If you browse through homes for sale listings, you should see a number that represents how many days the house has been listed for sale. This is referred to as DOM, or days on the market. If you are hoping to find a great deal on a home, you may want to look for homes with high DOMs, as this often represents problems with these homes selling. Doing this could result in finding a house for a price well under the home's current value, and here are some tips to consider as you do this.
Stick with homes with DOMs over 150
It typically takes around a month or two for a house to sell, depending on the house and market, but there are times when it takes much longer for a person to sell his or her home. As a homeowner waits for months on end to sell, he or she might become desperate at some point. This person might really need to sell or want to sell for a certain reason, yet it might seem like the house will never sell. As a buyer, you can use this to your advantage, and you should consider sticking with homes that have DOMs over 160. 150 days is around five months, and this is often the point when a homeowner becomes anxious and nervous.
View the homes
When you find homes with high DOMs, schedule times to view these homes. As you look at them, look closely to see if there are obvious reasons why the homes are not selling. If you see reasons for this, you could use the reasons to offer a lower amount for the house that you like the best.
Make a low offer on the house you like best
When you make an offer, keep it relatively low, but try not to make it a low-ball offer that will insult the person. You can explain to your agent why you are offering the amount you chose to offer, and the agent could explain this to the homeowner. If the homeowner will not accept the offer, you could always consider offering a low amount on a different home that you viewed.
This is a great way to find a home for a good price. To start viewing homes in your city, contact a real estate agent today to help you find the right ones for you to see.Share