When you're looking at the MLS listing for Huntsville properties or Toronto condos you may notice the acronym DOM and not know what it means. This stands for Days on Market and can tell you a lot about a potential new home. You will also want to check out the average days on market for your city and neighborhood if you're buying or selling real estate. This will tell you what the average span of time homes have been for sale from listing day to the day the buyer's offer is accepted for the past six months. Some buyers, whether they're looking at Huntsville homes or a house for sale in Arlington, put a lot of stock in these figures, while others might not even look them up. Here are the benefits of checking out these statistics.
If you're buying a home than the days on market can tell you much about the sellers and the home, but this information can also be a quite inconclusive. In a buyer's market you would of course assume that the days on market would be higher than in a seller's market. If you're looking at a Markham home that has been on the market for more than the average, you could be looking at a home that has many flaws, a home where the sellers are difficult to negotiate with, or a home that has just been neglected. Do a little research beyond this figure. It could mean that you are in for a headache or have found a property where the seller's might be willing to give up a little more to get that sold sign on their lawn.
A good way to see if a home is worth checking out even if it's got a high number of days on the market is to compare that number with the home's exposure. If it was quite easy to find that local or Paris Ontario real estate listing and the home is readily available for showings, than there may be something off about the property or its price. If you had to go through one hundred listings before reaching that home, it may be worth checking out. The seller and home could just be suffering from less exposure than the other homes in the area.
There is also the potential for buyers to relist their property to wipe the slate clean with their days on the market. You want to watch out for this with a condo or oceanfront property for sale. Your real estate agent should be able to easily find out if a home has been relisted.
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