What Is Days on Market?

Days on MarketDays on Market refers to the number of days a house been up for sale? The number of days on market can be good news or bad news depending on if you are the Buyer or Seller.

Why Days On Market is Important?

As a Buyer, you might be happy to know  that a house has sat on the market for a long time . The seller is probably more eager to sell than a month before, and is most likely willing to work a deal. An eager seller makes a happy buyer in most cases.

As a Seller, you might not be so happy about it, and for the same reason. You are now an eager seller, yet you still want to get the best price for your home, but the buyer will have  the upper hand.

Already, you may be beginning to understand how the DOM metric can affect the sale of your home.

The problem with the Days On Market metric is that it causes buyers and agents to build false assumptions. If a home has been on the market for an above-average length of time, we start to wonder, “what’s the matter with that listing?” Even though we know there are other reasons for a home to go static and not sell, many people automatically think there’s something wrong.

Reasons For An Extended Days on Market

  • Home May Be Overpriced – Nothing is wrong with the property itself; it’s just priced too high.
  • Seller Testing The Market – Although it’s a big mistake and agents will tell you so, some sellers test the market by throwing a high price on a home they don’t care if they sell – just to see if somebody is foolish enough to take it.
  • Seller is Sticking To Their Guns – Often, sellers get fixed on a price and won’t budge, come hell or high water. They figure they can wait around until the market can meet their price, not the other way around.
  • Still Renovating – Sometimes, a home will go on the market in the middle of renovations. The sellers aren’t ready to let the home be seen, so it just sits there.
  • Available for Showings – A growing problem is the lack of access to a home for sale. Sadly, agents and FSBOs alike seem to be unavailable when a buyer wants to view the home. Obviously, no viewing means no sale.

Don’t let your Days on Market get high because of simple mistakes. If you’re serious about selling your home, remember the five reasons above and make sure you aren’t doing them.

If you’re ready to sell your home with a professional who understands how to keep the Days on Market to a minimum, Call Debra Obrock at: 480 688-2000

How To Measure Your Home’s Real Value

Home ValueAs a society, it seems like we’ve gotten away from appreciating our homes for their emotional and sentimental worth. Instead, we focus solely on their monetary value.

An Appraiser Can Estimate A Home’s Monetary Value, But To Gain A True Concept Of Your Home’s Worth, You Must Also Take Into Consideration:

  1. Pride Of Ownership. You don’t buy a pair of Prada shoes because you’re going to be able to resell them and make a profit. You buy them because they make you look good and feel good.
  2. Security And Stability.Your home provides a roof over your head that’s in your control. You can decorate it how you want. You don’t have to worry about a landlord selling the property or asking you to move out. In the “olden days” (or should I say “golden days”), we called our homes our castles because, as owners, we felt like the kings and queens of our homes. You can still feel that way! Claim your castle and crown yourself king or queen today.
  3. A Safe Haven.After a tough day at work or a day of disappointments, where’s the first place you think of going?  Home! As Dorothy says, “There’s no place like home.”
  4. A Place To Make Memories.  Your son’s tree house and daughter’s playhouse. The markings on the wall that tracked your children’s growth. The porch swing where you start and end every anniversary celebration.
  5. A Neighborhood Full Of Friends. In the event of an emergency, your neighbors are your first line of defense. They’re also the simplest, best and least expensive form of security. Additionally, they may have the exact tool you need for a project; the extra pair of hands you need to complete a project or children to become playmates with yours. Neighbors also give you that much needed in-person, up-close social network.

Even if your home’s economic value has dropped, you continue to benefit from its emotional values of community, stability, security and success.

Thinking of buying a home? I can help you evaluate the emotional and monetary worth of homes and find a home that fits your values and lifestyle. Give me a call today:480 688-2000.