RealTown's RealTalk

Our MLS has been working on changes in how 'days on market' informtion is displayed within the MLS. Recently we began showing 'days on market '(DOM) and 'consecutive days on market' (CDOM) on all agent reports for all properties. The next step is to include the CDOM data in the  statistical digest we release to the public. This is all in an attempt to provide the best and most accurate data to everyone.

Shortly after the CDOM number began showing up on agent detail reports, a couple of influential members came to our board demanding that the data be removed. They perceived the number, which has been growing for more than a year, as detrimental to the interests of the seller, going so far as to say that a high CDOM 'stigmatized the property'. The board acquiesced and the CDOM number is to be removed from the reports expect for solds.

SInce I am involved in the discussions of these points of view, I wonder if you could assist me with any thoughts or comments from you own experience in your market or with you local board? I thank you in advance for your help.

Our MLS has been working on changes in how 'days on market' information is
displayed within the MLS:
 

What about a buyers agent? Do they not deserve to get the most accurate
information for the buyers they represent? Days where all agents
represented the seller are gone. Thus the MLS is just not for selling
agents anymore.
 

Jim Clauser
Your Real Estate Consultant For Life
RE/MAX Associates Athens, Inc.
706-714-1181 Direct
706-433-0542 Fax
http://www.JimClauser.com to view over 3000 homes!
mailto:Jim@JimClauser.com
Check out my Blog at
http://www.VisitJimsBlog.com

I look at the CDOM as giving a more accurate figure. Unfortunately, before my MLS added the CDOM you had some listing agents follow the rules and their listing may say the listing has been on the market 280 days, while the next agent would have a listing for the same number of days, yet take it off the MLS and then relist with a new number every 30 days making it look fresh. I'm not sure if there really should even be a DOM as I believe it should technically not matter whether the listing used to be overpriced or not. The important thing is whether the home is priced right today.

The CDOM has made the system more fair, however I find that a lot of the figures on the MLS can be played with such as the LP/SP ratio. I have seen agents change the listing price from example $280,000 to $260,000 today, then tomorrow put the listing as pending. Obviously it is so the agent can say at the listing appointment that I sell my homes for more and make you more money, even if it is not true.

Jeff Launiere, P.A., e-PRO
Keller Williams Realty
Tampa, FL
813-469-3163
Info@SweetHomeTampa.com
http://www.SweetHomeTampa.com




 

Hi Jim,

We use multiple MLS systems within CT, however, all of them show days on the market as a standard. We can customize our reports to omit this information if we choose. These MLS' ask that agents not cancel listings and relist to make a listing appear new. Many agents do this, though. Our systems do not adjust dom by including previous listings. I wish they would from a research standpoint.

Personally, when I am representing a buyer, I do consider time on the market as an important factor when discussing an offer. Of course, actual value, condition, neighborhood, amenities are more important.

From the listing side, I can see the point of view that market time can act as a negative. I cannot count the number of times I have heard "What is wrong with it", when a property has sat on the market too long. As a seller representative, I certainly would not highlight dom on a long-term listing.

With the Internet and the extent of detail online nowadays, to attempt to hide dom is probably not achievable. I find the websites with the most detail to be the most successful. So, instead of trying to conceal market data, I believe we will all be most successful in offering as much factual data as possible to our clients. This honesty will also bode well for the general reputation of the real estate industry.

Christopher Rich - REALTOR
William Raveis Real Estate
Your Fairfield County Connecticut Real Estate Agent
http://www.FairfieldCountyRealEstate.com

CDOM days on the market is published on each of our boards listings for the agents to just click "history" and get a report like the one below. It's the buyer agent responsibility to help the buyer make a good decision and I certainly would not sell him/her/them a house with out providing this prior to the offer being written. Great point made above, disclose, disclose. Mike

 Mike Bowler Sr. ePRO, CRB, GRI, SRES
Coldwell Banker Hubbell Briarwood
1020 S. Creyts Road, Lansing, MI 48917
Phone: 517-492-3400 Fax: 888-832-6203
email:
Website for Clients:
Website for Agents:
Take the ePRO Class MikeBowler.netMikeBowler.comMike@MikeBowler.com

Here in AZ there was a TON of discussion on whether CDOM was a relevant or not... the MLS board decided to keep it in but store it in archived history... we got more information but it wasn't listed on the MLS print out.  It drastically reduced the number of cancelled listings that agents re-entered to try to fool everyone... which if you were doing your home work it would have shown up anyway if you did a history on the property, which I always did anyway just to see what had happened in the past. 

I don't think DOM or CDOM have a darn thing to do with it... not these days anyway.. 2 years on the market as an overpriced listing versus 30 days at a reasonable price is easy enough to explain to any buyer... sure, it was on the market 2 years but now its priced at market.  If the sellers had done that in the first place they wouldn't have had to endure 2 years of a for sale sign in their yard.  Is disclosure of CDOM a material fact to the buyer??  Or is the REAL material issue what the home is worth in todays market??  Obviously a layman would think a home on the market for 2 years would mean a more motivated seller, but I for one have seen very patient sellers who will sit it out until hell freezes over and their motivation only becomes evident when they price the house to meet the market.  Our archive history shows every price reduction, every broker who had the listing, every change made to the critical data fields... its pretty easy to see what the seller most likely put those poor agents through before the last one finally got the job done...:(( 

Gloria