How “Days on Market” Affects Your Home Sale
When homebuyers are looking at homes for sale, they’re often checking things like the number of bedrooms or even the school district where the home is located. But some homebuyers (and their agents) are looking at less obvious things, too, such as the number of days a home has been on the market, known as “days on market”. Right now we’re in a seller’s market and homes have been selling faster than usual. That’s why some buyers may be hesitant to look at a home that’s been on the market for longer than others. Let’s take a look at why the number of days your home has been on the market can ultimately affect your sale.
“Days on market” defined
Let’s start by being clear about what “days on market” actually means. The days on market is the number of days that a home has been listed for sale before its status changes to pending. The more recently a home has been listed, the lower its days on market will be.
How long is too long?
Homes that just hit the market tend to get the most attention from buyers. But at what point does a home go from being considered “just listed” to being on the market for too long? According to a recent report from Realtor.com, the national average for days on market in May 2022 was 31 days. That’s six days faster than May 2021 and nine days faster than May 2020. In a nutshell, any home that has been listed for more than a month is going to raise suspicions in buyers and their agents. Of course, this also depends on your market and the price of your home. Luxury homes often sit on the market for a year or more until the right wealthy buyer comes along.
What to do if your days on market is high
If you’re selling your home and it’s been sitting on the market for longer than other homes in your area, then you’re no doubt wondering what to do. Is all lost at this point? Fortunately, it does not spell doom – as long as you adjust your strategy. In some cases, your agent may temporarily withdraw your listing from the market. They will then relist it, which resets your days on market and helps to get your listing in front of new buyers.
Other strategies for a languishing home
While relisting your home can work in some instances, your languishing home may need a different strategy to appeal to potential buyers. One thing to try is making improvements to your home. This could include cosmetic changes such as new paint, updated fixtures, or refurbished landscaping. Make sure to take new photos that reflect the changes you’ve made. You may also consider lowering your home’s listing price. In many cases, your home hasn’t sold because the asking price was too high. Real estate markets can change from week to week, and adjusting the price may be all it takes to entice potential buyers.
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