DOM - How It Impacts Your Orlando Real Estate
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Oh, the dreaded/happy DOM question. "How long has this house been up for sale?" If it's your Orlando home for sale we're talking about, you're most likely wondering about the split "dreaded/happy" bit. For that matter, whether or not you're a buyer or a seller, you're in all probability asking, "what the heck is 'DOM'?"
Days On Market
"DOM" is the shortened industry term for Days on Market, used by the multiple listing services (MLS). It's precisely what it sounds like: the number of days your Orlando home for sale has been on the market. This metric covers the time it actually goes on sale to the time the deal is closed.
Why Is DOM Important?
Remember the "dreaded/happy" half at the beginning of this article? As a buyer's agent, I'd gleefully answer, "Fifty days." I say "gleefully", as a result of a house that has sat on the market for a long time is a good factor for my client. The seller is probably more eager to sell than a month earlier than, and is most likely willing to work a deal. An eager seller makes a contented buyer in most cases.
On the other hand, as a seller's agent, I may not be so happy about it, and for a similar reason. My seller is now an eager seller. I wish to get the best deal for my client, but I know the buyer has the upper hand. It is then up to me to assist my client get the home sold with out giving away the barn, the pool, the tool shed and the tools.
Already, you could also be beginning to know how the Days on Market metric can affect the sale of your home.
The problem with the DOM metric is that it causes buyers and agents to build false assumptions. If a home has been available on the market for an above-average length of time, we start to wonder, "What's the matter with that listing?" Even though I know there are other reasons for a home to go static and never sell, many individuals robotically assume there's something wrong.
Though you can't power a house to sell, you do have management over a few of the reasons for an prolonged DOM metric:
" The home could also be overpriced - Nothing is wrong with the property itself; it's simply priced too high.
" Testing the market - Although it's a big mistake and agents will inform you so, some sellers test the market by throwing a high price on a home they do not care if they sell - just to see if anyone is silly sufficient to take it.
" Sticking to your guns - Often, sellers get fastened on a price and won't budge, come hell or high water. They figure they can wait round till the market can meet their price, not the opposite way around.
" Renovations - Generally, a home will go available on the market in the middle of renovations. The sellers aren't able to let the home be seen, so it simply sits there.
" Availability - A growing downside is the shortage of access to an Orlando home for sale. Sadly, agents and FSBOs alike seem to be unavailable when a buyer needs to view the home. Obviously, no viewing means no sale.
Do not let your DOM get high due to simple mistakes. If you're serious about selling your home, remember the 5 causes above and ensure you aren't doing them.
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Author Resource:-
Orlando Realty Experts .com offers homeowners a way to avoid foreclosure and help save their credit. Discover Orlando short sales, short sale Orlando, Orlando short sale & short sale Orlando services.
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By :
Orlando Local
Submitted
2010-08-03 18:37:41 |
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