One of the FIRST questions they will ask their Realtor when viewing a home for sale is “how many days has this been on the market?” If the answer is that the house has been on the market 122 days, the Buyers immediately wonder what’s wrong with the home and why nobody else has wanted to buy it. However, if the answer is 10 days on market, the home Buyer’s reaction is, “we had better take a look at this home and make a decision quickly before someone else snaps this up!”
What does “Days on Market” mean to a Seller?
When preparing your home for sale, take into consideration how home buyers will perceive your days on market should your home not sell quickly. Home buyers are getting very educated about real estate on the internet and will look for DOM (Days on Market).
Of course, this varies from market to market and longer days on market are expected in higher price ranges. But, regardless of make and model, excessive days on market will almost always ensure a low-ball offer.
Realtors have the same perception about days on market. If they see that a home’s DOM is greater than most of the homes listed the area they will no doubt conclude that the home is overpriced and will not waste their Buyers time by showing them the home.
So when you are ready to list your home, forget about “testing the waters” and price your home competitively from day one. Once your days on market have grown, you can’t undo that damage.
If you are interested in discussing how I would market your home for sale or what price I think it should list for, give me a call today at:480 688-2000.