DOM = Days On Market
When I provide listing sheets to Maui buyers, they often ask, "what does DOM mean?". DOM is the abbreviation for Days On Market, and on Maui that means the number of days since it was listed until it closes. Here on Maui, we use the Paragon MLS system, which assigns the value of 0 to the first day of being listed.
In some markets, the DOM stands for the number of days since the property hit the market, until it goes under contract. On internet listing aggregation sites, like Zillow and Trulia, the listing date might be stated as the day it was entered into that system, causing more confusion as to how long the home has actually been for sale.
DO YOU CARE? - As a buyer, do you care how long a home has been on the market? Does it make a difference to your opinion of the property? When you are searching for a new home, do you ignore the ones that have been on the market for 300 days or longer? Why? Maybe the price was too high at first, and now they have lowered the price. Maybe the sellers went ahead and put that new roof on, and repainted the house inside and out. Maybe the time is now!
There can be many reasons why a property shows a high DOM number. Here on Maui if a property goes under contract and is tied up in escrow for months, only to fall out and return to the market, the DOM has accumulated during those months. If a seller takes their home off the market while they go on vacation or remodel (TOM - Temporarily Off Market), those days are still adding up. Buyers really need to talk with their Realtor to understand the situation in each case.
CDOM - Cumulative Days On Market - Here's another situation, some MLS providers actually calculate the total days on market, even if the home has been on and off the market a number of times. Again, there can be many factors to account for this, and it's best to get the whole story by speaking with a Real Estate professional who can help to shed some light on things.
I guess I'm trying to say this to buyers - don't let the DOM change your opinion of a listing... just because a home has been on the market for a long time, you should still consider it as an option... go and take a look and see if it's the right home for you.
MAUI Buyers and sellers - let me know how I can help you with your Real Estate transactions.
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