The amount of time a home spends on a market (a statistic known as “days on market”) depends on a variety of factors like location, market trends, how your listing is marketed, and pricing. DOM in real estate is important for buyers and sellers, but the stakes are higher for sellers.
Homes typically generate the most interest when they’re new to the market. After the first few weeks, the phone calls, showings, and open-house visitors tend to drop. Interest wanes as buyers purchase other homes. Once all current buyers have seen your home, you’ll be limited to the smaller population of new buyers entering the market.
Ways to help reduce DOM
If your home has been on the market for quite some time, you should consider to take action:
Get the price right on day one of the listing
- We’ve explained in details in another post how to calculate the value of your home and accurately determine its sale price. Essentially, if you aim to retrieve every dollar you’ve spent on your home over the years, if you aren’t realistic about the market, or engage in a host of other common pricing mistakes, you could risk your home lingering unsold.
- There is no rule on the timing or amount of a price reduction. Rather, that depends on your local market and how much activity you’ve had. If dozens of buyers have seen your home, but you haven’t received any offers close to your asking price even as similar homes have sold, you’ll need to act soon.
Repairs and renovation
- Ideas to update your home might include fresh paint, new windows, updating your bathrooms or resurfacing kitchen cabinets. If you’re handy, you might remove wallpaper and scrape off those popcorn ceilings, as we’ve explained in our guide about steps you should take to increase your home’s value. Anything to make the home look fresh and modern.
Cleaning and staging
- Remove anything off-putting, like dirty drapes or soiled carpeting. If your home is full of clutter or has pet odors, consider hiring a professional cleaner. A home staging pro can rearrange your furniture and bring in colorful accessories in ways that can make your home appear more appealing to buyers. Potential buyers want to imagine themselves relaxing in their new home, not stressing over upgrades.