Thinking about my Board of Realtors policy about Days on Market or DOM. Shouldn't the ticker STOP while the property is in escrow? Why should the public perceive that the property languished on the market when in fact it was tied up in escrow with a buyer that wasted everyone's time, lied, had "personal issues", or whatever, only to back out for no reason related to the property or agreed price? Even the week or two during inspections is a week or two that the property was not effectively on the market, and I contend should not be considered in the DOM calculation. What say y'all?
I posted the above to a consortium of real estate professionals and the "LIKES" piled up. Some said that their board has two tallies of Days on Market (DOM) one is Actual DOM and the other is cumulative. Looks like time for a policy change at my local Board. Of the three Boards to which I belong, they all report only the Cumulative DOM and not the actual DOM subtracting for time tied up in escrow.
There is a whole other related topic for another blog post: how to spot the signs of a flaky buyer. The truth is, some agents are better than painting a great picture of their buyer, than the buyer is reliable, stable, or motivated. No wonder about half of all escrows BOMB. My tract record is phenomenal, considering!