Here’s why days on market is an important metric when it comes to the real estate market.
Looking to buy a home? Click here to search all Denver homes.
Looking to sell a home? Click here for an instant offer on our home.
What does the term “days on market” mean and why is it important for sellers to know?
Days on market refers to the time between when a home is listed on the MLS and when it’s sold or taken off the market, it measures how long it takes a home to sell. What’s considered “good” when it comes to days on market? Well, if the average days on market for an area is 29 days, it’s better to sell your home in less time than that.
Why do some homes sit longer on the market than others? Some reasons include:
- Being priced too high
- Lacking curb appeal
- The seller refusing to make upgrades to the home or not allowing enough showings
- There are still renters living inside it
“If the average days on market for an area is 29, it’s good if you can sell your home in less time than that.”
Is it possible to beat the average? Yes—by pricing your home 10% to 15% under market value, it will create a multiple-offer situation and expedite the sale.
There are several things you can do to sell your home as quickly as possible. First, hire a specialized team like the Dixon Group. Also, be smart about the listing price. Like I just said, the best thing you can do when pricing your home is to look at the prices of other homes in the area and set your price 10% to 15% lower. Along with creating a bidding war, you’ll likely receive an offer that’s close to or higher than your list price.
Lastly, keep up with current technology. People won’t even look at your home if they’re not intrigued by its online presence. The internet is the driving force behind home sales.
If you have questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d love to help you.