One of the most important factors in real estate is how long a property has been sitting on the market. The “days on market” (DOM) number is critical in a city like San Francisco, where properties typically go into contract with multiple offers within a week or two of coming on the market. The single-family home segment is a particularly hard nut to crack, as a majority of buyers would prefer houses to condos.
So when a single-family home has been out there for 30 days or more, it’s a sign of one of two things: The sellers are sticking to their price and won’t sell unless they get that, or there might be room to negotiate a lower price. Indeed, sales data from the last quarter of 2019 indicates that there are more sellers out there in the first camp. Continue Reading