![]() Sometimes, a high DOM may be due to factors out of the seller’s control. “As homeowners progressively lower the price on the home, the perception is that something is wrong with it-and this perception sometimes keeps would-be buyers from looking at the house,” he says. Shawn Breyer of Breyer House Buyers, in Atlanta, tells us he’s seen a lot of great homes that are simply overpriced. Hertz says some homes have languished on these markets for two or even three years. ![]() There are a lot of factors that could come into play.įor example, Dolly Hertz, licensed associate real estate broker at Engel & Völkers in New York, says there’s a backlog of unsold inventory in the greater New York market-both city and suburbs. Which is more true? Buyer beware?įirst of all, let’s dispel the myth that there’s always something wrong with the house when it doesn’t sell quickly. Some buyers think such homes are a bit tainted, while others believe they’ll have more bargaining power and can get the house at a steal. Depending on the specifics of local housing markets, experts consider that a house starts becoming stale around three to five weeks-and it usually causes one of two possible reactions. Properties with a high DOM are commonly referred to as stale listings, meaning the house has been languishing on the market for a long time. The DOM gives you an idea of how other buyers are reacting to the property and whether it’s priced high or low. But one of the most important numbers to be aware of is the days on market, or DOM, the amount of time the home has been listed for sale on the multiple listing service. A real estate listing can tell you an awful lot about a home, beyond just the price-essential stats like the year the property was built and the price per square foot. ![]()
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