How long has this home been on the market?

When I hear the question "How long has this home been on the market?" come out of a buyers mouth... one thing comes to mind - "low-ball offer". 

The question shouldn't be "How long has this home been on the market?"  The question should be "What's the history on this home?"   Make an educated offer.  Look at the comparables (solds, actives, pending) and look at the price reductions of the home in mind.  Most agents and sellers expect to close a deal at 95 to 97% of list price.  I have worked with sellers that refuse to negotiate with buyers that come in with offers lower than 90% of list price. 

If a home is overpriced (on the market) 180 days and the price is then dropped to a more reasonable price and is only on the market 15 days when the buyer is looking, the seller is probably not very likely to take a low ball offer.  But if a home is on the market 180 days and has never had a price reduction the seller might be willing to take a much lower offer.   But, I also remind all my buyers that every home and every seller is a different situation. 

Looking for a good deal (under market value)?  You might have to look at a short sale or a foreclosure.  Yes, those homes might need repairs, but there is a better chance at negotiating a price lower than the comparables.    When you are dealing with an individual that has lived in the home... the feelings and reactions are different than when dealing with a party that has no ties, no memories in that home. 

Whether you choose to make an offer on a foreclosure, short sale, or another listing... be patient!