Attention Pasadena Home Sellers: Homebuyers Are Looking At Your DOM

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Real Estate Agent with Coldwell Banker Residential Brokerage CalBRE #01165532
http://actvra.in/FW4

Attention Pasadena Sellers:   Homebuyers Are Looking at Your DOM


Attention Pasadena Home Sellers!


 

Be prepared Pasadena and San Gabriel Valley area home sellers:  homebuyers are looking at your DOM.   Huh?   Duh, da, duh...DOM...DOM.   DOM, you say?   Yes, that’s real estate shorthand for days on market.  Days on market = the length of time the home has been on the market for sale.

One of the first questions I am asked by every home buyer is the number of days or the time a particular property has been on the market.   The longer the time on the market sends a signal -- overpriced, undesirable....second thoughts may set in...what’s wrong with this house??   Hmm, so you think you are smarter than that -- you’ll cancel the listing and start fresh.   Not so fast -- our local multiple listing service(MLS) has a field that buyers see -- CDOM -- cumulative days on market.   This is the time period the property has been on the market for sale over the last year.   This number reflects the market time regardless of  change in listing brokerage and price changes.   

So, Pasadena/San Gabriel Valley home sellers be mindful that homebuyers will ask about your DOM.   Are you a homeowner who is considering selling your Pasadena/San Gabriel Valley home and want to learn how to shorten your DOM.   I can answer these any other real estate questions and can be reached at 818.516.4393 cell or michaeljacobs@coldwellbanker.com

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Topic:
Home Selling
Location:
California Los Angeles County Pasadena
Groups:
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days on market
pasadena real estate
pasadena home sellers
dom

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Rainmaker
1,884,777
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

Good information for home sellers and home buyers.

Have an outstanding week.

August 06, 2012 03:33 AM
Ambassador
1,437,027
Kathy Streib
Home Stager - Palm Beach County,FL -561-914-6224
Room Service Home Staging
Michael..just had that conversation with a friend. I like the CDOM feature.
August 06, 2012 04:16 AM
Rainmaker
1,935,736
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

Good morning, Michael..... buyers always want to know how long a property has been on the market....price it right and they won't have the opportunity to ask....it will be sold immediately....

August 06, 2012 04:32 AM
Rainmaker
815,339
Jeffrey DiMuria 321.223.6253 www.SouthBrevardBeachHomes.com
www.SouthBrevardBeachHomes.com
Coldwell Banker Sun Land Realty

Michael...I find when buyers look at homes they ask what are the DOM...if they hear a high enough number the next question is what is wrong with this house....my answer is either a real issue (likes back to a main road) or it is overpriced. The sellers are asking for a low ball.

August 06, 2012 04:52 AM
Ambassador
829,306
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Good morning Michael -

Today's home buyers are smart and they do watch the DOM carefully. I've had home buyers point out the DOM and then say they want to make a low offer due to the fact the home has been sitting on the market for so long. Or they think something is wrong with the home. Suggested.

August 06, 2012 06:35 AM
Rainmaker
533,161
Morgan Evans
LICENSED REAL ESTATE SALESPERSON
Douglas Elliman Real Estate

The DOM question I think is a universal questions, trying to guage how negotiable the property will be. 

August 06, 2012 07:09 AM
Rainmaker
657,917
Eileen Hsu
LICENSED REAL ESTATE SALESPERSON
Douglas Elliman Real Estate

Pasadena homes buyers sound very savvy, your advice for homes for sale in Pasadena, CA is very useful.

August 06, 2012 07:36 AM
Ambassador
1,115,805
Dick Greenberg
Northern Colorado Residential Real Estate
New Paradigm Partners LLC

Hi Michael - That's a great argument for getting the pricing right, at the beginning of the process. A seller who wants to fool around "testing" the market is going to run right into that old adage about the longer it's on the market, the less it's going to sell for.

August 06, 2012 07:40 AM
Rainmaker
972,672
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Rosemary -- while reviewing comps with a potential seller a few weeks back I pointed out a sold property that had a CDOM of over one year!

Roy -- thanks and I hope your week is outstanding as well.

Kathy -- it gives a more accurate picture in the case when a property is re-listed by more than one broker.

Barbara -- very true - pricing a property correctly from the start is an almost surefire way to selling in less time and typically for a higher price than a home that "sits" on the market.

Jeffrey -- that's often the case -- the longer the days on market, the lower the offer.

John -- often a buyer will think -- if no one has wanted it until now.....why should I want it???   Thanks for suggest - much appreciated.

Morgan -- indeed!

Eileen -- buyers use the number of days on market as part of their thinking to base their initial price offer.

Dick -- exactly.

August 06, 2012 08:42 AM
Ambassador
1,082,802
Bryan Robertson
Broker, Author, Speaker
Catarra Real Estate, Inc

I frequently tell my buyers that long DOM and CDOM is a sign of an issue, either price or something else.  It always comes down to effective marketing and pricing to get it sold fast.

 

FEATURED IN BANANATUDE

 

August 06, 2012 08:51 AM
Rainmaker
638,060
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Tahoe Real Estate Agent Helping Buyers and Sellers
Coldwell Banker, Tahoe City, CA (530) 414-1260

Michael - Great information for buyers and sellers.  We don't have the CDOM, I have to go in a do it manually, but I wish we had it. It would be a real wake-up call for some of our agents and sellers who think they are out-smarting everyone!

August 06, 2012 08:57 AM
Rainmaker
972,672
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Bryan -- and I let my sellers know what buyers are thinking when they see that BIG number.  Thanks for the inclusion in BananaTude -- very cool.

Laura -- yes -- our MLS is not perfect and there are some ways that the correct days on the market does not reflect but overall it's a good indicator.   

August 06, 2012 09:06 AM
Rainmaker
584,058
Sharon Lee
Sharon Lee's Virtual Assistance

Michael-Home buyers are more informed about things like that today because of the internet access to the all that info so you have to be prepared to answer the DOM question and not look DUM

August 06, 2012 10:41 AM
Rainmaker
972,672
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Sharon -- so true or is that tru?

August 06, 2012 10:44 AM
Rainmaker
597,770
Nancy Conner
Olympia/Thurston County WA
Managing Broker - City Realty Inc

So very true that almost universally buyers will ask that question - and if they somehow don't, you better believe their agent probably took note of the market time.  Another reason why pricing is so crucial to a listing becoming a sold home.

August 06, 2012 10:52 AM
Rainmaker
1,002,807
Belinda Spillman
Your Real Estate Resource For Life!
Aspen Lane Real Estate LLC

hi Michael.  This is sometimes the kiss of death.  Buyer's are so much smarter these days.  That is always one of their questions.  We get lots of folks who take their home off the market over the winter for this very reason. 

August 06, 2012 11:24 AM
Rainer
180,045
Tatyana Makarov
Your Greater Hartford Area Realtor
Coldwell Banker Residential Brokerage

Great post, great point...

Today's Buyers always ask me about DOM for the properties I show.

August 06, 2012 11:42 AM
Rainmaker
495,619
Chris and Dick Dovorany
Broker/Associate at Premiere Plus Realty
Homes for Sale in Naples, Bonita Springs and Estero, Florida

Don;'t you think that buyers ask days on market because they were told it's important?  I don't think it's important at all UNLESS we're into the triple diget numbers.

August 06, 2012 11:45 AM
Rainmaker
683,290
Ron Marshall
Birdhouse Builder Extraordinaire
Marshall Enterprises

I respectfully disagree that it doesn't matter.  It does.  It could mean that the sellers aren't motivated to price the property to the market, whcih could be a bad sign for other negotiations, if needed.

August 06, 2012 12:09 PM
Rainmaker
972,672
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Nancy - it's certainly one of the items I note when I am reviewing properties for a buyer or seller.

Belinda - yes, we also have sellers and many agents who think a house will not sell during the holidays -- many times a home will show so much better when it is tastefully decorated and our winters are quite nice and with less competing properties on the market for sale --- a seller may be able to realize a nice holiday gift....a sold home.

Tatyana -- yes, me too.

Chris and Dick -- well, in our market it is not uncommon for a well-priced, well-presented and well-located home to come on the market and receive offers fairly quickly so buyers and sellers are well aware of days on market.   Perhaps there is a difference in Florida.

Ron -- isn't it great to know that every market is different and perception on subjects can vary.   

August 06, 2012 12:32 PM
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Rainmaker
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Michael Jacobs

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