SELLERS SERIES: Just being on the market is not the same as being in the market.
To get a sense of this, we look at two factors of houses on the market at any point in time.
Taken together PRICE + CONDITION = VALUE. The level of value determines which houses will sell first.
Take a look at the video below for a further explanation. (length 1:50)
Buyers looking for homes in a certain area in a certain price range will get updates from their real estate agent about which homes are available right now and you can be sure buyers will QUICKLY determine which houses are "in" the market and which are "out" of the market.
In 2005 the market had expanded so that the area of houses that were "in the market" houses was much larger. Houses were selling. In a buyers market, however, "in the market" areas contract. A flood of foreclosures and short sale properties shifted the picture in many markets creating powerful price competition. This can mean the house that was "in the market" just several years ago is now out of the market.