When looking at Days on Market (DOM) as a purchaser, it can give you useful clues about the property and the seller’s position:
- Low DOM (just listed, quick turnover): Suggests high demand or aggressive pricing. You may face competition and less negotiation power. If you’re interested, acting quickly might be wise.
- High DOM (sitting on the market): Could indicate overpricing, condition issues, or less buyer interest. This might give you more negotiation leverage. However, always investigate why it’s been sitting—sometimes properties linger for reasons unrelated to the home itself (poor marketing, seasonal slowdown, etc.).
In short, DOM helps you assess:
- Market interest in the property.
- Potential negotiation strength.
- Whether urgency or caution is more appropriate.
But remember: DOM alone doesn’t tell the whole story—pair it with price trends, comparable sales, and property condition for a full picture.