Re-listing to reset DOM bad for buyers
Letters to the Editor
By Inman News, Thursday, July 3, 2008.Bookmarking Sites
Re: 'Sellers hate stigma that comes with re-listing' (July 2)
Dear Editor:
Did it ever occur to any one of you that the number of days on the market is necessary to create a level playing field for buyers? Just so you know, I will personally avoid looking at any property where the seller re-listed to reset the number of days on the market. If they mislead a buyer about that, who knows what other material facts they would not disclose to a buyer.
Kate Adams
Baltimore, Md.
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Submitted by Joe Cline on July 5, 2008 - 6:23pm.
The seller probably wouldn't know how to reset the days on market. The listing agent would. Your MLS should consider implementing a rule similar to what we have in Austin Texas. Here your DOM are only reset if you are off the market for 90 days. That stopped the re-listing to reset the number very quickly.
Joe Cline
Lantana Homes for Sale | Austin Real Estate Blog
Submitted by Christine Donovan - Costa Mesa Real Estate on July 6, 2008 - 10:13pm.
We have a similar rule in Orange County as they appear to have in Austin. Generally you will see both DOM and CDOM. The CDOM will show if the property has been relisted recently, even if it was relisted with a new agent or brokerage.
Website: Costa Mesa Real Estate
Blog: Costa Mesa Real Estate Blog
Submitted by Ralph M on July 7, 2008 - 7:03am.
We are advising any seller to start litigation against any real estate professional who will not remove a seller's dom from a system that publicizes a sellers dom.
1 day or 100 days publicized. It is bad for the seller. Most sellers authorize their home into the MLS system but that authorization does not constitute a seller's dom being publicized.
www.aarsteam.com
Submitted by Red Hot Atlanta Homes - Kathy Kirby Seger on July 8, 2008 - 6:01am.
When working as a buyer's agent and this comes up, my response - does it really matter how long this house has been on the market if this is the house you have been looking for. If the client decides to make an offer, then we will do a complete analysis of solds in the area and days on market to determine an offering price. You may be eliminating great homes for your clients!
Red Hot Atlanta Homes - Kathy Kirby Seger
Associate Broker, SRES, ASR, GRI
RE/MAX Greater Atlanta
Submitted by Richard Greenwood on July 8, 2008 - 6:13am.
Any decent buyer's agent will know how to research the sales history of a property. It is just one more piece of information to be used in the process of negotiation.
Richard Greenwood
Hidden Market Realty
http://HiddenMarketRealty.com
Submitted by Daniel Rothamel, Inman Community Manager on July 8, 2008 - 6:43am.
My MLS here in Charlottesville does not reset the DOM, unless the property is listed with a different agent. On the other hand, the DOM is not public, either. That information is available only to agents.
Ralph,
I don't think starting a lawsuit is a viable solution, and would be a waste of time, money and effort on the part of a home seller. Authorizing the home to be placed in the MLS also means that the listing is bound by the terms of the MLS. If one of the requirements is calculating DOM, than the solution is to not put your home in the MLS.
As the writer of the letter mentioned, however, NOT disclosing DOM could actually prevent buyers from viewing a home in certain instances. I have had buyer clients say similar things to me on occasion. On the other hand, I have never had a buyer client tell me that they did not want to view a property because it had been on the market for x number of days (big or small).
The number only matters within a certain context. I could argue that 150 DOM is totally normal, especially if the avg. DOM for a given area is 180. If a buyer likes a home enough to make an offer, the DOM is of little consequence, except for its consideration during the initial offer of a negotiation. After that, people no longer think about DOM and are left to ponder the much larger number-- price.
http://www.RealEstateZebra.com
Submitted by Ki Gray on July 8, 2008 - 7:55pm.
Personally I frequently look for homes with a high DOM. Many times a house is overpriced and then is reduced after some period of time. But people are still scared away because it has a high DOM even though now with the reduction in price its a good deal. Some of the best deals are houses with 200 DOM and 3 good price reductions.
Site Austin real estate and homes.
Search Austin MLS Search
Submitted by Ralph M on July 9, 2008 - 7:47am.
"Some of the best deals are houses with 200 DOM and 3 good price reductions."
See the above... DOM's only benefit the Buyers... NEVER the sellers.
As I said before.
We are advising any seller to start litigation against any real estate professional who will not remove a seller's dom from a system that publicizes a sellers dom.
Their is no statistical evidence of value pertaining to a financial difference related to 1 day to another day .....
Ex- $100,000 house
What is the Dom affect from a dom of 23 to a Dom of 35?
We are advising attorneys to start litigating against real estate professionals and associations.
We look forward to seeing you soon
Submitted by Heather Elias on July 13, 2008 - 7:23am.
Our MLS lists two DOM: one for the property itself, and one for the listing. To clarify, if someone relists their home with a different Realtor after a 90 day period, the DOMP (for the property) does not reset, stays at 90, while the DOMM (days on market, MLS/listing number) goes to zero. An agent can 'relist' the property (with the seller's signed approval) which would put the DOMM back to zero, but would not affect the DOMP unless the house was off the market for a set period of time (6 months, I think?).
I believe that Baltimore is under the same MLS system that I use in Northern Virginia. It's also very easy for a buyer's agent to pull any property's history to see exactly how long it's been on market, at what price, so the relisting issue is pretty much irrelevant anyway.
Kate:I can totally appreciate your thought on not wanting to look at a property where it appears the listing agent is trying to mislead buyers; I don't know how deceptive they may be about other potential issues with the house or the transaction, but I'd certainly be careful with them!
Submitted by Ralph M on July 16, 2008 - 7:54am.
"Authorizing the home to be placed in the MLS also means that the listing is bound by the terms of the MLS"
Dan,
Your comment is somewhat true and somewhat false.
Did you provide your seller your MLS terms when listing?
Did your seller initial those mls terms with authorized acceptance?
If not, you opened yourself for litigation.
Start calling your attorney and prove me wrong.
www.aarsteam.com