If youโve ever waded into the fine print of an appraisal report, you mightโve stumbled across two phrases that feel like they should mean the same thing: exposure time and marketing time. They both involve a clock ticking away while a property is for saleโbut hereโs the twist: one clock is running backward, and the otherโs running forward. And in the appraisal world, that distinction matters more than you might think.
Letโs break it down…
Exposure Time: The Clock That Ticks Backward
Imagine standing in the kitchen of a colonial in Gordon Square that just sold last week. The buyers are thrilled, the sellers are relieved, and the agent is probably already on to the following listing. But in that moment, the appraiser has to ask: how long would this house have needed to be on the market to attract a willing buyer and sell at that exact price?
Thatโs exposure timeโthe hypothetical time the property was exposed to the open market before the sale, assuming it sold for fair market value.
Appraisers include this estimate to show that the sale wasnโt rushed, distressed, or out of step with the broader market. Itโs a way of saying: โThis was a typical deal in a typical market, and the sale price reflects that.โ
So if the same property sold on August 1st, and the market was moving at a good clip, the exposure time might be estimated at zero to 30 daysโeven if the actual DOM (days on market) was shorter or longer. Itโs about what would be typical, not what actually happened.
Interestingly, the Uniform Standards of Professional Appraisal Practice (USPAP) requires appraisers to develop and report the estimated exposure time. However, USPAP does not require an appraiser to provide an estimate of marketing time. That being the case, our clients may want to know the estimated market time. Let’s talk about it.
Marketing Time: The Clock That Ticks Forward
Let’s shift the scene. Youโre standing in the living room of a Cleveland Heights Tudor, preparing an appraisal for a homeowner who’s thinking about listing soon. They want to know not just what itโs worth today, but how long it might take to sell.
Thatโs where marketing time comes in. Itโs the appraiserโs estimate of how long it will take to sell the property at market value, assuming normal marketing efforts and conditions remain similar to those of today.
So if inventory is tight and rates are steady, marketing time might be short, maybe 30 days or less. However, if the market is cooling, that number might stretch to 60 days or more.
Itโs a forward-looking estimate, and while itโs not a prediction, it helps set expectations and gives context to the value opinion.
Why This Matters (Even If Youโre Not an Appraiser)
If youโre a homeowner trying to time a move, a real estate agent pricing a new listing, or a lender assessing risk, knowing the difference between these two timeframes can keep expectations grounded. It helps explain why a property that feels like it should sell quickly may sit on the market a bit longer, or why a quick sale doesnโt always mean it was sold below market value.
As appraisers, we walk a fine line between past and present, between data and the dynamics that donโt always show up in a spreadsheet. Exposure time and marketing time are just two more tools in the kit to bridge that gap.
A Hypothetical Example
Earlier this year, an appraiser appraised a property that had gone under contract in just four days. The sale price looked solidโin line with compsโbut because it sold so fast, the appraiser had to ask themselves: “Was this price truly reflective of the market?”
The appraiser concludes that the four-day sale wasnโt an outlier by looking at other similar homes and analyzing trends. The market was just that hot. Therefore, they estimate the exposure time to be 15 to 30 days, meaning it likely wouldโve sold quickly and at that price even in a more typical scenario.
Then, a week later, the appraiser appraises another house two blocks over, in the same style and square footage, but the market had cooled slightly, and interest rates had nudged up. The marketing time estimate could now be 30 to 60 days, depending on what other competing properties are doing in that area.
Same neighborhood. Same product. But two very different clocks.
Final Thought
Real estate isnโt just about locationโitโs also about timing. Whether you’re selling, buying, or simply curious about your house’s value, understanding the difference between exposure time and marketing time helps you better comprehend not only the price but also the duration it may take to complete a sale.
And in Clevelandโs ever-shifting housing landscape, that insight can be valuable.
Let’s move on to some fresh housing stats.
CUYAHOGA COUNTY SINGLE-FAMILY HOUSING TRENDS
Here are some fresh stats for single-family homes in Cuyahoga County. Here are the key points from the data below:
- The median sales price in June was $255,000, representing a 7% increase over the prior year and continuing to trend higher.
- There are just over two months of single-family inventory on the market, which is 40% higher than at this time last year.
- The median single-family list price in June was $239,900, representing a 9% increase over the same period last year.
- On average, it takes 17 days to sell a home in June.
- On average, homes sell at 100% of their listing price.
- There were 30% more active listings last month than in June of 2024.
- Pending sales continue to fall! In June, there were 11% fewer pending sales than in June of 2024.
SOME THINGS TO MAKE YOU SMILE
With most of my posts, I enjoy sharing some of the things I’ve enjoyed viewing on social media. I hope they put a smile on your face also!
LOCAL STUFF
I enjoyed some articles about the Greater Cleveland area. I like sharing these things with you and hope you enjoy them too. Just click on the article to be sent to that article.
The Best Things to Do in Cleveland in Summer – Cleveland Traveler
Sip and Stay: 4 Ohio Winery Getaways – Ohio Magazine
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If you enjoyed my blog, you might also enjoy some of my friends’ and colleagues’ blogs! Click their links below to check them out!
APPRAISAL TODAY by Ann O’Rourke
Housing Notes by Jonathan Miller
Sacramento Appraisal Blog by Ryan Lundquist
Real Value Blog and Podcast by Blaine Feyen
The Analogue Blog by George Dell
The Appraiser Coach Blog by Dustin Harris
Birmingham Appraisal Blog by Tom Horn
Thanks for being here! I hope you found something in this post that was beneficial to you!
Have a great long weekend!
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If you want to order a residential real property appraisal in Northeast Ohio, click here. I’d love to help you solve your value problem! I’ve been appraising properties in the following counties since 1998: Cuyahoga, Summit, Lake, Geauga, Portage, Medina, Lorain, and Stark.
* Some parts of this post were created using AI tools, with final edits and opinions by me.
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