There are a lot of components to a home sale that need to work in sync if you want to get the best value for your property. Some of those components are obvious—such as whether or not your house is clean. Others, however, can be less apparent and their role in the success of your sale more difficult to understand.
One of these important factors you may not be aware of if you’re new to the real estate game is referred to as Days on Market or DOM. Let’s take a closer look at what this means and why it matters.
What does Days on Market mean?
DOM is pretty much exactly what it sounds like: the number of days between when your home is listed for sale and when you’ve either signed an offer or removed it from the market. A similar metric is Cumulative Days on Market (CDOM), which includes the number of days your home may have been listed under a different realtor or listed, briefly removed, and then re-listed. Many Multiple Listing Services keep track of both DOM and CDOM for your home.
Why does Days on Market matter?
The length of time your property sits on the market often signals to buyers the level of interest others have (or don’t have) in it. The higher your DOM, the more skeptical buyers will be of your house. They assume there must be some reason or negative quality that has prevented your property from selling already and are more likely to pass on learning more for themselves.
Depending on your location, the ideal DOM is around 30-60 days. The more days your home is on the market, the less likely it will sell above or even at listing price.
What impacts my Days on Market?
There are a lot of factors that contribute to the amount of time your property spends on the market. Your location and the state of your local market play a significant role. Homes move faster in some areas than others, meaning your DOM will matter more in a city where the average is lower. Listing price, marketing strategy, and the condition and presentation of your property are all other elements that can easily slow down or speed up your sale.
Did you know that staged homes sell faster and for more money than competing properties?
It’s true! You don’t have to break the bank to implement effective home staging though. With Stage2Go’s DIY home staging packages, you can have your home ready for the market in 48 hours and skyrocket your chances of closing in that 30-day mark.
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