What’s the 411 on DOM?

Often when I speak to someone who wants to sell their home in Maplewood, NJ, Millburn, NJ, South Orange, NJ, Short Hills, NJ or surrounding towns, they have an immediate need. The same is true for home buyers. When they are ready, no time is fast enough for finding a home!

How long do you think it should take to sell a home? How long do you feel the buying process should take? Many home buyers and sellers may guess at that number, but did you know that you can actually view it from a statistical standpoint?

When a home is listed for sale, that time begins to be calculated using “Days on Market” or DOM. This factor tracks the time from the home’s first entrance into the MLS until an offer has been made and accepted by the seller. Once an offer has been accepted, the home’s status changes to a pending versus active status. You can see the latest DOM stats for the towns in my marketplace including Maplewood, Millburn, Short Hills, West Orange, South Orange, NJ and others in my blog post from earlier this week with my June market snapshots.

If a home has been on the market for a longer period of time, sellers may be more willing to negotiate on price, so that number can be very helpful to buyers. It is possible to remove a listing for a variety of reasons and then re-list it as a new listing, so checking the history of a property listing is valuable, too, to make sure the DOM status is accurate.

The DOM figure can be a helpful guideline to home sellers, as well, but only in a very general sense. Property condition, location, interest rates and other market factors can result in increased and decreased DOM statistics, so it’s a tough stat to base your plans on.

If you are curious about a home for sale, or would like to sell your home, please contact me to see how we can decrease your DOM and help with your real estate needs. Let’s determine how quickly YOU can move!