Even in the best market conditions, there is no guarantee that a property will sell immediately. Whether you sell off-market or not, numerous factors like pricing, presentation, and limited research can affect the speed of your property's sale and those that languish draw attention for all the wrong reasons.

What does “days on market” (DOM) mean and why is it important?

In real estate, DOM is one of those metrics that can strike fear in many sellers. But it also serves as an invaluable source of information for pricing and providing genuine feedback on the progress of their sale. For buyers, it offers an indication of market performance and a perception of the property before they inspect it.

How long is too long?

In a buyer’s market, a property may sit on the market for up to 60 days, but in a seller’s market, it could sell on day 1. 

So where is the sweet spot? And what can sellers do to improve their chances of a quick sale?

The sweet spot for DOM appears to be the 30-50-day range in most states, but it’s worth noting that properties in major cities and more desirable suburbs sell more quickly than those in regional or less popular areas. Furthermore, a quick sale is not necessarily a good sale. In some ways, you don’t want your property to get snapped up immediately. You want interest to gain momentum, to draw as many potential buyers as possible into the melting pot. Maximising competition and creating a sense of urgency will potentially increase your property's sale price.

Buyer perception can make or break a sale

“The longer your property is on the market the harder it becomes to get any benefits from re-advertising at a lower price as buyers may have moved on and market conditions may have turned against you,” says Michael Yardney.

Buyers are getting savvier with so much more information at their disposal and most understand that if a property is under-performing, something isn't quite right. This knowledge gives them an advantage. The longer your property sits on the market, the more assumptions they will make about its price and condition and the more confident they will feel in terms of their buying power. 

Why isn’t your property selling?

If your property isn’t attracting the level of interest you expected, there may be several reasons for this:

1. Price - Did you do enough research when you priced your property? Did you look at all considerations, including comparable sales and DOM? Check out our post on calculating market value and pricing here.
2. Presentation - Did you maximise the potential of your property, especially if its location isn't as favourable as other local listings? We mentioned the importance of curb appeal in a recent post, but if you know what your buyers are looking for and tweak your presentation accordingly - both inside and out - your chances of a quick sale will improve.  
3. Timing – Perhaps, market conditions aren’t the most favourable when you decide to sell and seasons do affect the level of stock on the market and the number of buyers around. But not everyone has the choice to sell during autumn or when the market is booming. Rather than making a snap decision and repricing or withdrawing your property, consider what small changes could help speed up your sale. Some properties, especially unique properties, may take longer to sell but with less stock available in winter, for example, your chances of a quick sale may even increase.
4. Objectivity - Sellers are often emotionally involved in their sales and under pressure from many different directions. No one likes bad news, but it’s important to trust the experts on their feedback because they have the benefit of objectivity and experience in selling in your market.
5. Exposure - Is your current level of marketing working for you? Are your photos appealing? Do your descriptions entice? When you sell off-market, there is less marketing to think about, but your photos are still the conduit to potential buyers so they must impress and create that magical first impression.
6. Location – You can’t change the location of your property, but you can maximise its appeal. For example, when you are styling, consider hanging a sheer curtain over a window facing a brick wall. Small tweaks can make a huge difference to buyer perception. And when you plan your sale, try to be realistic about how much your location will affect your DOM, and possibly your sale price. Remember, your location was reflected in what you paid for it.
7. Representation – If you work with an agent, make sure you agree with every aspect of your sale at the get-go. They are your representatives, and if they have doubts, they may not prioritise your property. Check they are doing everything they can to get buyers through the door. Make sure they communicate and give you feedback after inspections. If they voice any concerns or suggest new strategies, listen to them.
8. Uniqueness - If your property has an unusual architectural design or location, an agent with experience in selling such properties is crucial, as is accentuating the uniqueness rather than underplaying it. Your pool of buyers is likely to be smaller, so agents should “Demonstrate the ability to identify and attract the buyers, whether they are local, national or international, who will find your distinctive home most appealing,” says Smart Property Investment.
9. Due diligence – Good research is paramount to a quick sale. From making sure your contract is legally accurate and binding to the right pricing and provision of pest and building and strata reports, make sure you tick every box. If issues arise, “The buyer can think crucial information has been withheld and the seller can feel as though the buyer is using a tactic to lower the price,” confirms Harris Partners. Once trust has gone, it can be difficult to rebuild, so full disclosure is the way to go for everyone involved.

Time is money

Buyers have access to a range of metrics like DOM and they will use that knowledge to gain the upper hand. To remain in a strong position, stay involved throughout the process and listen to your agent or consultants. If your sale isn’t progressing as you expect, ask questions. Time is money.

Most importantly, stay positive!

Selling property is a process, so don’t panic or make rash decisions when there are hiccoughs. Not everything is in our control, but what you can do is respect your experts' opinions and feedback, consider carefully the metrics available to you, check out how your competition is faring, and then reevaluate. 

Alternatively, consider our Seller Assist service before you sell. One of our most popular, benefits of this service includes a full analysis of your property, agent recommendations, and full coordination of your sale by our amazing team. To discover more, book a FREE strategy session with one of our consultants TODAY!

Above all, try and stay positive.

Stay in the loop!