Does Number of Days on MLS affect your buying decisions?

[Mo Farraj]

Hello All,

I am a new investor and looking in Upstate NY for my first rental. I am currently working with a broker and she said the below statement that really changed the way I view properties under my search criteria. 

"If the property has been on the MLS for more than 3 days - it probably wasn't a deal to begin with."

I would like to hear your views on this as well. Do you look at how long a property has been available for sale? Does this sway your decision to buy the property in the first place? I work a full time job and I find it a bit difficult to have enough time to analyze/visit/evaluate properties as soon as they hit MLS. Any other buyers with a full time job that can chime in on their process please?

[Matt Brown]

@Mo Farraj

Personally, no, that situation wouldn't affect me. I do look for properties that have been on for quite some time (3 months +) as those sellers may be getting desperate and wanting to deal more.

As for it being 3 days or so, could just be not fit for someone's portfolio or they're funds are tied up and they're not able to execute. If the numbers work for you then go for it. Could still be a good deal.