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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Rainmaker
2,057,222
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good information for home sellers and home buyers.

Have an outstanding week.

Aug 06, 2012 03:33 AM #2
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224
Michael..just had that conversation with a friend. I like the CDOM feature.
Aug 06, 2012 04:16 AM #3
Rainmaker
2,073,882
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

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....

Aug 06, 2012 04:32 AM #4
Rainmaker
844,838
Jeffrey DiMuria 321.223.6253 www.SpaceCoastHomesNow.com
Fontaine Property Group - Melbourne, FL
Your Space Coast Real Estate Expert!

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.

Aug 06, 2012 04:52 AM #5
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John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

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.

Aug 06, 2012 06:35 AM #6
Rainmaker
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Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

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

Aug 06, 2012 07:09 AM #7
Rainmaker
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Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

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

Aug 06, 2012 07:36 AM #8
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

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.

Aug 06, 2012 07:40 AM #9
Rainmaker
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Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
PasadenaCA Real Estate Representation 818.516.4393

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.

Aug 06, 2012 08:42 AM #10
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Bryan Robertson
Catarra Real Estate, Inc - Los Altos, CA
Broker, Author, Speaker

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

 

Aug 06, 2012 08:51 AM #11
Rainmaker
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Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

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!

Aug 06, 2012 08:57 AM #12
Rainmaker
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Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
PasadenaCA Real Estate Representation 818.516.4393

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.   

Aug 06, 2012 09:06 AM #13
Rainmaker
604,088
Sharon Lee
Sharon Lee's Virtual Assistance - Hurt, VA

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

Aug 06, 2012 10:41 AM #14
Rainmaker
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Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
PasadenaCA Real Estate Representation 818.516.4393

Sharon -- so true or is that tru?

Aug 06, 2012 10:44 AM #15
Rainmaker
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Nancy Conner
Managing Broker - City Realty Inc - Olympia, WA
Olympia/Thurston County WA

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.

Aug 06, 2012 10:52 AM #16
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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Your Guide to Joyful Colorado Living!

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. 

Aug 06, 2012 11:24 AM #17
Rainer
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Tatyana Makarov
Coldwell Banker Residential Brokerage - South Windsor, CT
Your Greater Hartford Area Realtor

Great post, great point...

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

Aug 06, 2012 11:42 AM #18
Rainmaker
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Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

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.

Aug 06, 2012 11:45 AM #19
Rainmaker
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Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

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.

Aug 06, 2012 12:09 PM #20
Rainmaker
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Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
PasadenaCA Real Estate Representation 818.516.4393

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.   

Aug 06, 2012 12:32 PM #21
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Rainmaker
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Michael Jacobs

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