Elgin Fox Valley, IL – Does a home in your neighborhood look sad and depressed to you? Has it been on the market for too long, sitting and waiting for a new buyer to come along? Realtors call this DOM or Days On Market, and it can spell Doom for a listing.
graphic by http://www.wcci.biz
When the DOM is getting longer, the listing appears old. Usually when showing homes, buyers want to see the newest, freshest home listings first, because as with all things, the best go quickly. Buyers know that a great home, when priced right, will be snapped up and placed under contract fast.
The buyers agents often get stuck with two choices, either try to convince their buyer clients that there is really nothing wrong with the home that’s been sitting for 180 days, or give up and suggest to their investor clients to step up with offers. There will not, repeat, NOT, be a billboard flashing “OVERPRICED BUT NICE INSIDE, REALLY” put up in your neighbor’s front yard. A good listing agent will advise their client as to why there are no offers or very few showings. Then they can offer suggestions and feedback as to the next steps.
Agents seek to find the ideal balance between plenty of showings and many offers as per the highest market price that the home will support. I look forward to helping my clients avoid languishing on the market. Let’s avoid “DOOM” together!