You may have seen the headline “Property price growth may be slowing but the time it takes to sell a house isn’t“. So how do you measure the amount of time a property spends on the market? And does it really matter? Days on market (DOM) is actually very important and should be one of the first “go to” statistics for investors and sellers.
DOM is the total of the number of days a property stays on the market before it sells. A property is considered to be ‘on the market’ as soon as the real estate agent lists it for sale. They’ll usually do this by advertising on real estate search portals, in their windows and putting a “For Sale” sign up.. Once the property has sold, the agent will remove the listing. That time of advertising equals the DOM.
In a fast moving market properties are snapped up quickly by eager buyers. This allows the seller to get the price they want without waiting too long. So a small DOM figure can be a sign that demand is exceeding supply. On the other hand, if there are no buyers interested in a particular property, homes can sit on the market for a long time. Even with strong buyer interest, if there are too many properties for sale, it will take a longer time for all of them to sell. That means the DOM figure is likely to be higher.
The DOM figure is important because it reflects the demand to supply ratio of a property market. Often when buyers see extensive days on market, they figure the seller is desperate to sell because the home is still on the market and will try to make a lower offer. Buyers also believe there might be something wrong with the home that caused other buyers to pass it up. Of course DOM can also vary from agent to agent depending on their expertise and sales record in the area.
In short, a higher DOM usually reflects a lower sale price, a lower DOM will equate to a higher price for a property. While a suburb’s DOM might be an important tool for buyers, an agent’s DOM is what sellers should be looking for to get the best price for their property.
So which agent has the lowest DOM for Merimbula?
According to Domain.com.au the average DOM for Merimbula is 248 days, but for Fisk&Nagle First Choice, it’s almost half that, at 175 days. That’s a huge advantage when it comes to selling your property for the right price.
And which agent has the lowest DOM for Bega?
According to Domain.com.au the average DOM for Bega is 200 days, but for Fisk&Nagle First Choice, it’s less than half that, at 89 days.
If you’re thinking of selling your home and would like to know how long it might take to sell, why not contact one of our friendly agents at Fisk and Nagle Real Estate.