Days on market. What they are, Why they matter?

When youʼre trying to sell, stale is one thing you donʼt want your home to be.

While thereʼs no hard-and-fast rule for when a home becomes stale, there is a key metric that tells buyers how long your home has been for sale. Known as days on the market, or DOM, this metric counts up by one every day your home remains unsold.

 

What does DOM mean?

The National Association of Realtors defines DOM as the number of days from the date on which the property is listed for sale on the local brokersʼ multiple-listing services (MLS) to the date when the seller has signed a contract for the sale of the property.

 

Low DOM, high DOM

A related metric is the average DOM for homes sold in a market during a specified period. A low average DOM indicates a strong market that favors sellers. A high average DOM signals a weak market that favors buyers.

 

Sellerʼs markets have predominated in the United States for the last few years. And a high DOM for a particular home in a strong sellerʼs market with a low average DOM is a red flag for buyers that may lead them to believe something is wrong with the home.

 

-Why DOM matters?

DOM in real estate is important for buyers and sellers, but the stakes are higher for sellers. Homes typically generate the most interest when theyʼre new to the market.

 

When buyers notice your homeʼs above-average DOM, theyʼll wonder whatʼs wrong. The question typically has three answers: price, condition, or location. A high DOM can also lead buyers to think youʼre unmotivated, stubborn or unavailable.

Ways to help reduce DOM If your home has been on the market for quite some time, you should consider to take action:

– Get the price right on day one of the listing

– Price adjustment

– Repairs and renovation

– Cleaning and staging

– Re-listing to reset DOM

– The other choice is to wait and hope that real estate market values rise to your asking price

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