo that's been on the market 137 days

In this installment of UrbanTurf Reader Asks, a would-be buyer asks if shopping among properties that have been on the market for a month or so is a better strategy than trying to get one that was just listed.

"I was recently outbid on a fixer-upper one bedroom in a hot area of Northwest DC. The unit received a whopping 20 offers after just over a week on the market. I’ve read similar stories on UrbanTurf and heard them from friends. It seems that newly-listed, desirable properties create a feeding frenzy in DC’s tighter submarkets, and that I just won’t be able to compete in such a situation.

So my question is how to strategize around this market reality. I’m wondering if instead of going for just-listed properties, going for homes that have sat on the market for over a month or so might be a better strategy. Any frenzy around these properties has already passed or never happened, and maybe the seller is getting eager to do a deal. Should I target these 'older' listings instead of monitoring the new listings every week?"

Post your thoughts on this strategy in the comments below. If you would like to submit a question for UrbanTurf Reader Asks, send an email to editor2011@urbanturf.com.

See other articles related to: dclofts, home buying, urbanturf reader asks

This article originally published at https://dc.urbanturf.com/articles/blog/urbanturf_reader_asks_the_higher_the_days-on-market_the_better_my_chances/4638.

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