Days On The Market (DOM)
What Is It and What Causes It
Hello fellow Real Estate enthusiast. If this is one of your first visits to my blog, welcome, and please sign up for future Fort Leonard Wood Market Updates. Those who have visited my blogs before, welcome back. Now let's discuss Days on the Market (DOM) and what it means to your bottom line.
As the Fort Leonard Wood Real Estate Market continues to go through its ups and downs you must learn how to ride the waves. The number of buyers being introduced to the Fort Leonard Wood market is lower this time of year compared to 2016. However, with news of new growth coming to Fort Leonard Wood we are seeing much needed renewed interest from investors and home buyers into the market. The renewed interest should lower the number of “Days On the Market” (DOM) each home sits before receiving an offer.
According to Wikipedia DOM is: Days on market (DOM, alternatively active days on market, market time, or time on market) is a measurement of the age of a real estate listing. The statistic is defined as the total number of days the listing is on the active market before either an offer is accepted or the agreement between real estate broker and seller ends.
National Median Days on Market
If you are a seller and really want to sell your home then ensure your Realtor® provides you with a comparable market analysis. Remember, with fewer buyers on the market those buyers have several homes to choose from and want to find a deal (you were a buyer once!). Below are some things can cause a higher than needed DOM on your home.
1. Overpricing your home: Some sellers want to test the market and over price their home. Their justification is, “we can always come down in price and we’ll look at all offers”. The facts are buyers will view other homes “like” yours that are lower priced and may not make it to your home because they found a deal. This causes your DOM to be higher as you wait for the lower priced homes be sold.
2. Waiting out the market: Sellers who price their home high, turn down reasonable offers, and decide to “wait out the market” and hope for a higher offer. This is a big waste of DOM you don't have to endure. I would recommend waiting until the market demands a price you want for you home and then put it on the market. Your home will appear as a fresh listing and now it is priced to sell in the “current” market.
3. Putting your home on the market at the wrong time of year: There are times when buyers entering the market are just looking for homes $150,000 and below or there are fewer buyers in the market. There is nothing you nor your Realtor® can do about those facts but those facts occur in the Fort Leonard Wood market weekly. This fact will also add a few days to your DOM. These facts show the importance of pricing your home correctly on day one of the listing and have it show ready when buyers come to town.
Below are some statistics taken from various sources* to give you an idea of how Fort Leonard Wood Market compares to State and National averages. Real estate is local but it is always nice to see how we are doing compared to the rest of the nation.
Fort Leonard Wood DOM Comparison (Feb 2017)
If you are in the market to buy or sale a home please give me a call, text, or email. You can also get a free market analysis from my website to see if the market is right for you. Continue to follow my blog to stay informed on the Fort Leonard Wood housing market. Things are looking up and when it is time for you to invest, buy, or sell you’ll be better informed to become a winner in Real Estate.