“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).
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.