![]() ![]() Try to find out why the home has been on the market for a long.This will give you a better sense of what is considered a “good deal” and help you avoid overpaying. Analyze the average DOM for homes in the area where you are looking to buy.And here is what you can do to get a better deal: While there are a number of factors contributing to a high DOM number, such as an overpriced listing or challenging property conditions, it can also be an indication that the sellers are motivated and open to negotiation.įor buyers, this is an important opportunity to get a property at a lower price than what was originally listed. Properties that have been on the market for a long time can be a great opportunity for buyers looking to get a good deal. How to use DOM to negotiate a better deal For example, condos tend to have shorter DOM than single-family homes.īy taking this metric into account, home buyers can get a better sense of a property’s true value and avoid overpaying for their dream home. The type of property can be a factor because different types of properties can have different DOM. For example, properties in urban areas tend to have shorter DOM than properties in rural areas. ![]() The location of the property can also be a factor because properties in different areas can have different DOM averages. The time of year can be a factor because there are typically more homes on the market in the spring and summer than in the fall and winter. Additional factors influencing DOM numbersĭOM can also be affected by such factors as season, location, and property type, so it’s important to compare properties that were listed during similar time periods. If you see any of these warning signs, it’s best to steer clear and keep looking for a better deal. If the lawn is overgrown and the windows are dirty, it’s likely that the sellers have given up on trying to make a good impression and are just hoping to unload the property as quickly as possible. Pay attention to how well the property is maintained.If it’s been more than 90 days, this is definitely a red flag. Take a look at the number of days the property has been listed.If so, this is usually a sign that the sellers are getting desperate and may be willing to accept a lower offer. Check to see if the listing price has been reduced.There are a few key things to look for when trying to determine if a property has been on the market for too long: How to know if a property is experiencing high DOM The number of days a listing spends on the market can give buyers an indication of how popular the property is and how much negotiating power they might have.Ī property that spends a long time on the market may be overpriced or in need of significant repairs, while a property that sells quickly may be underpriced or in high demand. So, if you’re thinking about buying your first home, be sure to read on! What does DOM mean in real estate?ĭOM, or Days on Market, is an important metric to consider when buying a home. We’ll also look at how buyers can use this information to their advantage. ![]() The term DOM stands for ‘days on market’, but what is its role? In this post, we’ll explore the different meanings and implications of DOM in real estate. If you’re in the process of buying a home, you may come across the term ‘DOM’ wondering what it means.
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