“So . . . How Long Has it Been on the Market??”
First, a definition: “CDOM” stands for “Cumulative Days on the Market” — what non-Realtors call “market time.”
As a prospective Home Seller (and their Realtor), it’s your friend on a new listing, neutral after perhaps 6-8 weeks on the market . . . and your sworn enemy after too much market time.
How much is too much?
Seller Headwinds & Tailwinds
It depends on the home and price point, but in general, Buyer skepticism (if not cynicism) can set in as soon as 3 months for more affordable homes (in the Twin Cities, call it under $175k).
The clincher?
When, as the listing agent, the first question you hear from every Buyer’s agent isn’t, “what kind of hardwood floor’s in the Living Room?, or, “how old is the roof?,” but, “So . . . How Long Has it Been on the Market??”
Which is why — when I take over an unsold listing from another Realtor — I typically insist not just starting at the last asking price, but discounting substantially from that.
