When Selling Your Home Be Aware Of Days On The Market

When Selling Your Home Be Aware Of Days On The Market

Real estate professionals use a formula called days on market or abbreviated to DOM that helps them to estimate the value of a home based on the time other houses in the area have been on the market. This figure is established by averaging the sold properties for the last 30 days to six months and dividing that number the by the total number of properties for sale from the same time frame. employing this formula, real estate professionals can hopefully discover if the economy is affecting the sales or if the house has too high a price tag. Unfortunately, this formula can sometimes be biased to provide incomplete data by real estate professionals trying to manipulate the numbers to their ends.

The bottom line is that the longer a property is listed on the market the lower the chance the sellers have of being offered full asking price. When looking at Oakville real estate listings that are often quite pricey one or two percent off of the list price can really add up. By using the Multiple Listing Service (MLS), any real estate agent can research all of the houses that are presently on the market and can make their own decisions about if the properties that have been available for a long duration are asking too much or if the particular neighborhood is a slump in sales.

Real estate agents review the DOM figures to lead their buyers in the direction of houses that have been on the market so long that the sellers might be prepared to discuss a lower price. Homeowners understand that the longer their house is on the market, the smaller likely they have of being offered their asking price and are often willing to discuss a lower price. A condo owner may be under the impression that because Toronto condo listings are sought after they can ask any price however that could be a costly decision.

Some real estate professionals attempt to manipulate the numbers by removing a house off the market for a few weeks, hoping that the clock will start from zero and rather than showing a property being on the market for weeks on end, it will mark a fresh property. This practice is highly discouraged and most industry organizations have undertaken steps to assure that property shoppers are not misinformed by such questionable practices and have created a method where realtors can view all of the actual home past, including any trials to reset. Since most of the interest in houses for sale in Toronto happens in the first couple of weeks many sellers want to keep their listing looking new.

The MLS utilizes two numbers to represent the DOM - known as the current vs. the cumulative - that shows at a glance the whole history of any property's listing. This system helps establish if a seller has switched realtor after the property has sat too long on the market, so the current number determines how long the new realtor has been dealing with the home and the total number keeps count of how many days total it has been listed. The rollback of the current number is also utilized to highlight events like the home being removed from the market for monetary reasons, price discussions or simply as an attempt by the seller to hold off for a more favorable buyer's market.

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