Increase in DOM (Days on the Market)

The average of days on the market (DOM) for properties have dramatically increased in the past year. This usually indicates that a property starts out above market value (overpriced) and eventually the asking price  reduces to meet the price that buyers are willing to pay.  Many times this takes a year or so to happen.

The properties that are selling quickly are the ones that are priced correctly for the current market. In fact we still have multiple offers and quick sales on certain properties.

Buyer interest peaks when a property hits the market and after a few weeks ready willing and able buyers have all seen the information or the property.  After that the people who are looking are generally new buyers to the market and those that are not totally committed to searching for a property.

Sellers beware! Time on the market reduces the appeal of a property and therefore the number of potential buyers.