When reviewing a real estate listing, it’s important for buyers to pay close attention to the days on market (DOM), which is the length of time the home has been for sale on the multiple listing service. In many cases, higher-than-average DOM properties may indicate that the home has been overpriced or that expensive repairs are needed, reports Realtor.com®.
However, that’s not always the case. Depending on the local housing market, a listing may be considered “stale” if the DOM is more than 21 days. In other areas, homes may take as long as three to five months to sell because of the uniqueness of the location, time of the year or other factors. Perhaps an offer on the home had been accepted but fell through when the would-be buyer failed to qualify for the mortgage loan.
Identifying buyer turn-offs such as an outdated interior, poorly maintained landscaping or peeling exterior paint may also help you determine if there’s a deal to be made on an otherwise sound house.
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