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.
The most important room for buyers when inspecting a property is the kitchen, according to a survey by mortgage broker Loan Market. Interestingly (but not surprising) it was found that women chose the kitchen as the most important, whereas men preferred the living room (59% females/37% males for the kitchen). Only 24% of women as against 56% of men named the living room as the most important room in the house when inspecting a property for sale.
This provides some telling insights for those selling their properties in today’s market. It is generally agreed that women have the final say in a property sale when it’s the family home, so if the kitchen has the most appeal to women, property owners need to focus on the presentation of that room. According to Loan Market corporate spokesperson Paul Smith many buyers would not necessarily be assessing a property on its existing fixtures and features but on its scope for renovations and improvements. As reported by Real Estate Business, he said “Often when a buyer shows interest in a property it’s because of the potential they see. Today’s buyers have become astute at assessing how much effort and additional money may be required to get the property to that point.”
Therefore, when presenting your property it is essential to highlight space. Potential buyers for properties in Bega, Merimbula, Tura Beach, Eden or Cooma whilst inspecting a property will consider placement of their furniture, available space and general scope for improvements as well as storage space. Inside the home de-clutter and even consider moving out some pieces of furniture if the interior looks over crowded. Outside mow lawns, weed the garden, remove unwanted items cluttering the space. Keep the whole of the property looking clean, neat and spacious.
First impressions are important, particularly if potential buyers are looking at several properties at once. They will quickly dismiss a property if it does not present well and you may miss the sale if you have not prepared your home well for inspections.
Our next blog will focus on easy ways to de clutter your home when preparing it for sale.