We've all heard and read claims from Realtors of having sold houses in 1 day or less. Isn't that wonderful for the owner? Or is it?

When you are confronted with claims such as this your first question should be what percentage of the original list price did the owner receive. The second question is whether the list price was appropriate for the both the market and the neighborhood.

Selling time stats are generally worthless and can lead to false impressions. Of course, in certain areas and in certain times (Silicon Valley in 2000 for example) the selling time is indicative of hot activity.

However, that is the important distinction… selling times in those markets are ALL short and prices exceed list. In normal markets, a fast selling time can also be indicative of:

• A list price that was too low
• A seller that was under pressure to move
• Poor negotiating
• A hot neighborhood and not a hot market

If I can't understand all of the factors that led to the sale being claimed by the Realtor THEN of what use is that example?

The answer, unfortunately, is virtually nothing. Without understanding the particular circumstances of a sale, the fact that a Realtor has sold another property in a short period should not be the only factor in your decision. Ask the right questions to understand whether "Sold in a Day" is the right answer you need in deciding which Realtor to use to sell your home!

Ron Thibeault is a retired real estate lawyer and contributing Editor to ThinkRelo.com. His extensive experience in real estate law gives him valuable insight into the needs of clients, realtors and all other players in real estate transactions.