Q: What does DOM stand for?
A: DOM stands for Days on Market and tells you how long a property has been actively listed for sale. Emphasis is on active. Sometimes contracts fall apart and the status of a listing previously shown as Contract or Contingent is changed back to Active. In that case the number of days the property was under contract do not count towards the DOM.
Q: What's the difference between DOM and DOMP? I sometimes see different numbers listed.
A: While DOM tells you the number of days a listing has been active, DOMP also includes the days the property was listed under a different MLS (Multiple Listing Service) number. That can happen when a listing agreement between a seller and a broker expires and the seller then relists with a different broker. Another example is when a listing agent withdraws a listing and then enters the same property as a new listing in an attempt to reset the days on market (sneaky, I know!).
However, only DOM will be reset to 0, DOMP will continue to count the days from the beginning. A property has to be OFF market for 90 days for DOMP to be reset as well.
Your Silver Spring, MD REALTOR® should check both, DOM and DOMP, for any property you are seriously considering writing an offer on as well as its history (status changes & price adjustments) on top of checking for the most recent comparable sales.
Silver Spring, MD Home Buying FAQ: What does DOM stand for?
A: DOM stands for Days on Market and tells you how long a property has been actively listed for sale. Emphasis is on active. Sometimes contracts fall apart and the status of a listing previously shown as Contract or Contingent is changed back to Active. In that case the number of days the property was under contract do not count towards the DOM.
Q: What's the difference between DOM and DOMP? I sometimes see different numbers listed.
A: While DOM tells you the number of days a listing has been active, DOMP also includes the days the property was listed under a different MLS (Multiple Listing Service) number. That can happen when a listing agreement between a seller and a broker expires and the seller then relists with a different broker. Another example is when a listing agent withdraws a listing and then enters the same property as a new listing in an attempt to reset the days on market (sneaky, I know!).
However, only DOM will be reset to 0, DOMP will continue to count the days from the beginning. A property has to be OFF market for 90 days for DOMP to be reset as well.
Your Silver Spring, MD REALTOR® should check both, DOM and DOMP, for any property you are seriously considering writing an offer on as well as its history (status changes & price adjustments) on top of checking for the most recent comparable sales.
Silver Spring, MD Home Buying FAQ: What does DOM stand for?
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