The Internet makes it simple for people to see all the current single-family home listings, and this is often an excellent place to start as you search for a home to buy. As you browse the listings, you'll probably see a number on each that refers to the DOM. Are you wondering what this is? If so, here is an explanation of what DOM is and what it tells you about a home listing.
The Definition of DOM
In real estate, DOM stands for days on the market. What this number tells you is the amount of time a home has been listed on the market. If the listing has a 10 DOM, the house has been on the market for ten days.
In some situations, you might see the term "DOMP." DOMP tells you the total amount of time the home has been listed. If a person lists a house and then cancels the contract, the DOM only shows you the current length for the new agreement. Whereas, DOMP tells you the total time of all recent listings.
Things a Low DOM Can Tell You About a House
When a listing has a low DOM, it means the homeowner just listed the house recently. This homeowner has not waited long to find a buyer. In this case, the seller is probably in no rush to find a buyer yet. The seller might not be willing to negotiate a lot on the house for this reason.
Things a High DOM Can Tell You About a House
When a listing contains a high DOM, it may indicate that the seller is having trouble finding a buyer for the property. Sellers that must wait long to find buyers are often more willing to negotiate. They may be ready to sell at lower prices.
Homes with high DOMs might have asking prices that are too high. These homes might also have underlying issues that people do not want to deal with. If you see a house with a high DOM, you might be able to purchase it for a lower price for this reason.
Finding out the DOM on a property is easy to do, as the listing will state this information.
To learn more about how to find the perfect single family home listings, contact real estate agents in your area. An agent can answer your questions and help you find the right house to purchase.