When selling your home, the amount of time it spends on the market can significantly impact your success. Known as days on market (DOM), this metric reflects how long your property has been listed for sale. Buyers and sellers often interpret DOM differently, and understanding its influence can help you navigate the real estate market more effectively. Here’s why DOM matters and how to minimize it when selling your home.
What Does Days on Market (DOM) Mean?
DOM is a real estate term that measures the number of days a home is listed for sale before going under contract. It begins the moment the property is added to the Multiple Listing Service (MLS) and ends when a buyer submits an accepted offer.
Key Points About DOM:
- A lower DOM often signals a competitive property priced right for the market.
- A higher DOM may indicate challenges, such as overpricing, limited demand, or issues with the property itself.
Why DOM Matters When Selling Your Home
1.Buyer Perception
DOM heavily influences how potential buyers perceive your home.
- Low DOM: Creates urgency and signals high demand, often leading to competitive offers.
- High DOM: Can lead buyers to assume there’s something wrong with the property, even if there isn’t.
Tip: Price your home strategically from the start to attract early interest and avoid a high DOM.
2.Negotiating Power
A home that spends more time on the market may weaken your position during negotiations. Buyers often use high DOM as leverage to request price reductions or additional concessions.
Pro Tip: Aim to make your home appealing to buyers immediately by addressing common concerns like maintenance issues and curb appeal.
3.Market Trends and Timing
DOM can also reflect broader market trends. For example, a high DOM during a slow real estate season may not indicate a problem with your home, while low DOM in a competitive market signals strong demand.
Advice: Work with a real estate agent who understands local market conditions and can time your listing strategically.
How to Reduce Days on Market
1.Set the Right Price
Pricing your home competitively is one of the most effective ways to minimize DOM. Research comparable properties (comps) in your area to ensure your listing price aligns with current market conditions.
2.Improve Curb Appeal
First impressions matter. Invest in small updates like fresh landscaping, a new coat of paint, or modern light fixtures to make your home more inviting.
3.Stage Your Home
Staging can help buyers visualize themselves living in your space. Highlight your home’s best features by decluttering, rearranging furniture, and adding neutral decor.
4.Market Effectively
Work with your real estate agent to create a robust marketing plan that includes:
- High-quality photos and videos
- Virtual tours
- Social media promotion
5.Be Flexible with Showings
The more accessible your home is to prospective buyers, the quicker it’s likely to sell. Accommodate showing requests as much as possible, even on short notice.
What to Do If Your Home’s DOM Is High
If your home has been on the market longer than expected, it’s time to reassess:
- Review Feedback: Gather insights from buyer showings and adjust accordingly.
- Reevaluate the Price: A price reduction may attract renewed interest.
- Enhance Marketing: Update your listing with fresh photos or new descriptions.
- Consider Timing: If the market is slow, relist your property during a more favorable season.
Conclusion
Days on market is more than just a number—it’s a critical factor that affects how buyers perceive your home and the offers you receive. By understanding its impact and taking proactive steps to minimize DOM, you can improve your chances of a successful sale. Whether you’re preparing to list your property or looking to refresh a long-standing listing, strategic planning is key to achieving your goals.
