Days on Market – What Does it Matter to Home Seller?
Understanding the general direction of the local housing market conditions and home prices is important when selling a home. These information will help you make a more informed decision when selling a home in Arizona. One important indicator in real estate when selling your home in Arizona is how many days the property has been on the market, known as average days on market or DOM. Along with home prices, days on market is a key metric used to evaluate a real estate market and make wise decisions for you and your family.
What does days on market mean?
Days on market is simply the number of days a home has been active in multiple listing services until it is sold. When a home is listed as active, that means that the seller is still accepting offers, and every day the DOM will go up until it changes to “pending” when the seller has accepted an executed offer.
Why days on market matters to seller?
A seller will be better able to have a good pricing strategy by knowing the average Days on Market. They should know the numbers in their neighborhood and in their price range. When a home sits on the market longer than the average number of days that it takes for comparative homes to sell, it can hurt the marketing of the home. Buyer will start thinking what’s wrong with the house.
What seller can do if their days on market gets high?
If your home has been on the market for quite some time, you should consider to take action:
Price adjustment
Be realistic, not stubborn. If it’s overpriced or has been on the market for a while, you may need to lower the price or accept an offer below what you wanted.
Make sure it shows well
Clean, declutter, depersonalize and be sure the curb appeal is swoon-worthy. Ask your Realtor for staging and decorating tips if you’re unsure of how to proceed.
Be more flexible on showing
It’s inconvenient to be out of your house for a showing at 6 pm on a school night, but if you’re going to sell your home, you have to accommodate buyers’ schedules.
Re-listing to reset DOM
Take your house off the market for a few weeks or months and then relisted again, possibly with a new, lower price. This may restart your DOM counter and give buyers the impression that your home just came on the market,
Conclusion
The longer a home sits on the market, the less likely it is to sell for the price you want. Pricing your home correctly on day one of the listing. If you aren’t realistic about the market, or engage in a host of other common pricing mistakes, you could risk your home lingering unsold.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ and surrounding area, we hope you will consider us. Contact us today for complimentary consultation.
New Listing in Last 24 hour Phoenix AZ
Search homes for sale in your neighborhood
Receive email alert as soon as a Phoenix property matching your criteria hits the market. Be one of the first to see new listings. Simply type in everything you want in a house and save your search here to be notified.
