DOM | Days On Market, What Does The Real Estate Number Mean?
Days on market, the DOM. Reduced to a number, society wants just one lone figure to quickly tell it all for health, in real estate, in life.
Pronto, hurry, the answer in one set of numerals. DOM stands for days on the market that a Maine real estate listing lives, lingers. Has to sit around, wait for a buyer. Inventory piles up.
And like most things in life, to put all the red and black stack of chips betting based on just that one number is foolish.
But the DOM number does say a lot to quickly like an ER doctor’s assessment indicate we have a growing problem.
A major concern, with a high DOM number involving years stacking up. Just not sure for the all the individual, particular reasons without the clipboard.
Too early to tell, further monitoring, questioning, tests are needed to know for sure.
If just in the early stages and seasons, agents have not changed yet in the process of buying and selling. Local market conditions affect the listings, sales DOM rise and fall. The days on market start to stack, pile up. Often even the agent, broker, REALTOR has doubts if the property listing in Maine will sell or not. Which signals time for a change.
Mistakes sellers of Maine real estate make that affect the DOM. What this group brings to the table to beef up, add bulk to that days on the market for sale number as the days tick tick by. Over pricing is the biggest no no. Unhealthy for quick sale expectations.
Often the DOM number going up like your blood pressure, PSA or cholesterol count is due to five mistakes Maine real estate buyers make in purchasing their home.
The buyers are not bank approved, too picky or looking beyond what they can afford. Or just poor credit, high debt ratios and Jack Rabbit flit from job to job not so stable. So if you have a lot of those kind of Maine real estate buyers, then property listings are going to linger. Until someone gets their act together. DOM is going to bloat.
Further reaching real estate marketing beyond just your local area helps lower the DOM number from flying away being kite high.
To make it stay slim and trim. High school skinny. Because suddenly don’t just deal with bank financed local sales. Cash ones happen and layers of delays are removed.
Not wrestling with house appraisers, bank loan underwriting folks that come up with endless lists of you have to do this, this and that. And add to the list daily to make the sale fail. Outside marketing means a deeper real estate buyers pool swimming around the property listing.
To die on the vine with all the delays trying to package the Maine home loan for resale on the secondary market.
And trying to meet borrower stiffer and tigher standards that happen whenever Uncle Sam tries to “fix” a problem from the wrong angle. Low rates with no down payment loan programs come with finnicky, delicate natures.
Lots of quirks, twists and dips. For the not so fast that adds to the Maine real estate under contract but in the waiting room. Taking a number, having a seat as the DOM racks up like the gas pump counter when you waited until your heap was bone dry empty.
If what is listed for sale is fairly priced, marketed agressively and in short supply of “just like its” then the DOM can be low low.
In and out. If the bank financing the sale does not have a processing center for mortgage loan underwriting in another solar system and is responsive coordinating the players that have a role in the real estate sale, the DOM can reasonably low.
But if the legal beagles find a title problem. An old lien needing to be discharged. An estate probate settled before closing. Those come in from the side. Out of nowhere to cause delays.
The DOM to list, lean sideways with overload of the set backs, time suck to show up right on schedule.
And not every real estate buyer can wait. So start over and do not pass go in the begin again in the real estate board game of chutes and ladders. Where it is not always Candy Land short and sweet, fun.
If the property for sale has a seller who gets sick, is away on vacation, has to be there to show, that means delay.
Translation | higher DOM. It starts with gotta see it to consider buying it or not. Videos and images, descriptions all help but the actual walk through to consider is this the right one for me or not is critical. To strike while the iron to hot to trot buy is burning red, glowing. Before it cools, other distractions come up to remove the attention, desire.
Renters who just moved in and don’t really want you showing because if the buyer decides to pull the trigger and say “I do” that means start packing.
No one cares where the renter goes but they can not stay here becomes the reason for waiting around. The eviction process takes time and has legal steps to one by one do by the book.
And if you don’t then it is start at square one again.
All adding to the DOM you see on a MLS sheet but never really know the one or many reasons for the number.
A quality Maine real estate professional can ask questions, has prior involvement in the property and maybe with the seller to add it up. Put the cards face up on the table to explain why each and every Maine real estate listing in the inventory has the DOM it does.
207.532.6573 | [email protected] | MOOERS REALTY 69 North St Houlton ME 04730