What does DOM means in real estate
DOM, means Days on Market. The DOM meaning is the number of days that the home has been listed on the open market. It starts from when the property is first date it is listed on the various portal of the internet, until the home/property has an unconditional agreement.
The days on the market continues even though the vendor has accepted an offer which might have a short or long conditional period.
For the vendor the greatest enemy when selling a property is time - the normal question in buyers' mind when the property stays unsold on the market is why.
You would have heard the DOM has increased in the recent months and it has a direct impact on the selling price. Vendors would not their home/property to be sitting on the market with a time frame that is out of whack with the rest of the market. Most vendors strive to sell under the average
days on the market as they understand; the homes that sell quickly often profit pricing accurately based on market stats.
Hopefully the listing agent has provided the vendor with an accurate competitive market analysis for a short DOM, striking an above market selling price.
A buyer should be in contact with the listing agent for a potential price drop if need be while the property stays on the market above the average DOM.
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