Of course, you want to earn top dollar for your home! Not only is it one of your largest investments, it also has a piece of your heart.
One essential factor in the successful sale of your home is Days on Market (DOM). This number not only impacts your sale price, but also your stress level and out of pocket sale costs.
What is DOM?
DOM is real estate lingo for Days on Market. If your home is for sale, the number of days your house has been listed will be displayed online along with your address, number of bedrooms, etc. For each day you're officially accepting offers, your DOM will increase. Essentially, the lower your DOM, the faster your home has sold.
How DOM impacts your bottom line
Your DOM number affects several of the most important aspects of your home sale. According to The National Association of Realtors, the fewer days your home spends on the market, the more money you'll make on the sale. Consider the perception of a home sitting on the market for weeks or even months on end. Cost is motivated, in part, by perceived value which can be compromised by a long stay on the market.
In addition to your home sale price, it's important to consider holding costs for the amount of time your home is on the market. If you're paying to stage your home, the fewer days your home spends on the market, the fatter your wallet. Also, consider costs such as professional cleaning (recurring if you're living in your home while selling), an added mortgage (if you're living outside your home you're selling), and more. Selling your home quickly will save you money on out of pocket costs.
Though not a financial outcome of days on market, stress is also an important factor. The fewer days spent scrambling out of your house for a showing, the better. The shorter the time you spend wondering how much your home will sell for, the happier you'll be. The fewer times you have to reduce the price of your home to combat a high DOM value perception, the more lucrative.
How To Sell Your Home Quicker
Live Urban Real Estate leads the city of Denver in low DOM, which means we have some helpful tips on how to make sure your home sells quicker and for more money*.
- Price your home competitively
Your Realtor will use recent sales prices of comparable homes in your neighborhood as a starting point and make adjustments from there to price your home in the sweet spot.
- Market your home using only high-quality images
Most potential buyers will see your home online first, so be sure your real estate agent selects only the best house-focused photographers. DIY images are a big no-no.
- Consider staging your home
Staging your home improves the images that potential buyers will see and creates a space that allows those who see your home in person to imagine themselves living there. Stagers are up-to date on current design trends and on best practices for creating a generic appeal.
- Select your real estate agent wisely
Your agent is the face of your home while it's on the market. Their network of other Realtors is likely to produce qualified buyers and their reputation in the community plays a big role in the successful sale of your home. Be sure to read online reviews and ask what she/he does to sell your home quickly and for the highest return
*Live Urban Real Estate averages the lowest number of days on market as compared to all other Metro Denver Brokerages of comparable sales volume.Market data for residential & condo sales for year as reported byREColorado.May not reflect all sales.Days on market is between when property is first listed and when offer is accepted for sold listings only.
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