DOM Doesn't Tell You Why A Property Hasn't Sold

One of the first things many buyers look at is Days on Market (DOM).

The thinking is simple.

If a property has been sitting for a long time, something must be wrong with it.

Sometimes that's true.

Sometimes it isn't.

The reality is that DOM only tells you one thing:

How long a property has been available.

That's it.

It doesn't tell you why.

Most Buyers Ask The Same Question

A buyer sees:

145 Days On Market.

Their first thought is often:

"What's wrong with it?"

That's a fair question.

But it's only one possible explanation.

The problem is that DOM provides a number.

It doesn't provide context.

A buyer knows how long the property has been available.

They don't know why.

Not Every Property Appeals To Everyone

A starter home may appeal to hundreds or even thousands of buyers.

A custom home may appeal to far fewer.

A luxury property may appeal to far fewer.

A waterfront property may appeal to far fewer.

A rural property may appeal to far fewer.

A property that appeals to 500 buyers may sell faster than a property that appeals to 5 — even if those 5 buyers would ultimately pay more.

The size of the buyer pool matters.

Not every property is designed to appeal to everyone.

DOM Doesn't Distinguish Between Very Different Situations

A property may have a high DOM because of:

A smaller buyer pool.

Changing market conditions.

Seasonality.

Buyer financing challenges.

Timing.

Buyers who still need to sell their current home.

Limited exposure.

Marketing that failed to connect with the right buyers.

Or overpricing.

DOM doesn't tell you which one applies.

It only tells you how long the property has been available.

Those are very different situations.

Yet they all produce the same number.

Sometimes The Right Buyer Has To Sell Their Home First

One reality many sellers and buyers understand all too well is that the right buyer may already exist.

They may love the property.

They may be financially qualified.

They may be ready to buy.

But they still need to sell their current home first.

As a result, buyers sometimes discover what feels like the perfect property and watch it sell before they can make a move.

Many buyers can relate to losing a home they loved.

Others can relate to nearly losing a home they loved.

And many are currently worried about losing a home they love because they still need to sell first.

Sometimes finding the right buyer isn't the challenge.

Finding the right buyer at the right time is.

Sometimes The Numbers Simply Don't Work

A buyer may love a property.

The showing may go well.

The feedback may be positive.

But not every buyer who views a property is in a position to purchase it.

Some buyers still need financing approval.

Some buyers still need to sell their current home.

Others may discover the property is outside their realistic budget.

And some buyers may simply be unwilling to pay the seller's asking price.

From a seller's perspective, those situations can be frustrating because significant time and effort often go into preparing for showings.

A positive showing does not always mean a realistic transaction is possible.

Not Every Buyer Values The Same Things

Some buyers want a pool.

Others don't.

Some want a large backyard.

Others prefer low maintenance.

Some want a bungalow.

Others want a two-storey home.

Some buyers may walk into a custom home with a soaring cathedral ceiling, skylights and a dramatic window wall and immediately fall in love.

Others may barely notice those features.

Different buyers value different things.

That's why one person's dream home can be another person's easy pass.

Why Are Buyers Looking At Homes They Don't Actually Want?

This is a question many sellers ask after receiving feedback.

The buyer wanted a pool.

The property doesn't have one.

The buyer wanted a bungalow.

The property is two storeys.

The buyer wanted a walkout basement.

The property doesn't have one.

At some point, sellers naturally start wondering:

Why are these buyers looking at this home in the first place?

Not every property is for every buyer.

And not every buyer is a match for every property.

Understand The Property, Not Just The DOM

A buyer can see the kitchen.

A buyer can see the backyard.

A buyer can see the cathedral ceiling.

But they may not immediately recognize the advantages that aren't obvious at first glance.

A cul-de-sac location.

No sidewalk crossing the driveway.

Additional parking capacity.

A mature neighbourhood.

Nearby golf.

Popular tennis courts.

A dedicated home office.

A finished basement.

These details often matter to the right buyer.

The challenge is making sure they don't get overlooked.

Instead of simply asking:

"Why hasn't it sold?"

buyers may be better served asking:

"What makes this property different?"

PMB Takeaway

Not every property needs thousands of buyers.

Sometimes it only needs one.

A unique property may attract a smaller buyer pool.

A luxury property may attract a smaller buyer pool.

A custom property may attract a smaller buyer pool.

That doesn't automatically mean something is wrong with it.

Sometimes the challenge is timing.

Sometimes it's market conditions.

Sometimes it's a smaller buyer pool.

Sometimes buyers need to sell first.

Sometimes the numbers simply don't work.

And sometimes the right buyer hasn't come along yet.

DOM tells buyers how long a property has been listed.

It does not tell them why.

Join The Conversation

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The information provided in this article is for general informational and educational purposes only and should not be considered legal, financial, tax, appraisal, inspection, or real estate advice. Readers should conduct their own research and seek professional advice where appropriate.