Today’s buyers have access to so much more information than they had just 10-20 years ago. Did you know that once upon a time if you wanted to know what was on the market, you had to actually KNOW a Real Estate agent in order to get access to the PRINTED BOOK of listings?
Today, that is no longer the case. If I put a listing on the MLS (Multiple Listing Service), I can get it in front of thousands of potential buyers in a matter of minutes. Give me a few days, and I can get in front of tens of thousands of buyers.
When buyers look up listings, they almost always check Days On Market (DOM). They are looking to see how long a property has been sitting on the market before they consider the property as an option. As a Realtor, I do the same thing.
Why?
DOM can provide us with a tremendous amount of information when preparing our strategy to help our clients buy a property. The shorter the DOM, the less likely the seller will be willing to look at a lower price offer. The longer DOM, the higher the chance we have an opportunity. When I say opportunity, what I mean is that, the seller is likely tired of having their home invaded by visitor coming to take a look. They have to keep it clean as well as find a place to house the family pets during the showing or open house. They are likely ready to have an offer placed in front of them and move on with their lives.
The problem is…
When property has more than 14 DOM here in the Los Angeles/Beverly Hills area, people start to wonder, “WHAT’S WRONG WITH IT?”. Every other listing has sold in the first 2 weeks, why is this one sitting?
There could be many things wrong with the house, but I would make a bet that it has to do with PRICE and PRESENTATION. If the house was priced right based on how it shows and its other attributes like size, location, surroundings, etc, it would have sold by now.
So what should you do?
Listen to your agent when they show you a listing that has high DOM. Before you ask, “What’s wrong with it?”, go in with an open mind, and see if you might like the house. With the right agent on your side, you might just be amazed at what can be accomplished. I have come across some incredible deals for my clients in a tight market. With the right approach, style and demeanor, lots can be accomplished in a tight Real Estate.
Would you like a customized strategy formulated for your home search? Would you like to learn how to WIN that next multiple offer situation? Give me a call at 310-963-7384 and let’s talk, or click here to set up an appointment directly in my calendar.
Regards,
Revi Mendelsohn, Realtor
