05 Jan What ‘Days on Market’ Really Means in Real Estate
Brisbane real estate agent Henry Wong of Harcourts Beyond present another informative real estate video. Today he’s talking about ‘Days on Market’ and what it really means in the context of selling your home.
“Hi, I’m Henry Wong. Welcome to another episode of Henry’s Thoughts. So, today we’re here to talk about real estate jargon. And one of the most common real estate jargon is DOM, or as we call it, the days on market. So, what does days on market actually mean?
Well, if an agent tells you, or if you get the flyer in the mail, and he says, “Look, the days on market was 20 days, was 30 days,” that actually means how long it took from the time that the property went to market to the time they got a contract, was 20 days or 30 days.
A better question you should ask if you’re looking to sell is what is the unconditional days on market, as in how long it took to get an unconditional contract? So that means it’s not subject to finance or building and pest.
So, here we go, ask them, “What is your unconditional days on market?” So, with us, we sell a lot of houses in the Mansfield State High School Catchment. Our average unconditional days on market is 20. What that means is that from the time that we go to market, 20 days later, it’s unconditional, no finance, no building and pest, no cooling off, there’s no conditions at all.
The majority of people, when they say days on market, if it’s 20 days, you go to market now, 20 days later, you get a contract, but then the contract has finance conditions and is usually about 21 to 30 days. So 20 plus 21 is about 41 days. So their unconditional days on market is actually 41, not 20 days.
So there’s a quick tip for you. Any other questions, feel free to contact us.”