Agents tend to promote a low number of days on market as a good thing.

Cynics say they sold too quickly, could have got more, and a lazy agent took advantage of an unambitious vendor. Note that those same cynics question a property that has been on the market for a while thinking there is something wrong with it, the agent can’t get things sold, and why does nobody want it? You can’t win with cynics.

The time taken for a property to sell is influenced by multiple factors.

Circumstances that result in lower days on market:

1. Desperate seller – will take the first offer they get, often a discount to what they could get with more patience.
2. Desperate buyer – offers a premium price very quickly in order to secure the property even though they might have got it for less if they were patient.
3. Multiple strong buyers and agent decides its worth bringing it to a head early while these buyers are at the table – the agent will run a quick process (“auction before the auction”) and close the sale.

Circumstances that result in higher days on market:

1. Stubborn greedy vendor – wanting an unrealistically high price often won’t sell and then becomes stale and lingers on the market until the “market catches up” ie. the market moves up and the vendor can get the price they wanted. Sometimes the vendor moves the goalposts up as the market is going up resulting in even higher days on market and/or no sale.
2. Problematic property – if the property has issues, buyers who are initially interested may change their mind as they undertake more due diligence.
3. Patient strategic agent – waiting for the right buyer for whom the property has the most value.

The reality is there are many factors at play, and you shouldn’t jump to conclusions based on the days-on-market alone.