Days on market is one of the best indicators to determine if we are in a buyers market or a sellers market.

If properties in our area are only on the market for a short amount of time (low DOM) that tells us that there is strong competition from buyers, and can indicate we are in a sellers market.

If properties in our area are starting to stay on the market for a longer amount of time (high DOM) that tells us that the competition from buyers ins not as strong. This can indicate that we are in a buyers market.

Regardless of whether we are in a sellers market or buyers market, there are a few things that can cause a property to sit on the market for longer than would be expected. One example is a home that is priced too high for current market conditions. Fewer buyers will be interested if there are comparable homes for that are priced lower. I also see homes that are in a neglected state of repair can sometimes sit longer on the market. For homes that are in need of major renovations or updates, a competitive pricing strategy is crucial.

Pairing with a Realtor® who conducts a very thorough market analysis on your property and presents a competitive pricing strategy is a crucial first step to successfully selling your property. If a home is priced too high from the start it can affect how many showings you have, which can lead to higher DOM. Higher DOM can stigmatize your property to potential buyers for your property.