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Long Island Fun Facts

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Real Estate Agent with The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803

What Are Days on Market (DOM)

 

 

In Real Estate, Days on Market means the number of days from the date on which a property is listed for sale on the local Multiple Listing Service (MLS), to the date when there was an accepted offer by the seller, and they signed the contract for the sale of the property with the buyer. The term is used to help Real Estate Agents and potential buyers understand how long a property has been on the market for sale. 

 

On Long Island, after a property has been accepted, a home inspection is usually performed a few days later. After everything is checked out and the buyer wants to go ahead with the purchase, the Seller's Attorney sends the Buyer's Attorney the Contract to be signed. After the buyer signs, the seller then signs, and they are now in Pending status. Days on market cannot be adjusted. Once a property is entered into the MLS, the days start adding up and there is no going back. If a listing has been cancelled and is re-listed again on the MLS, the Days on Market start all over again.

 

 

Have questions about a property that is listed on the Long Island MLS, or are you ready to list your residence with us and get it SOLD? Please call our Cell.

 

Lawrence & Sheila Agranoff

Cell: 631-805-4400

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                                                    Sheila & Larry Agranoff

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Lawrence "Larry" & Sheila Agranoff are more than just Real Estate Agents. To attain the designation of REALTORS®, we have proven to be more knowledgeable & experienced, above and beyond the average requirements. Being part of the network referred to as REALTORS®, you can be sure we will cater to your Real Estate needs with superior professional practices.
 
If your home is listed with another broker, this is not a solicitation of property. This does not suggest broker has property currently available. Reproduction of text/images contained herein without the express written consent of the authors is strictly prohibited. Sale May Be Subject To Term & Conditions of An Offering Plan. Disclaimer: While information is believed to be accurate it's represented subject to errors, omissions, changes or reliance on information & must be verified by prospective consumer. The authors disclaim liability for any damages/losses, direct or indirect resulting from anything contained herein or the accuracy of comments or opinions of visitors.​©2008-2023.
 
 
 
 
 
 

 

Comments(14)

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Sheila and Larry - language, especially real estate, can be an interesting combination of lingo, jargon and many sorts of interpretation.  And sometimes it can vary by the same individual as situations and circumstances combine.  It's no mystery to me that proper local representation matters.  It can be excellent when there is a connection.  

Jun 15, 2024 04:22 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Larry and Sheila. Agents have used and tried various techniques to adjust the DOM over the years. Many MLS's  have adopted rules to help get a better picture of how long a property has really been on the market. Enjoy your day.

Jun 15, 2024 04:42 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

This is good information to help explain "how long as it been on the market?"

Jun 15, 2024 04:54 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

There is certainly a perception that prospective buyers have when seeing the days on the market, which is why I don't understand why some agents will leave a listing as active after they are under contract.

Jun 15, 2024 05:47 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Good explanation for DOM, may share this if ok? Thanks for sharing, make it a great Saturday and enjoy your

weekend!

Bill Salvatore, Realtor- Arizona Elite Properties

Jun 15, 2024 06:06 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

It is funny how in southern NY the attorneys get involved (and, of course add a layer of dollars) in the transaction. I have been licensed in a few states, and bought a few homes in NY...so interesting.

Jun 15, 2024 07:04 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good information to share. Have a great day and an outstanding weekend.

Jun 15, 2024 07:50 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Sheila and Larry and great information to share with us and your clients here in the Rain.  Make it a great Saturday!

 

Jun 15, 2024 09:53 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

This is an interesting post as we share the same things up here in Connecticut

Jun 15, 2024 11:01 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Larry and Sheila- we often forget that often buyers and sellers are not familiar with real estate terms. It's good that you explained Days on Market. 

Jun 15, 2024 11:11 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Sheila and Larry... our MLS shows two DOM statistics... the first is the number of days until under contract. The second is cumulative days on market... which calculates all the days a home is on the market until it goes under contract and finally closes. If you want to "lose" the cumulative days we need to keep a property off the market for 90 days before relisting.

Jun 15, 2024 12:17 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400

Very interesting that it includes both stats!

Jun 15, 2024 03:31 PM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Great fact Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 I always add that in some of my posts too as days on the market (DOM) is an interesting fact - Happy Fathers Day to Larry 

Jun 15, 2024 06:46 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

interesting how MLS vary all over the country.... now here in LA we even had changes to that affect... Years ago you pulled the listing off the market... then three days later you put it back on it was a new listing... now you need to cool it for 30 days before it becomes a new listing... as to under contract, pending and sold are similar, Endre

Jun 15, 2024 09:35 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Thank you all for your comments on Long Island Days on Market. It's so interesting how so many other markets are different!

Jun 16, 2024 05:52 AM