Days on Market:

What does ‘Days on Market’ (DOM) mean?

The National Association of Realtors defines DOM as the number of days from the date on which the property is listed for sale on the local brokers’ multiple-listing services (MLS) to the date when the seller has signed a contract for the sale of the property.

Why do Days on Market matter?

The important point is that buyers (and their realtors) use DOM as a fast way to figure out which homes are the most desirable. 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. As your home’s DOM increase, buyers may not know the reason, but - in this market - the common assumptions are (1) the house is priced too high, (2) something is “wrong” with the house, or (3) the seller is unmotivated, stubborn or unavailable. Not good things when you’re the seller.

How to Keep Days on Market Low?

1. Get the price right on day one of the listing

You’ve likely heard more than you care to about the “dangers” of overpricing your home, but it’s true. Overpricing can keep serious buyers away, extend your days on market and often result in a LOWER return for sellers. Below is an example based on home sales in the suburb of Littleton - demonstrating that the longer a home sits on the market, the bigger reduction sellers ultimately take in price.

However, under-pricing can be just as detrimental as it may result in money left on the table. I'll carefully analyze data-backed market trends and recommend a range of pricing I think is achievable considering your unique needs and objectives. Not too high. Not too low. You guessed it: just right.

2. Properly Prepare Your Property

Time and again, buyers pay significantly more for a fresh, well-presented home. When it comes to selling your home I believe in investing in my clients - we are in this together and my goal is to achieve top dollar for you. It is vitally important to put your best foot forward when getting your home ready for market and this is where my investment in you comes into play. Below is a list of items of value you can expect when partnering with me on the sale of your home:

• Professional Pre-Staging Consultation. My team will provide you with direction on decluttering, potential ROI-minded improvements to be made, and how best to get your home ready for market.

• Pre-Inspection by a Licensed Home Inspector. Allows us to fix potential inspection objections on the front end and not encounter surprises in the middle of your transaction.

• Two hours of handyman services. Let's get all those little things fixed that you've been wanting to do but haven't gotten around to doing in an effort to eliminate buyer objections.

• Professional Staging. It is vital to separate yourself from the competition. Professional staging will showcase your home, allow buyers to see it's possibilities and make it easier for them to say "yes" to your home.

• Professional Photography. The majority of buyers find their next home through property search portals. The right professional photos are the single most important marketing asset we have to increase visibility on your home.

• Move Out Clean. After getting all your personal property packed up and moved out, who wants to clean? Let my team provide you with the peace of mind of delivering a sparkling clean home to the new owners.

Need more guidance?

For a first time home buyer, it's probably no surprise that the home buying process can be an exciting - but sometimes overwhelming - a journey of sorts. As with most journeys, you want the trip to go smoothly but you also know that unexpected twists and turns may challenge even the best laid plans. The excursion may take you through territory that is unfamiliar and intimidating - but, rest assured - it will be well worth the effort. I've put together this guide below as a roadmap - a tool to help prepare you for this journey. As you dive into the details, please lean on me as your resource - your guide and advocate on this exciting adventure. I’m happy to help in any way I can.