How "Days on Market" May Affect Your Home Sale

By
Real Estate Agent with Coldwell Banker Realty NJ# 9483506

Most homebuyers look at the size of a property, its location, and the price right away. But, some buyers (as well as their REALTORS®) also look at how long the property has been on the market. Why? Newer listings get the most traffic. When it sits on the market for a while, buyers begin wondering what is wrong with it. Also, they believe the seller might be more willing to entertain a lower offer. Find out how the days on market can affect your home sale and what you can do to change it.

Besides the price, location, and size, many buyers look to a property's days on market. Why does that matter and how can you breathe new life into a stale listing?

How "Days on Market" May Affect Your Home Sale

What are "Days on Market"?

Click here for an instant "No Strings Attached" valuation of your home."Days on market" (or DOM) are the number of days from when a property gets listed to when it enters a "pending" status. The average DOM varies from city to city. According to Redfin, Madison homes saw an average of 26 DOM in April 2022 while Short Hills homes spent 12 days on the market before changing over to pending. Lower DOM brings in the most interest. As the DOM grows longer, interest wanes. So, what do you do to bring back buyers' interest?

Breathing Life Into a Stale Listing

Review Feedback - Whenever your home is shown (either through an open house or a private viewing), your agent should ask for feedback from the potential buyer and/or their representative. From this feedback, you can find out what overall impression your home gives. In turn, this provides a base from which you can build your property back up for future potential buyers.

Take it Off the Market Temporarily - Many areas allow you to withdraw your property from the market and resubmit it after a specific period of time as a new listing (typically about 30 days). In essence, this "resets" your DOM. Use your downtime to make necessary updates/repairs to freshen it up. Sometimes, this may be something as simple as a new coat of paint or trimming the landscape. Other times, you might need to replace all the flooring or renovate an area or two of the home.

Lower Your Price - A majority of the time, simply lowering the price (even slightly) triggers a reassessment of the property by buyers. It also opens your home up to a new tier of buyers that may have considered your property out of their price range before. However, consider this. If you take your home off the market and make some updates, you might be able to list it at your original asking price. Talk to your REALTOR® to determine which areas to invest your money in to bring about the best result.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Originally posted on my luxury NJ homes real estate blog here: https://www.luxuryhomesnj.com/home-selling-tips/how-days-on-market-affects-home-sale/.

Comments (5)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Scott. Sometimes a hiatus to reposition a property can create new interest immediately. Enjoy your day.

Jun 03, 2022 04:10 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Days on Market where I am means days from listing to sale. Just an interesting tidbit.

Jun 03, 2022 05:00 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Scott,

Days on market is so important in our market as it means from the day you list until it goes under contract. If as home is languishing on market in our sellers market it means something is wrong! Its either price or condition. Buyers start asking what is the wrong with the house and worried no other buyers liked the home to make an offer. Good post!

Jun 03, 2022 06:24 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Jun 03, 2022 06:51 AM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Hi Scott- Many buyers and agents look at days on market for the very reason you mentioned. You've provided some good tips to jump-start the listing. 

Jun 05, 2022 07:57 PM