Hey everybody, Mark Gladue here, I’m a broker associate and listing specialist with the Lauer Realty Group in Madison, Wisconsin. 

Today is the first part of our seller series, where I'm going to walk you through all the different elements that we look at in order to help you sell your home.

So today we're going to look at D.O.M. But what is D.O.M.? But what is the statistic of days on market important? What’s the difference between average days on market and median days on market? And what does any of that mean? 

Dom is an acronym that realtors like to use, and it stands for Days On Market. It’s a metric we use to set expectations and plan during the process. And this is really important information because you need to start planning on where you're moving to, which house you're buying, and what time of the year you'd like to move. This makes our job of guiding you to make the best choices easier. 

This can get really specific too, we can nail down an average DOM for every single neighborhood in the Madison area by looking at how many homes have sold, the amount of time it took for them to sell, and averaging that to get an idea of the days on market. For the median DOM we take the highest number of days, and the lowest number of days and divide that by all the homes that have sold. 

Let’s use an example as of October 2020, we were looking at 29 days average and eight days median. So we’d want to plan for your home going under contract in 8 days or less, we’d be prepared for 29 as well. And there are a lot of things that can increase or decrease your time on the market even knowing these numbers. 

How your home is styled, how the home is priced, and how the buyer reacts to your home all factor in. So 

we can’t promise you an exact number of days, but what we do know, dear sellers, is that if everything is in place, we can get your home sold and we can help you prepare for what happens after. 

I hope this has helped, and I hope you understand DOM just a little better. 

I hope you enjoyed this and found this informative, and as always I’m glad you stopped by.

Mark