How long do you think it should take to sell a home? How long do you feel the buying process should take? Many home buyers and sellers may guess at that number, but did you know that you can actually view it from a statistical standpoint?
When a home is listed for sale, that time begins to be calculated using “Days on Market” or DOM. This factor tracks the time from the home’s first entrance into the MLS until an offer has been made and accepted by the seller. Once an offer has been accepted, the home’s status changes to a pending versus active status.
If a home has been on the market for a longer period of time, sellers may be more willing to negotiate on price, so that number can be very helpful to buyers. It is possible to remove a listing for a variety of reasons and then re-list it as a new listing, so checking the history of a property listing is valuable, too, to make sure the DOM status is accurate.
The DOM figure can be a helpful guideline to home sellers, as well, but only in a very general sense. Property condition, location, interest rates and other market factors can result in increased and decreased DOM statistics, so it’s a tough stat to base your plans on.
If you are curious about a home for sale, or would like to sell your home, please contact me to see how I can decrease your DOM and help with your real estate needs. Let’s determine how quickly YOU can move!
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What are the average “Days On Market” in your area? Check out these charts for counties in the area. When we schedule an appointment to discuss your needs, we can drill into this information even further:
Prince William County
If you like charts and graphs like this, check out the Market Stats parts of my web site. Even better, call me for a personal consultation and I will help you drill into the statistics and interpret what they mean to you. (By the way all graphs are updated on or about the 10th of the month.)