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