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What is DOM in Real Estate? During the home buying or selling process, you might encounter new terms and abbreviations you don't understand. One such abbreviation might be DOM, which means Days on Market. The DOM meaning is the number of days that the home has been listed in the MLS. It starts from when it is first entered in the multiple listing service, and until the home is under contract. While this might seem simple, it's not always quite that straightforward. DOM in real estate can increase even after the seller has accepted an offer and the status of
When you are selling a home one of your greatest enemies is time. If your home languishes on the market unsold, buyers will question why.
While that is unlikely to happen in strong seller's real estate markets like the one going on now, it certainly happens in more balanced markets.
The days on the market can have a direct impact on what you'll sell your home for. You don't want you home to be sitting on the market with a time frame that is out of whack with the rest of the market.
You should be striving to sell your home for under the days on market average. In real estate listings you will often see an abbreviation of DOM which is short for days on market.
Make sure you are in contact with your real estate agent for a potential price drop if need be. The longer you go without selling your home, the greater chance of a disparity between the list price and sale price.
Homes that sell quickly out of the gate often profit pricing accurately based on market stats. Your real estate agent hopefully provided an accurate competitive market analysis to nail your list price.