If you’ve been on any Boston real estate website, you may have come across the term DOM, which is a real estate abbreviation for Days-on-Market. In other words, how long a Boston condo has been on the market for sale.
One of the most important factors in Boston real estate is how long a property has been sitting on the market. The “days on market” (DOM) number is critical in downtown Boston , where properties typically go into contract sometimes with multiple offers within a week or two of coming on the market. The Beacon Hill condo/home segment is a particularly hard to compete, as a majority of buyers would love to own a piece of Beacon Hill real estate.
So when a Boston downtown condos has been out there for 30 days or more, it’s a sign of one of two things: The sellers are sticking to their price and won’t sell unless they receive their asking price, or there might be room to negotiate a lower price if the unit has been on the market for a while.
Downtown Boston real estate isn’t a cookie-cutter town, and there are always stories behind every sale. But when viewing Boston real estate for sale, if you see a property on the market longer than 30 days, if out why,and don’t be afraid to submit an Offer below asking price.