Sunday, May 11, 2008

Days on Market - A Buyer's Friend?

I tell my sellers...we need to price it right from the get-go because time is our enemy. Nothing is absolute, but most of the time that is the case...the longer a property has been on the market ("Days On Market" or "DOM") the more buyers believe they have the upper hand in negotiations. If a property is presented properly and still hasn't sold, then the only issue left is price. This is where the buyers' advantage comes to light.

In the DC market, we're about in the middle of the buyer/seller market breaking point (6 months inventory of homes). In most cases, the buyer is still perceived to have the advantage (and they more often do), however sellers are not giving away the farm...nor should they. Prices in DC haven't dropped liked the rest of the nation...we are still seeing houses go under contract in under a week, we're still seeing multiple offers and on the other end, we're still seeing properties, nice and well priced properties (2363 Champlain St. #B), that have not yet sold.

My point is have to be aware of the difference between what is hot and what is so-so in this market. If you've been looking for a while and see something that gives you the "wow" factor...put in an offer and don't wait around. A high or low DOM, a property can go (even with multiple offers) in the blink of an eye!

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