Days on Market: Why Setting the Right Price for Your Home is Crucial
What is DOM? Days on Market.
Why does it matter? The higher the DOM, the fewer buyers who see your house and the more likely they are to think you are unmotivated, stubborn or unavailable
Also, DOM matters because your money matters. The longer your house sits on the market the more likely you are to have to lower the price, and lower the price, and lower the price.
AND the longer your house sits on the market, the more money you will pay toward your mortgage, taxes, and other fees.
What causes high DOM? Price, location, condition. A bad location or condition can often be compensated by selling your home below comparables in better condition or better location. So, really...it's about pricing. Pricing is crucial.
The biggest mistakes many sellers make?
1) Not closely evaluating comparables when setting a price,
2) Not getting real about the condition of your house, or
3) Believing that the improvements you've made are worth more than a buyer is willing to pay for them.
Oh, and hiring the wrong real estate agent. Don't let that be your biggest mistake.