What Does Zero Days on the Market Really Mean?
Since the beginning of the year, almost 100 properties have sold with a big goose egg for days on the market. That’s a big accomplishment if you’re looking at it as a legitimate sale: 0 days on the market? How can that be?
What does that really mean?
Usually, it means it was sold prior to going on the market and the agent(s) put in to MRIS as a comparable sale for the credit and for other agents to use for other sales.
How does that happen?
Well, it should be no surprise that of the 97 year to date, 23 were sales where 1 agent represented both the buyer and the seller in the transaction.
A handful more were likely for sale by owner and the buyer agent put it in to keep under their recorded sales.
The majority of the other ones were either:
- Coming Soon that were sold prior to actively being listed
- Agents sharing with other agents upcoming listings and getting lucky
- A drive by calling on a for sale sign
- Sellers advertising to friends that they would be listing soon (this happens actively on groups like North Arlington Parents or Mothers of North Arlington)
For some sellers, this is the perfect scenario. Read my old blog on why a seller would take an offer before going on the market.