California Got It Wrong!

The Southern California Multiple Listing Service just announced a decision to no longer provide consumers with the "Days on Market" information. The days on market indicator tells you how long a home has been for sale.

The rationale given by the SoCAL MLS is that this number needs interpretation and that the public can't understand this without the use of a real estate professional.

I don't know about you, but I'm deeply offended by that. No organization has ever prospered by telling their clients they just aren't smart enough to understand. While I value the input of professionals to interpret data, I don't believe they should hide the data under the premise that I can't understand or properly interpret what I'm seeing.

If we as real estate professionals won't provide that information, other organizations and/or web sites will. We're deluding ourselves to think that we can be the gatekeepers for this info. And to the extent that someone else is the source of that data, we lose!

 OK, that's my two cent rant! How do you feel? As a consumer, is it important to you to be able to see that number? Are you OK with only being able to get that from a real estate agent? If there is another source of that data online are you more likely to look at listings there?

re: California Got It Wrong!

A listing that has been on the market for 300+days certainly doesn't need an "interpretation" as to why it's been on the market that long....the general public is smart enough to figure out what that means....what it needs is a change of circumstances.......at best, a change of.... realtor or listing agent, advertising, price, a re-listing.  A home that has been on the market for 30 days......no need to explain anything there.  IF you love it, buy it now, or play the waiting game and hope you win.....it really is a no-brainer. 

If the market was rich and hot, moving quickly, this decision would have never passed.  It was obviously passed to protect the listing agent/seller, not the consumer/buyer.

re: California Got It Wrong!

Patti,

Good points!

While the seller is a consumer as well and obviously is owed some protections, I don't think they're owed hiding pertinent facts regarding the listing. If we are seen as not protecting the consumer our reputation will surely suffer!

As you've pointed out, the answer to properties that have long days on market is NOT hiding that fact!

Thanks for your comments!

Julie

California Trends..

have a distinct way of finding their way East! so don't be surprised if the MLS and MRIS follow suit.

Of course, the obvious problem with that is the iinformation is available elsewhere.  For instance, if you just ask your agent how long a property has been on the market.  Or if you request a list of properties  on the market more than x number of days.  Or if you are the bargain hunter (obviously (sarcasm) California never heard of a 'sale': getting rid of a property at some price is better than holding it for any price; land/house sales occur all the time, we just call it negotiation.  Or if you are the 'ooooooo pee-uuuuuu, it's been on the market more than 60 days, there is something wrong with it" customer.  It is an assumption on California, or any other state's part, even any other agent's part (whom-ever has the information can be assumed to have the power) to assume the information the customer needs to accomplish his/her goals.  And we all know the formula for assuming things - it makes Asses of us all.  Information keeps everyone on a flat playng field, ie. FAIR.

re: California Got It Wrong!

Christine,

I almost always agree that more information is better! Secrets really aren't good for us, our reputations or an efficient marketplace.

In our market right now prices need to come down more. Trying to protect the sellers in the misguided belief that this can help them keep from reducing their list prices is just not going to work.

Thanks for your comment!

Julie

RE: California Got It Wrong!