DAYS ON MARKET – A KEY METRIC YOU MUST KNOW BEFORE SELLING YOUR HOUSE
A key metric you should understand before putting your house on the market is days on market or DOM. Knowing this metric will help you understand how long it will take to sell your house and how to price it right according to your goals.
WHAT IS DOM?
Bread, cake, chips… they all get stale eventually. And when it comes to selling your house, the last thing you want is your listing becoming stale. There is a key metric known as DOM, that counts up every day and tells buyers how long your house has been on the market. We first look at this metric when determining your price and your goals before we list. We study all of the active, pending, and sold listings in your area to get an accurate depiction on how long it should take to sell your house if we are priced appropriately.
DOM can vary based off of your actual subdivision compared to the entire local market in Houston. If you need an accurate prediction of how long it should take to sell your house, contact us or your Realtor if you already have one.
One quick note about DOM, there is a bad perception with buyers when it comes to listings that have been on the market a long time; no one wants it. And that’s the last thing you want!
Data shows the most activity a seller typically sees is within the first 2-3 weeks of being on the market. Afterwards, showings start to dwindle. So that’s why it is so crucial to price it right from the very beginning.
So how do you prevent high DOM? Well, it almost always boils down to 3 things. Price, condition, and location.
PRICING IT RIGHT
As I mentioned earlier, data shows the most activity sellers typically see is within the first 2-3 weeks of going on the market. This is within your control so make sure you get it right. Your agent, whether it’s us or someone else, will provide you with plenty of data and make recommendations on price. Ultimately though, it’s your decision! Check out our video we did covering the 3 different price points.
This is something else within your control. How is the condition of the property compared to those selling around you? Are the houses in your neighborhood completely remodeled and your house needs some updating? Well, you can make the adjustments in price to accommodate the difference, or you can start calling some contractors out and get a remodel going. Either way, it is entirely up to you!
LOCATION – DESIRABLE OR UN-DESIRABLE?
Are you in a highly sought after school zone? Or maybe your house is on a main road somewhere with high traffic. Whatever the case is, you obviously can’t change the location of the home. So just focus on the things you can control, which is price and condition. You can make it quite appealing for a new buyer if those two things are right!
As you can see, there are several factors at play when it comes to DOM. Follow the advice from your agent the best you can. Focus on what you can control and don’t worry about the rest. If you want a more accurate prediction on how long it will take to sell your house, or maybe even some further guidance, reach out to us directly and we will be glad to help.