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.
So you have decided to sell your home You need to prepare it for inspections and to do this you must get into the mindset of your potential purchasers. When potential buyers inspect your property they will be looking at the space and how they can use it. The first step in creating a spacious feel is to de clutter, this will immediately open up space in each room of your house or apartment.
It may appear to be an overwhelming task at first, but you can break it down into steps that will make it manageable. Firstly work out what you have lying about your place and categorise it:
Essential Things: Whatever you need and use regularly. Keepers.
Favorites: Favourite pieces of art, ornaments and mementos. Makes a house a home.
Belongs elsewhere: Items borrowed (rented videos, library books, other people’s things), Anything you don’t want anymore.
Annoying: Dirty laundry, junk mail, old magazines and newspapers. This looks ugly!
Disgusting: Mouldy food, junk food wrappers, smelly things. Got to go!
Now take the following steps to rid your home of clutter:
Ditch the disgusting stuff. This is the easiest and most obvious place to start. Wash, dump, compost – just get it out of the way.
Deal with the annoying stuff. Recycle magazines and junk mail, collect and wash the laundry, file, box, and store the things you think you might need, but get all of it out of sight. Remember to hide or neaten up cables and put all those remote controls in a drawer.
Donate. Give borrowed items back to their owners. Donate unwanted stuff to a local charity. Get rid of anything you don’t need or want. Very cathartic!
Display. Your favorite things deserve to be displayed. Don’t overdo it, but choose the pieces that add charm and enhance the home.
Devise. Your essential things need to be accessed easily, so devise good storage systems like a hook for keys, a basket for bills, a hamper for dirty laundry.
Above all, keep the kitchen clean and clutter free – put appliances in cupboards and ensure no dirty dishes are on the sink. On inspection day add a vase of fresh, fragrant flowers to add a nice touch and aroma.