When selling a home, one of the key factors to consider is the amount of time it spends on the market. The longer a home sits on the market, the less desirable it becomes to potential buyers, which can ultimately lead to a lower selling price. In this article, we'll explore the impact of days on market (DOM) on your home's selling price.
What is DOM?
DOM refers to the number of days a home is listed on the market before it is sold or taken off the market. It's an important metric for sellers to track because it can impact the final selling price of their home.
The Impact of DOM on Your Home's Selling Price
As a general rule, the longer a home sits on the market, the lower its selling price is likely to be. There are several reasons why this is the case.
First, a home that's been on the market for a long time may be seen as less desirable to potential buyers. They may assume that there is something wrong with the property, or that it's overpriced. This can result in fewer offers and a lower selling price.
Second, a home that's been on the market for a while may become "stale" in the eyes of buyers. Even if the price is eventually reduced, buyers may have already moved on to other properties, resulting in less competition and a lower selling price.
Third, a home that's been on the market for a long time may be subject to price reductions, which can signal to buyers that the seller is desperate to sell. This can result in lower offers and a lower selling price.
How to Minimize the Impact of DOM on Your Home's Selling Price
To minimize the impact of DOM on your home's selling price, it's important to work with a real estate agent who understands the local market and can help you price your home appropriately from the start. A good agent will have a thorough understanding of comparable homes in the area and will be able to help you set a realistic price that will attract potential buyers.
It's also important to make sure your home is in good condition and is presented well to potential buyers. This can include making necessary repairs, decluttering, and depersonalizing the space, and staging the home to make it look its best.
Finally, if your home has been on the market for a while, it may be time to consider a price reduction. While this can be a difficult decision for sellers to make, it's important to remember that a lower selling price is often better than no sale at all.
In conclusion, the impact of DOM on your home's selling price is an important factor to consider when selling a home. By working with a knowledgeable real estate agent from Utah Mountain Properties, presenting your home well, and being open to price reductions, if necessary, you can help minimize the impact of DOM and maximize your home's selling price.