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  • About
    • All About Theory
    • Meet the Team
    • Theory Companies
    • Theory Cares
    • Fill The Barrel
    • Blog
  • Buy
    • Buy With Theory
    • 2023 Homebuyer Guide
    • Home Buyer Bus Tour
    • Your Guide to the PNW
    • Featured Listings
    • Home Search
    • Sign In
  • Sell
    • Sell With Theory
    • Free Home Estimate
    • 1 Hour Cash Offer
    • Sold By Theory
  • Invest
    • Theory Investments
    • Theory Self-Directed IRA
  • Construction
  • Property Management
  • Careers
  • Contact

Do “Days on Market” Really Matter When Selling A Home?

Knowing how many days a home has been on the market can tell you a lot as a potential buyer. Additionally, for those selling a home, it’s important to be aware of how time on the market affects the sale. This statistic depends on a variety of factors like location, market trends, and pricing. However, it is a key number to pay attention to. So, what exactly are Days on Market and do they matter when selling or buying a home? 

What is Days on Market

Days on Market (DOM) is a common statistic found on many Multiple List Services (or MLS’s). It tracks the amount of time a home is on the market before it sells. This means that as soon as a real estate agent lists a new home on the MLS, the DOM clock starts ticking. The number of days continue to accumulate until the status of the listing changes to “pending.” It is important to note that there are a couple of distinct stages on the path from “for sale” to “sold.” Once the seller has accepted an offer, the status of the MLS listing will change to one of the following: 

  • Under contract – The seller has accepted an offer but is still willing to look at others should this one fall through due to financing or inspection contingencies. The DOM clock continues to run in this case.
  • Contingent – The seller has accepted an offer, contingent upon something else happening. This usually means that the buyer has an existing home they need to put on the market or sell to buy this new home. The DOM clock continues to run in this case as well.
  • Pending – The transaction is moving towards closing. This is when the DOM clock stops.

Why Days on Market Matters

This number gives sellers, buyers, and real estate agents an idea of how well a home is being received. When selling a home, you can think of Days on Market as a desirability score: the lower, the better. When a home is on the market for a short period of time, the gap between list price and sales price tends to be close. In fact, in many cases these homes sell for more than list price.

The higher the days on market, the more questions the buyers might raise. They might ask questions like: “Does it need a lot of work?” “Are they asking too much or too little?” “Is the seller not very motivated to sell?” Or, perhaps the worst question for a home seller, “How low do you think the sellers will go?” Some buyers may not even consider a home with a longer than normal time on market.

Timing 

When selling a home, the ideal timeframe to get an offer is within the first 30-60 days of being on the market. If the home is on the market for longer than 60 days, the seller and the real estate agent should be revisiting a number of things in order to determine why it is not selling.

However, this is why proper pricing from the beginning is so important. It is the best way to generate buyers and multiple offers. The more competitively priced your home is, the more likely it is that you’ll sell above list price. In our books, that is a great return on investment! 

Do "Days on Market" Really Matter When Selling A Home?

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“I think that’s the easiest it’s ever been for me to buy or sell a home!”

Brad Rasmussen -

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We had a distressed property in Tacoma that required a lot of repair before we could sell. The task soon became overwhelming and that’s when we contacted Theory Real Estate.  They purchased the property “as is”. Within 3 weeks,  we closed on the deal. The Theory team is amazing!!  Every person we came in contact with was friendly, professional and efficient.

John and Diane Simchuk -

“

We are new investors to this market. We met Isaac and Alan through a good friend, and we are so thankful to have met them. They are the nicest, caring, most professional, kind-hearted people we have met in a long time. We would recommend these guys to ANYONE.

Anthony & Sarah Wooden - Tacoma

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We have bought 2 homes and sold 1 home with Theory. We would recommend them to all our friends.

Rhonda & Rickey Wilks - Buckley

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We worked with Theory to find our perfect house, but ran into a couple obstacles with the seller. The Theory team was always there with answers and went above and beyond all of our expectations.

Ceirra & Kenny Williams - Spanaway

LET'S GET SOCIAL

THIS Saturday!! The path to becoming a homeowner s THIS Saturday!! The path to becoming a homeowner starts with getting WSHFC Certified for Down Payment Assistance & learning EVERYTHING you need to know about how to turn your dreams into a reality 💡Our very own Nickie Robbs along with Katie Arnold from Evergreen Home Loans will be your experts for the day as they answer questions, clarify myths, & provide the roadmap you need 😎Snacks will be provided, and the class will be held IN PERSON from 10AM - 4PM! Successful completion earns you official WSHFC Certification for Down Payment Assistance Programs in WA State 🏡 💰If you'd like to attend, please email karnold@evergreenhomeloans.com!📍 217 N Meridian, Puyallup (next to Meridian Cafe and Trackside Pizza, parking is in the back)
🗓 Saturday, May 27th
⏰ 10AM - 4PM
Happy Birthday to Jessica Helms, our Assistant Pro Happy Birthday to Jessica Helms, our Assistant Property Manager with Love My Space! She's been with us for the last 6 months and has been a truly wonderful person to have around. She gets stuff done and has become an invaluable member of the team! Happy Birthday Jessica, we hope you have an amazing day 🥳 🧁
Started the week off right yesterday with a class Started the week off right yesterday with a class from our CFO Erik about personal finance! He talked all about how to set up yourself and your family for a less financially stressful life, from now through retirement. We're always looking for ways like this to help bring extra value to our Team on a regular basis 😎The biggest takeaway from the class? Every great budget starts with a specific, well thought out system. And if you're curious to learn more about how to make THAT happen, you might just have to join our team and come to the next one 😉
Today we're celebrating the birthday of the one-an Today we're celebrating the birthday of the one-and-only Madison "Two Hands" Magruder! Mads has been around since just about the beginning, and was an integral part of the company throughout its early years. We're blessed to have her hang her RE license with us still, and we wish her the best possible day 🙌🥳💃
Happy Birthday, Rizwan! 🎂 We hope you have the Happy Birthday, Rizwan! 🎂 We hope you have the most special day!!
If I were you, I wouldn't pass on this charming Cr If I were you, I wouldn't pass on this charming Craftsman home in Aberdeen with an unmatchable value that you won’t find at this price!!📍 2215 Cherry St
💰 $345,000
👣 1,743
🛏 4
🛁 1.75This beauty features a HEATED 720SQFT SHOP WITH LOFT along with an attached 2-car garage & NEW ELECTRIC PANEL! On the main floor you will find the large Primary BR w/ slider to the back deck – as well as an additional BR, Bath and den/office space. 2 Beds & 1 Bath upstairs. Truly one of a kind, displaying handcrafted woodwork throughout: revitalized fir floors, redwood & old-age cedar counter tops, knotty pine ceilings, exposed post and beam, and custom fencing surrounding the property for added privacy. Driveway/street parking in front, alley access with SECURE GATED ENTRY, RV parking; enough for 6+ vehicles in back! Immaculate landscaping with back deck/patio.
RUN! Dont Walk to take a look at this stunner in p RUN! Dont Walk to take a look at this stunner in person!📍 5024 84th Avenue W
💰 $690,000
👣 2,206 sqft
🛏 4
🛁 3Welcome to this stunning mid-century modern home ideally situated on a serene dead-end street in desirable University Place! With 4 beds, 2.5 baths, multiple living spaces each with a fireplace, fenced back yard, front courtyard, and a 2-car garage, it's really easy to just come home and relax! The open kitchen seamlessly blends with the dining space, creating an inviting atmosphere & the primary bedroom is large & offers an en suite! Don't forget about the AC keeping you cool this summer! The location of this home in UP is highly desirable, offering a peaceful neighborhood ambience while being just moments away from urban conveniences. Nearby, you'll find great schools, trendy shops, delicious restaurants, and picturesque parks!
Incredibly inspiring night with Mike Smith! What w Incredibly inspiring night with Mike Smith! What was your favorite takeaway from this month's Tacoma Connect? 👇

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