Days on market (DOM) is a key indicator to a buyer that a home may have some issues of concern. It's important to understand how days on market factors into the area since it differs from community to community and lake to lake.
By assessing the price, condition, location, you can make an informed offer.
Price:
Before making an offer, it's advisable to obtain a market evaluation from your Real Estate Professionals. This professional insight from a reliable source provides the basis for examining the list price in comparison to the sales in the area. Consistency among evaluations is key. This will provide some insight into a price discrepancy and explain why this home still might be on the market.
Condition:
Sellers perceive homes differently than buyers do. There emotional attachment may overlook aspects that buyers prioritize. Most buyers seek homes in near-perfect condition—clean, mechanically and structurally sound, and aesthetically pleasing. A home requiring minimal work is more likely to attract offers at market value. Collaborating with a Real Estate Professional can provide an unbiased assessment, offering suggestions to enhance your home's condition and ultimately increase your profit.
Location:
The location of the home can significantly impact its selling price. Factors such as undesirable schools, a higher crime rate, untidy neighbours, busy roads, or proximity to noise can contribute to delays. If location is a challenge, your Real Estate Professional can help strategize a pricing approach that compensates for these factors.
Details Matter:
There are many factors that contribute to a house being on the market for what appears to be a long time. A skilled Real Estate Professional can offer insights and suggestions to craft an offer that will allow you to achieve a suitable outcome.