Days-on-market

Days on market: what they are, why they matter

There are a lot of things that go into deciding when a home is ready for sale. But one of the most important factors is the days on market. Days on market (DOM) is a statistic that measures the number of days it takes for a home to sell. It’s a helpful indicator of market conditions for a particular area. The longer it takes a home to sell, the more expensive it is likely to be. Not always but typically. The longer it takes a home to sell, the harder it is for you to find a home that meets your needs. So, it’s important to keep an eye on DOM to make sure you’re getting the best possible deal.

What does DOM mean

DOM is a helpful statistic that measures the average days it takes for a home to sell. It’s important to know what this statistic means, because it helps you determine how fast or slow the market is moving. The more expensive homes are likely to be if DOM is high, you’ll have a harder time finding those homes in your price range. But the less expensive homes might have shorter DOMs, which makes them easier to find and purchase when sold quickly. To make sure you’re getting the best deal, check out DOM and make sure it’s on your list of things to keep an eye on.

Low DOM, high DOM

What does it mean? A low DOM is typically a good indicator that homes in your area are selling quickly and will be more affordable. A high DOM means that the market is slow, and homes are likely to be expensive. It’s important to know what a low DOM and a high DOM mean so you can weigh the costs of buying vs. renting. This could translate into significant savings over time if you were planning on staying for several years.

Why DOM matters

The longer it takes a home to sell, the more expensive it is likely to be. And the longer it takes a home to sell, the harder it is for you to find a home that meets your needs. So, keeping an eye on DOM will help you make informed decisions about buying and selling homes while also giving you peace of mind that you’re getting the best deal possible.

Ways to help reduce DOM

There are a few ways you can reduce DOM. It’s important to remember that these don’t always work, depending on the market. One way is to make sure your home is well-maintained. Make sure it’s clean and well-cared for and use thoughtful staging to give it an appealing feel. Another way to reduce DOM is by taking advantage of incentives like seller financing or tax credits that might be available in the area you want to sell in. These incentives will lower the costs associated with selling your home. A third way to reduce DOM is to emphasize location, since people are more likely to buy homes that are closer to where they live or work.

Re-listing to reset DOM

A common strategy to reduce the number of days a home takes to sell is to re-list it for sale. Re-listing will reset the DOM and help your home fall into more readily available categories. Re-listing also helps you avoid losing money on a home that’s taken too long to sell. If you’re looking for a new property or thinking about selling your current property, make sure you focus on the days on market statistics.

FAQs

How are market days calculated?

Days on Market is a measure of the time it takes for a home to sell after it is listed for sale. It’s calculated as the number of days between the listing date and the contract date. The listing date is the date when the home is first available for sale, and the contract date is the date when the agreement to purchase the house is made. Days on Market is an important metric for both buyers and sellers. For buyers, it can help them understand how long it takes for homes to sell in the market they’re interested in. For sellers, it can help them understand how their home compares to others on the market.

Want to know days on the market for your neighborhood?

For most home types, there’s a general rule on how many days it takes for the home to sell. The more expensive the home, the fewer days it takes for it to sell. For example, one bedroom properties would typically take around 40–45 days to sell in the U.S.. Two bedroom properties would take around 45–55 days to sell. Three bedroom properties would typically take around 55–65 days to sell. Four bedroom properties would typically take around 65–75 days to sell. It’s important to understand that these are just broad guidelines and there’s a lot of individual variation in each market. So it may be more appropriate for you to check with a local realtor or mortgage broker about the specific needs of your specific property type and geographics in your area.

Want to close in just a few days at a competitive price?

While it can be hard to know exactly how long it’ll take to sell a home, there are a few things you can do to increase the likelihood of a quick sale. First, make sure the home is in good condition and ready to show to prospective buyers. This will help to reduce the amount of time that it takes for the property to sell. Second, try to get your home staged so that it looks its best. This will help to increase the price that buyers are willing to pay for the home. And it’ll also help to shorten the amount of time it takes for a sale to close. Finally, keep track of the days on market (DOM) for your area. The longer it takes for a home to sell, the more expensive it is likely to be. So if you’re looking for a deal, try to avoid homes that are sitting on the market for too long.

Is two months a long time for a house to be on the market?

The amount of time it takes for a home to sell is one of the most important factors in determining its value. And the days on market (DOM) statistic is an indicator that’s often used to gauge the health of the market. The longer a home stays on the market, the more likely it is to be a seller’s nightmare—or an excellent opportunity for someone else. Because DOM can vary so much from one market to another, it’s important to monitor it—and adjust your selling strategy accordingly. When you start looking for a new home, make sure you understand how DOM works in your local real estate market. And use that information as you make your search process more efficient.

How long do most houses stay on the market?

As with many other questions that pertain to real estate, there’s no one answer that applies to everyone. Based on the local real estate market, the timeframe for a home to become “sold” can vary. In some areas, homes take just a few days to sell. In other areas, it can take months or even longer. Additionally, the price of a home is also a factor in determining how long it’ll take for a home to sell. If a home is more than what buyers are comfortable paying for, it’ll likely sell more quickly. There are also many factors that go into determining when a home will sell. These factors include: 

1. The condition of the home, if there are any repairs that need to be made, how serious are they?

2. The location of the home, is it located in an area where there are more houses or lots for sale than buyers? 

3. The overall market conditions in the area, what is happening in the broader local real estate market? Are there any trends that are giving buyers confidence or making selling difficult?

Keith Motte
Author: Keith Motte

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