When your house is posted on the MLS or otherwise officially For Sale, that's Day 0. The next day, DOM 1. It gives you a real "clock is ticking" feeling.
Realtors generally have two strategies (over-generalized):
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| Front view CC-SA Cathy Malmrose |
* Grab the DOMs in the 0-5 range, bid competitively and close the sale before the seller gets any other offers.
* Seek out the longer DOMs. Depending on your market, a long DOM might be 200-300 days. Nuts, but easy to see why Realtors would seek out a long DOM because there's more room for negotiation.
There are several ways to keep the DOM low: take it off the market for a day and re-list to refresh the DOM or relist with a different agent. But, if someone sees that your listing was on and off, they can do the calculation themselves.
If you just change price, it doesn't restart the DOM. Example, this house's DOM is 119 days at this point.
| DATE | EVENT | PRICE | $/SQFT | SOURCE | |
|---|---|---|---|---|---|
| 02/27/15 | Price change | $254,500-1.9% | $115 | -- | |
| 01/14/15 | Price change | $259,500-2.1% | $117 | -- | |
| 11/01/14 | Listed for sale | $265,000 | $120 | Keller William... | |
Next: How to keep your DOM low
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