Seriously, Buying or Selling, you really need to understand DOM and how it effects you.
DOM is Realtor lingo for Days on Market, or how long a property has been listed. This is how we determine the three basic types of market - Seller's, Buyer's or Balanced.
In the Quinte area we have been deep inside a Seller’s market for a few years now. But currently, our average DOM for resale homes in Belleville is 30, and in Quinte West (Trenton) is 25. This shows that both areas are very close to a Balanced market.
HOWEVER, you can't look at just that. Many homes are still selling with multiple offers, over list price. This is because we still have more Buyers than Sellers in most price ranges. As a Buyer this means you’re likely competing with other Buyers and will need to act quickly and make sure you have all of your financing in order. For Sellers this means that, priced properly, you will be getting maximum market value for your home.
Also, DOM can be skewed for a specific property if it has been cancelled and then re-listed, or if there was an offer that possibly fell apart (that would cause the property to BKOM - see follow up post). This is more very important data that only a Realtor will have access to.
It’s super important to talk to your Realtor (aka us!) about the average DOM for your price range, neighbourhood and home style. It can vary quite a bit and will help you determine how to move forward.
#hottip Buyers - don't get excited about an area with long DOM, thinking you’re going to get a deal. This means people aren't choosing to live there, FOR A REASON!!