Days on Market: A Deciding Deal of Real Estate in Harris County, GA

January 14, 2015

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THE DAYS ON MARKET OF A HOME IN HARRIS COUNTY, GA MATTERS

From location, price, to curb appeal, there’s many factors that go into your client’s decision to purchase a home in Harris County, GA. And one important metric we use at John Bunn Realty is the amount of days a particular house has been on the market.

In fact, this statistic is important to all parties – from the seller, the buyer, and the real estate agent.

This is simply and appropriately titled “days on market”, or DOM for short. And it influences the buying process in tangible ways. Let’s take a look at what the days on market says about a home, and how it affects a seller, a buyer, and a real estate agent.

SHORTER DAYS ON MARKET AVERAGE MEANS MORE ACTIVITY

First, let’s backtrack and get a proper definition: the days on market refers to the amount of time a home is on the market before a contract is signed between a buyer and a seller.

Buyers use the average days on market to compare housing activities between neighborhoods and towns in deciding how aggressively to approach their bids.

For example, if homes are quickly sold in a given area, say under two weeks, it signals the demand and popularity of that neighborhood. This means sellers can ask for a higher price, and that buyers must pay more.

On the flip side, if a buyer is looking at a neighborhood in which the average DOM is over six months, then they could ask less than the buying price (or a seller would lower their asking price).

Days on market displays leverage. So where do you find these averages?

THE REAL ESTATE AGENT LEAD WITH INFORMATION

This is where us real estate agents come in, in two important ways. First, we have information about an area’s average days on market that can’t necessarily be found online.

Second, we help clients devise a real estate plan taking into account the available information. If a particular home in Harris County, GA was sold after six months, why did it take so long? Was it a foreclosure? Did the home need a lot of improvement projects that delayed the sales?

These little details can save buyers thousands of dollars.

LOOK AT THE MARKET, THEN DECIDE

Ultimately, the days on market statistic is just that – another statistic that goes into the buying and selling process of real estate. It won’t necessarily sway a purchase, although if a neighborhood is particularly hot or cold, it will influence the selling price of a home.

Perhaps the bigger question for the future of days on market for areas in Harris County, GA, is how the openness of technology will impact how buyers, sellers, and agents use this data.

 

Has the number of days a house that been on the market in Harris County, GA, influenced whether you purchased a home? Let me know your stories at 706.662.0125, or email me today!

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