When you decide to sell your home in Bonita Springs, FL, it’s crucial to understand the concept of “Days on Market” (DOM) and its significance in the real estate market. Days on Market indicates the total amount of days a property has been up for sale before it sells or is taken off the market. Keep reading to learn more about this concept!
Days on Market: What You Should Know
DOM is an essential concept for sellers and buyers. It provides valuable insights into market conditions to help parties in their decision-making process. Moreover, for sellers, it serves as an indicator of the demand for the property.
A high DOM indicates a property has been on the market for a long and has yet to find a buyer. Hence, it can lead potential buyers to question the property’s price or condition.
Moreover, a high DOM may indicate that adjustments like lowering the price or improving the property’s appearance are required. Sellers can work with real estate experts in Bonita Springs to analyze the DOM. Doing so will enable them to develop effective strategies to reduce it and increase the chances of a successful sale.
In contrast, a property with a low DOM suggests that it got sold quickly. It also implies a strong demand for the property, which may attract more prospective buyers. Moreover, a low DOM might make buyers feel pressed for time. Thus resulting in aggressive bidding and a sharp rise in the sales price. Sellers can leverage the low DOM as a selling point to negotiate favorable terms.
The DOM gives purchasers important details about how marketable and competitive a property is. A property with a high DOM provides an opportunity for negotiation. Moreover, sellers may be willing to consider lower offers with a high DOM.
However, buyers need to investigate why a property has a high DOM. It could be due to overpricing, lack of maintenance, or other factors impacting the property value. You can work with local real estate agents in Bonita Springs to assess the DOM of properties you’re interested in. This information will ensure you are making a safe investment.
On the other hand, a property with a low DOM may indicate strong demand and competition among buyers. Buyers would have to act quickly to secure a property with a low DOM.
Are you searching for real estate agents in Bonita Springs to help you identify properties with a low DOM and navigate the competitive market effectively? Look no further than Southwest Florida RE Group powered by MVP Realty. Contact us today!