Jan 2, 2012

Real Estate Jargon - What is BOM and DOM?

In Realtor language, BOM means Back On the Market. The home was under contract but went back on the market when a contract failed to 'go hard' or go to closing.

There are many reasons a property may go back on the market. The buyer may not have been able to get the financing they expected or they may have just changed their mind during the option period. The property may not have appraised at the purchase price or the inspection could have turned up issues that killed the deal. If the reason is due to "no fault of the house", the agent will typically let you know that. If it was due to an inspection issue, the seller is obligated to disclose the issue.

DOM stands for Days On the Market. This is the number of days from the time the house is listed for sale until it sells, expires or the listing is cancelled. Typically, we look at the time a home has been on the market to help determine how eager the sellers are to move ( compared to how long the average home in the neighborhood takes to sell). More expensive homes and homes with unique qualities tend to take longer to sell. So do homes that are overpriced or have negative features. Autumn and winter are also typically times when homes are on the market longer.

If a property goes off the market and remains off the market at least 30 days, then the DOM begins anew when it is listed again in MLS. An MLS history search of the property will reveal the true days on market as well as previous sales in the past 7-10 years. A good agent does their research. Realtors also use the DOM statistics to gauge the market. [where: 75230]


Help me Sell my home said...

I agree of your point of marketing value.It is really fact people are connecting to the different business for the loss of 2010 but with the little progress of 2011 people are working in real estate.

Dylanarman said...

The more expensive and families with special qualities tend to take longer to sell. Therefore, the expensive house or negative features.

Property Management Software

siryoz0 said...

Even though I am not into real estate industry, I now know what BOM and DOM are. Thanks for imparting your knowledge. Bountiful Utah homes for sale