Real Estate Tips: What Is DOM And How It Affects The Home's Sale
DOM or Days On Market is the dreaded question home sellers may not want to discuss. Days on Market is a term used by listing sites referring to the number of days a certain property has been placed on the market. The metric covers the entire time the property has been put on sale to the time the property deal has been closed.
The Impact Of Days On Market To Agents' Clients
The DOM of a certain home has different impacts on different kinds of clients. If a person aims to buy a home, a longer DOM may be a good thing. This is because the home's seller may become more eager to sell the home and be most likely willing to twist the deal a bit. If the seller is eager to sell, the buyer is happy.
On the other hand, if a person sells the home, a higher DOM is not a good thing, as this would mean that the seller shall now change the deal to attract buyers. This may mean lowering the price and/or adding more stuff to the property.
The problem about the DOM metric is that it can bring all sorts of assumptions to buyers why the home hasn't been sold sooner. If the DOM of a property starts to increase, people would start to wonder what's wrong with the property. However, the reason behind an increased DOM number is not limited to one reason, and many factors can cause a property to remain unsold for a long time.
One of the possible reasons why a property can have a high DOM number is its high price. Sometimes, the home could be perfectly fine with no flaws, it is just over priced. Also, some sellers may tend to test the market by throwing in a high selling price trying to see if someone takes the deal despite the cost. This is not exactly an advisable plan, but many sellers still take this step.
Furthermore, some sellers simply have stone hearts and don't care for some bargaining. They stick to their guns regardless of the high DOM their property is getting. These sellers decide to wait around until the market adjusts to their price, instead of the other way around.
Also, aside from sellers' tendency to stick to their original price, there are also some people who list their homes even while they are still renovating the property. Meaning, the sellers aren't ready to get the home seen and sold just yet, so they just let the property sit in there.
Additionally, it is also possible that buyers simply do not have access to the home they see listed. There are cases when agents and sellers aren't available when a potential buyer wants to see the home personally. So technically, no viewing means zero sale.