Days on Market a listing is active in multiple listing services (MLS) before it becomes pending is referred to as the days on market (DOM). When a seller accepts an offer, the transaction is still in the pending stage.

 

The number of days a property is on the market is influenced by several factors. Some of the elements include economic influences, competition, and judging standards.

 

White and Brown Concrete Bungalow Under Clear Blue Sky

Average Days on Market

Many agents will refer to DOM as "average days on market," a figure calculated by multiplying the number of listings by the number of days each listing has been on the market. The DOM is often higher in a buyer's market since inventory takes longer to sell. The DOM is frequently lower in a seller's market.

 

How Buyers View the DOM

When buyers see extended days on the market, they usually come to one of a few conclusions:

 

  • The seller is becoming desperate to sell and may accept a lower offer.
  • The seller is asking for significantly more than the home is worth.
  • There might be something wrong with the home, a defect that caused other buyers to pass it up.

 

While these conclusions may or may not be correct, a home might remain on the market for a variety of reasons other than the requirement for expensive repairs or labor to satisfy standards. Overpricing is the most typical cause of long days on the market. To gain the listing, the realtor may have deceived the seller into believing the home was worth more than the market will bear.

 

Sellers may become fixated on a price, willing to wait for the market to catch up to their desired level. This is most common when the market is skewed toward buyers.

 

It's possible that the house is unavailable or inappropriate for showing. If the property is occupied by a tenant, getting an appointment with them can be challenging. Sometimes sellers list their properties on the market before they're ready to show them to potential buyers.

 

Some sellers believe that a buyer will adhere to stringent showing schedules that are convenient for them. Buyers tend to tour homes on their own timetables. If your house isn't available when a buyer wants to see it, they won't.

 

Relisting to Reset the DOM

Real estate agents frequently withdraw a listing from the Multiple Listing Service (MLS) after a specified number of days and relist it as a freshly listed home. Because agents know that buyers tend toward fresh listings, they relist to display zero days on the market.

 

This method is disliked by many purchasers since it is deceiving. It's not a true representation of the number of days on market, and if buyers are aware of it, it could hurt the sale of the home.

 

After being on the market for 60 to 90 days, it's not uncommon for a home to sell within five days of being relisted as a fresh listing. Listings do expire from time to time. Many agents take a listing for 90 days and then sell it to another agency as soon as the timer runs out.