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D.O.M. What does this acronym mean and how can it help you as a home buyer?

February 13, 2017 by Derrick Timmons

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Acronyms, jargon and vocabulary can often confuse people when they want to find a home.  One important acronym is DOM or Days on Market.  During any conversation about buying or selling a home this  important number helps tell a home’s selling story.  This story is important when trying to determine what you, the buyer, wants to offer for a home.

Home sellers have many motivations for selling including buying a new home, moving out of state, 1031 exchanges or other life events.  Many of these reasons for selling require a short time frame to sell the home.  Therefore, when a buyer sees that a home has been on the market for a long period of time, or a long DOM, they may have some power to negotiate a lower price.  This doesn’t always work of course, as the seller may be very set on a certain price. However, every clue a buyer can use to their advantage can help them discover an accurate selling price.

For example, if a home has been listed very recently with a DOM of only a few days, then trying to negotiate a lower selling price will probably not work as effectively if the DOM is longer.  On the other hand, if a DOM is 60 days or more in a market in which homes sell rapidly there is probably more room for a lower selling price.  Your Real Estate Agent is an important partner in this decision as they can help determine what type of market the subject home is in and how much you should offer.

If a seller realizes that their home has been on the market for a long time they need to consider their options: should they lower their price? should they accept a lower offer? should they stick to their original offer?  These are all decision that should be made with your Real Estate Professional who can help you analyze the market conditions and determine how your home fits into the overall market story.

If you would like help analyzing the market you are trying to buy or sell in please contact me.

805.807.3987

realtortimmons@gmail.com

Filed Under: Home Buyers

Derrick Timmons

realtortimmons@gmail.com
805-807-3987
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In Real Estate there are deals and there are people behind the deals.  We focus on creating a smooth Real Estate experience for you by doing our best to understand what you need from us to make buying or selling a home successful.  We do our best by asking questions and listening to you carefully then genuinely serving your needs. 

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We also, however, strive to get you the results you want by being tough in negotiating the best deal for you and being organized and communicative during this complex transaction to make sure every part of the process is taken care of properly.  To help you accomplish your goals, Derrick applies his successful competitive experiences in sports and education to exceed performance expectations and get you the results you want.

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