How can a buyer find out how long a property has been on the market?

How long has the property been on the market?................This is a question commonly asked by buyers for the main reason to find out whether the vendor may now be motivated to sell. The real problem is that many Agents who are asked this question, often lie about the true situation. Agents are taught not to give away the Vendors real position so as to avoid a weaker situation in the negotiation.

Why do Purchasers want to know how long the property has been on the market? The main reasons buyers seek out this information is as follows:

• What is the Vendors real motivation. If the property has been on the market for some time, the Vendor may now be ready to sell at a realistic price.
• The Real Estate Agents Agency Agreement may be coming to an end and the Agent may be more willing to help the buyer make a deal.
• The Vendor is now getting tired of keeping the property neat and tidy to sell and now has the motivation to sell.

All these factors make a stronger case for the buyer during negotiations. Buyers should always try to seek out how long the property is on the market but not rely on the answer primarily given by the Agent. Is there a more reliable way to find out the answer? Where can I get this information?

With the changes made to the NSW legislation over the recent years, vendors who wish to sell their residential home now need to have a contract drawn by their Solicitor or Conveyancer prior to placing the property on the market for sale. The answer is in the contract.

As a buyer, if you look to the title search in the contract, this will have a date on which the search was ordered. This is an indication, but not a certainty as to the approximate time when the contract was first prepared. Whilst you cannot rely on this date as the guaranteed date when the property first came to market, it does give a strong indication as to when the search was done in anticipation and readiness for sale.

In addition, you can also look to the date of the section 149 Certificate as issued by the Council (often referred to as the Zoning Certificate). Again this is also an indicator of when the certificates were ordered for insertion into the draft contract.

Whilst the above suggestions do not offer an absolute guaranteed answer as to how long the property has been on the market, it will however provide strong evidence as to when the vendor started to take action to place the property on the market for sale.

On the flipside, it is always good for sellers (vendors) to keep these certificates updated and "fresh" to avoid informed buyers using these details to assist them in negotiations.

When buying or selling, get the right advice.

Comments by Dean Carver, Solicitor and Real Estate Strategist - (Carver Lawyers) www.carver.com.au - phone (02) 9773 4550