Can we trust the Days On Market number?
Can we trust the DOM (Days on Market) number when we read market update report?
The Days on Market number is supposed to tell you how many days it has been since a property came to the market. It is a good indicator. However, the Days on Market number can be deceptive. To understand why, you need to understand what is going on on the market? Some agents terminate a listing after 30 days if it doesn’t sell. Once listed again, it seems the property came to market yesterday when, in fact, it’s been over 40-50 days. Let me give you an example,… (see the video)
Ask your agent to find out if there are any duplicate listings for the property!