What Does Days on Market Mean and How Buyers Can Take Advantage By Margaret Heidenry Jun 11 2019

In the real estate game, many buyers understand that knowing a home’s days on market (DOM) is absolutely critical intel. Why? Because the number of days a home spends on the market directly affects the price of a home. Plus, this information can be used to the buyer’s benefit to negotiate a lower price. Here’s how!

Days on market’ is the number of days that a property has been listed on the local multiple listing services (MLS) until a seller has accepted an offer and signed a contract.  It can also be referred to as “time on market” or “market time.”

A house that has only been on the market a few days typically means that home could go at the asking price or higher, but a home that has been on the market for a longer period of time, say 187 days, is likely overpriced in most markets.

Buyers and their agents can use days on market as a search filter to identify homes that have been listed for a long time.  

While DOM can indicate sellers who are refusing to budge on their asking price, it can also identify sellers who haven’t received offers and who may be open to a dramatically lower offer. Because the last thing sellers want is for their house to get stale on the market.

To learn how to take advantage of the days on market strategy go to bmre.us/tip13.