Jakemann Racing

Real estate professionals utilize a technique called days on market or abbreviated to DOM that allows them to calculate the value of a property based on the time other homes in the area have been available for sale.. This number is established by averaging the sold listings for the last 30 days to six months and dividing that figure the by the sum of listings from the same time period.. employing this formula, real estate professionals may hopefully discover if the economy is affecting the sales or if the property has too high a price tag.. Unfortunately, this formula may at times be skewed to offer misleading information by real estate professionals trying to massage the figures to their ends..

The reality is that the longer a house is listed on the market the lower the chance the owners have of being offered full asking price.. When looking at Oakville real estate listings that tend to be quite pricey one or two percent off of the list price can really add up. By utilizing the Multiple Listing Service (MLS), any real estate agent can research all of the houses that are presently on the market and can make their own decisions about whether the properties that have been available for a long duration are overpriced or if the particular area is having a slump in sales.

Real estate agents working for purchasers frequently look at the DOM stats to see which homes have been on the market for the longest period of time because they can often submit a lower offer than the asking price and have it accepted.. Sellers understand that the more time their house is up for sale, the less likely they have of getting their asking price and are frequently ready to negotiate for less.. This is also a reality for Toronto condo listings that although the market is very active listing at the wrong price may be a mistake.

Unfortunately, some real estate professionals attempt to falsify these figures and undertake to roll back the counter by removing a property from the market for a few weeks hoping that when it is reinstated it will show zero number of days for sale. This practice is seen as unethical and many real estate associations have taken measures to assure that home buyers are not misinformed by such questionable practices and have created a system where realtors can see all of the genuine property past, including any trials to reset. With the high competition of houses for sale in Toronto there is a lot of pressure to have fresh listings in an attempt to sell fast.

The Multiple Listing Service utilizes two numbers to represent the DOM – referred to as the current vs. the cumulative – that give a quick snapshot of the whole history of any home’s listing. This method helps establish if a homeowner has switched agents after the property has been available too long on the market, so the current figure determines how long the new agent has been dealing with the home and the total figure keeps count of how many days total it has been for sale. The resetting of the current number is also used to show events like the property being taken off the market for monetary reasons, price discussions or simply as an attempt by the seller to hold off for a more appealing purchaser’s market.