Tuesday, September 13, 2022 / by Nicole Solari
If you’re selling your home—particularly if it’s your first time doing so—it can sometimes seem like your real estate agent is speaking another language with all their industry jargon. But in order to really understand what’s happening with your home sale, it’s important to get a handle on what that jargon means.
So the question is, in today’s market, what are the real estate terms sellers need to know—and what, exactly, do they mean?
A recent article from realtor.com defined key real estate terms every home seller needs to know in today’s market, including:
- DOM. DOM stands for days on the market. Knowing your home’s DOM is a must because it can impact your sale price. If your house has a high DOM—and has been sitting on the market for a long time—it could give buyer’s an advantage and inspire them to try to negotiate a lower price for the property.
- Stale listing. Speaking of homes with a high DOM, there’s actually a term for them—stale listings. While there’s no set time frame for when a listing goes from hot to stale, most experts agree that if a house sits on the market for three to six months, it’s a stale listing.
- Market value. Market value is a two-tiered definition; your home’s market value is the price buyers are willing to pay for the property in the current market—and the price you’re willing to accept. Market value can be influenced by a variety of factors, including location, competition, and the condition of the home.