Oftentimes you will see me reference a term called ‘days on market’ in my monthly marketing reports. You may be wondering what that means. Your Carmel Realtor Explains Days on Market!
There are so many acronyms on a Real Estate listing. Things like PITI, MLS, and DOM. You will often see the acronym DOM when talking about days on market. Basically, all that it is means the number of days that the home has been listed for sale. Seems simple enough, right? Well, not really. The DOM number that you see on a MLS sheet isn’t necessarily an accurate number. The listing could have been so old that it expired on MIBOR or there could have been a mutual release (they chose to go with another Realtor) and then when the property is “relisted”, oftentimes they use the new date so that it comes up in new searches, etc.
So, how do you know if information provided on the MLS sheet is the actual date? Well, you hire Carmel’s Best Realtor and I can look at the history of the home to see any and all listings to give you an exact date.
The days on market is very important because it is a motivating factor to buyers. Most buyers don’t want a home that has been sitting for months on end. Surely, if the house was in good condition, someone would have snatched it up by now, right? Well, not necessarily. Sometimes, the seller doesn’t really want to move. Sometimes, the home was overpriced to begin with and now they have lowered it to a reasonable price. Maybe no advertising was done. Maybe the home needs some cosmetic work and is just waiting for you to scoop it up and put your own touch on it. Maybe the home wasn’t staged and other buyers couldn’t see themselves living there. There are many reasons why the DOM might be high. However, the longer the days on market is, the more the sellers may be willing to negotiate, so don’t discount the home on DOM alone! A great Carmel Realtor will be able to find out the history of the home and set you up with great inspector to make sure you are getting a great home!