How many days has this property been on the market? This days on the market question is one of the most common questions I get from my buyers. People seem to think that if a home has been for sale for a long period of time it is either defective or the sellers will be extremely motivated to sell (meaning taking a low price). In the majority of cases both of these assumptions are false.
The main factor in selling a home is the price! Price a dilapidated dump correctly and even it will sell. Many sellers are too emotionally tied to their homes to see the correct price and therefore start out their listing with a price that is way too high. You need to compare similar homes in the area to get the correct pricing. This being said, the high number of days on the market most likely reflect a home that is priced to high and sellers that cannot accept the true worth of their home. Just because a home has been on the market for almost a year does not mean it has problems, the main problem is most likely sellers that will not come down to market value with the sale price.
In some cases a high number of days on the market may be a sign that the house will not be a deal because the sellers are not willing to move on their price.
So keep in mind when you are looking at homes, days on the market are something to consider among the many other factors but it is not normally a sign that the sellers are desperate and will take whatever you offer them. A property needs to be priced correctly in regards to the other properties in the area in order to sell, if it is priced right and not selling then there may be a problem hiding somewhere.