What is the impact of more DOM?
What is the impact of having more days on market when you’re selling your home?
This can vary depending on the local real estate market and the specific circumstances of the sale. But in general, having a property on the market for a longer period of time can make it more challenging to sell.
Here are four reasons why:
- The first reason is the property becomes stale: Buyers first thought will typically be “what is wrong with the property?” When there may be nothing wrong with it at all and that can deter buyers from writing and move on.
- It can affect your negotiating power: if your property has been on the market for a long time, that signals to buyers the house may be overpriced and will wait for a price adjustment OR write an offer below the list price.
- The property becomes overpriced: if a property is on the market for a long period of time and it’s not selling, it’s an indication that the price is too high and you may need to adjust the price.
- It can be costly: not only in the offer you may receive but also in terms of your continued mortgage payments, property taxes, insurance, and maintenance expenses while you’re on the market.
It’s important to note that the impact of DOM can vary depending on the specific circumstances of the sale but these are a useful rule of thumb.
And I’m, Daniel. Your friend in Real Estate.