Everyone wants a good deal. That’s just wired into our DNA. And that certainly applies to purchasing a home, since the price tag usually has a lot more zeroes.
In my 37 years of experience as a Realtor and real estate investor, there’s one metric that always tells the tale. It’s price days on the market, DOM for those in the know. This number makes everything an apples-to-apples comparison.
According to the Greater Las Vegas Association of Realtors, 80 percent of listed homes sell in the first 60 days.
Here’s what I know about DOM. If you see a listing with a DOM of 90 days or more, the seller is either:
- Getting antsy. That means they are probably willing to make a deal to get the deed done.
- Unrealistic. I have seen DOM numbers of 700 or more. If you list for more than two years, you are not in a rush to sell. Pricing your home too high will do that.
Here’s what else DOM will tell you. If the DOM is 14 days or less, the seller is probably NOT willing to take a price cut. I had a listing in the $600,000 range that had been on the market just eight days. The first offer was $60,000 less than the reasonable asking price. Really? Alright, the buyers were veterans who had just gotten back from a stint in Korea. But hello our real estate Apocalypse is over.
If that DOM number had been 114, the seller might have been willing to counter low enough to meet them somewhere in the middle. The family sold the house the next day for 99.8 percent of the asking price.
This number is often not on the public sites. But call, text, email or send a carrier pigeon and I will share it with you.
((hugs)) BETH Ellyn
THE Las Vegas Real Estate Concierge
702.758.4318 Talk. Text. SMS. Video chat.
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MBA: L’ecole du Hard Knocks
Licensed in Nevada since 1996: I have previous
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