Tuesday, February 26, 2013

What is Behind 'DOM' in Homes for Sale?

If you have begun the search for real estate and homes for sale, you have undoubtedly come across certain terms that you have plugged into that Google search bar to figure out what exactly it is that you are looking at.  Although we can all easily uncover a definition, the underlying meaning can have several factors that come into play.  In most listings for homes for sale, realtors will include DOM or days that the house has been on the market.  Deciphering what each unique listing has to offer, and where exactly it stands in the test of time- is something that an experienced real estate agent can offer unparalleled guidance for.  It is easy to cross new listings off the list as far as unanswered questions related to DOM- a new listing is just that, and will reflect in the count!  A listing that has been on the market for any amount of time will require some further research. 
Several factors can come into play, including geographic location.  In the Greater Cleveland area, the average DOM is 107 days, compared to the national average of 90 days.  An experienced realtor can help navigate through various reasons for listing timeframe, as well as offer insight on potential opportunities.  In most cases, a house that has been on the market for an extended period of time will usually result in a seller that is more than likely willing to negotiate.   On the contrary, this can also mean the seller may be unwilling to negotiate, which your realtor will be able to quickly identify so that unnecessary time is not spent on wasted negotiation efforts.  Other factors that play into DOM could stem from a mismatch in listing price and current market value, and also human error in the MLS listing entry that doesn’t accurately represent the property.  A house could have been contingent, and the buyer may not have been able to secure the transaction, and the house would have been technically available throughout that time period as well.  Of course there is always the possibility that the house has issues deemed major, and the opportunity to receive a great deal with a bit of hard work is possible depending on each unique situation. 


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