DOM means Days On Market and Windsor real estate agents everywhere will tell you that this is a very important number when selling a home. The longer you property is listed, which means the more days your house is on the market, the less attractive it is to buyers.
Buyers assume that when a house sits on the market for several weeks or months, that something must be wrong with it. If so, it would have sold, they often tell us. And usually, they are right for the most part. So why do some homes sell quickly, and others do not? There are lots of reasons and sellers should take note:
This is the number one reason why a home doesn’t sell as buyers are looking for good deals. If a home is overpriced, and listed for way above what the neighbourhood comps say, then a Windsor real estate agent will advise their client of this information. Sellers who over price their homes usually feel that their house has many updates and improvements and far exceeds what other nearby homes have. But the problem is that many remodels dont’ always mean a higher price tag. A swimming pool for instance doesn’t appeal to many buyers, yet many sellers think they should recoup the entire cost.
2. Unmotivated homeowners:
Many homeowners put their home on the market just to see what interest it attracts. They may not even want to sell their house, but rather, just putting their toes in the water, so they see no harm in waiting to see if a buyer will make an offer on their home at full asking price.
3. House has bad reputation:
A house can have a bad reputation for a variety of reasons. Maybe it was the scene of a crime, or had a reputation as a drug den. It even could be that it is difficult and unsuitable for showings. Maybe it has a big dog running around or the neighbours next door look like trouble. If a homeowner makes a property difficult to show, even by insisting on a 24 hour notice, then often Windsor real estate agents won’t waste their client’s time. More often than not, a buyer only has a limited hours in a day to look for a home. Working around a buyer’s busy work schedule and family commitments, means that agents have a few hours with their clients. So, naturally, we will take them to the ones that have the most potential.
4. Lack of marketing:
With 90 percent of buyers looking online for homes today, they won’t waste any time seeing a property if there is little information or photos provided. Agents today simply must promote a home online and through social media with excellent photos, virtual tours and information that will appeal to the buyer. In this day and age, a home that is not marketed properly won’t get the attention from the buyers.
These are just a few of the reasons why a home may sit on the market. As a seller, the longer your home is listed, then you must consider lowering the price. As a buyer, if you are interested in a property that has been on the market longer than six weeks or so, discuss with your real estate agent why this is the case. Is it the price? Many it needs major repairs? Is the home too dated with an odd floor plan? Maybe there is no yard? Once you have an idea, then it is up to you to determine if the home is worth viewing.
If, you are the buyer, then you may very well be in the driver’s seat if a seller is motivated and clearly frustrated that their home has not sold. If you decide to make an offer, make sure your agent brings up comps to similar style homes in the neighbourhood. Remember, comps are what a home SOLD for and not the listing price. Don’t make an offer without doing the research. You will need to get an appraisal and if the home price comes in low, banks won’t give out a loan. If this happens, then the seller can either lower the price or you will need to come up with the difference in cash. Not only that, but it may take several years to make up that money which could be a real problem if you need to sell.
So sellers, pay attention when pricing your home as it is the most important thing you can do to sell your home quickly. Buyers will be in control if they want to make an offer on your overpriced home that has been sitting on the market for several months.