Real Estate Market Report for February 2023

…. and why it is a crucial factor in the sale or purchase of a house?

Simply put, Days on Market (DOM) is the time a property has been listed for sale on the market. It is an essential metric that helps sellers, buyers and real estate agents keep track of how long a property has been available for purchase.

The significance of DOM cannot be overstated, as it can indicate how attractive a property is to potential buyers. Properties that linger on the market for extended periods may be perceived as overpriced or undesirable. In contrast, shorter DOM can indicate that a property is priced competitively and/or has desirable features that attract buyers.

If you want to use DOM to price your home, you’ll need to do some research to determine how long comparable properties in your area have stayed on the market. This information will give you a rough idea of how long it typically takes to sell a home in your locality. If your home has been listed for longer than the average time, it may be a sign that your price is too high or that there are issues with your property that are turning off buyers.

If your property has been on the market for an extended period, it may be necessary to adjust your price to attract more buyers. Although it can be a challenging decision to make, it’s crucial if you want to sell your property quickly and at a fair price. A price reduction can make your property more attractive to buyers who were initially turned off by the initial asking price.

A higher number of Days on Market can have an impact on both home sellers and home buyers. For sellers, a high DOM can signal that their property is overpriced or has issues that are turning off buyers, while buyers may see a high DOM as a bargaining opportunity but should also investigate the reason for the high DOM before making a decision. As a result, it’s important for both buyers and sellers to pay attention to DOM and other relevant metrics when navigating the real estate market.

To sum up, Days on Market is a critical metric that every home seller should pay attention to. It can help you determine the right price for your home, identify potential issues that may be turning off buyers, and enable you to sell your home quickly and at a fair price. With this knowledge in mind, you’ll be better equipped to navigate the real estate market and sell your property successfully.

As a top real estate agent with over 17 years of experience in the Omaha Nebraska and surrounding community, I understand the importance of the month’s supply of homes for sale in the local real estate market.

A low amount of month’s supply of homes for sale means that there are fewer homes available for buyers to choose from, resulting in a seller’s market. In a seller’s market, home sellers have the upper hand as there is more buyer’s competition for each home that hits the market.

This can be challenging for home buyers, as they may need to act quickly and be willing to offer more than the asking price to secure their dream home. As a buyer in this type of market, it’s essential to work with an experienced real estate agent like myself, who can guide you through the process and help you make competitive offers.

For home sellers, a low amount of month’s supply of homes for sale is great news, as it means there is a high demand for their property. However, it’s still crucial to price the home correctly and present it in the best possible light to attract potential buyers.

Overall, understanding the month’s supply of homes for sale is crucial for both home buyers and sellers in the Omaha Nebraska and surrounding community real estate market. If you have any questions or need assistance navigating the local market, feel free to contact me, Connie Betz, a top realtor with a proven track record of success.