Days on Market Can Spur Lowball Offers

Potential buyers pay close attention to a listing’s days on market (DOM); and the higher the DOM, they more likely they are to submit lowball offers. Listing agents also use the DOM in their comp packages, pointing out to sellers the DOMs of comparable properties, those that have sold, and their prices. Agents say sellers who want to price their homes similarly should expect a similar DOM. Although local multiple listing rules allow sellers to reset the DOM at zero when the listing agreement expires without a sale and the property is re-listed with another agent or when they take the home off the market for several days and then re-list with the same agent, savvy Realtors can research the dwelling’s complete sales and marketing history to determine the total DOM. “The DOM is what we can use to show people if you price a house at a certain amount, this is what the trends are,” says Danny Anderson, president of the Williamson County Association of Realtors in Tennessee. | Read More