Why Days on Market Matters When Selling Your Home
How long a home has been listed for sale, often referred to as days on market (DOM), can provide helpful insight about a home listing.
DOM, defined as the time between when a home is listed for sale and when it’s taken off the market, is a useful metric for sellers. A market with low average DOM indicates that there’s strong competition from buyers and homes are being sold quickly. A high average DOM is less desirable for sellers and can indicate that there is low competition.
The longer a home stays on the market, the more likely it will raise a red flag to buyers who will question why it hasn’t sold yet. Often, an individual listing with a high DOM may need to be adjusted to better showcase the property.
Although DOM varies by location and even neighborhood, there are things you can do to help make sure your home sells quickly.
Understand your local housing market
Whether it’s a buyer’s or seller’s market, knowing your local market conditions can help you better understand of buyer demand (or lack thereof) for your home.
In a seller’s market, there is strong demand from homebuyers. The increased competition among homebuyers generally results in lower DOM, more offers per listing and even increased sale price of your home.
Check your price
Remember, a professional Real Estate Agent is there to help you sell your home by listing it at the right price initially based on local market conditions and recent comparable home sales. Setting the right price for your home when it’s first listed for sale can help you avoid lengthy DOM. Once you have a general idea of how much you could sell your home for, the list price should reflect an accurate and realistic value of the home.
Prepare your home
Make sure your home looks move-in ready for potential buyers. Staging your home or making small updates can have a big impact on the overall appeal of your home — especially for buyers who are viewing it online. Adding a fresh coat of paint or installing new appliances will make your home feel fresher and more modern, helping to attract buyers who might not have considered it otherwise.
Marketing you home
A Real Estate Agent is there to market your home to potential buyers. When selecting a Realtor, it is important to understand what marketing they will be doing to get your home sold. The more potential buyers the property is exposed to, the less days on market, and most likely, the more money the house will sell for. It is important to cast a wide net to catch as many buyers as possible