In most states - the MLS calculates the number of days a property has spent on the market as a consecutive figure. That amount resets to zero if the property is taken off the market for a certain amount of time. Maryland had it at 180 days - but is thinking about reducing it to as little as 60. Here is an article about the re-set time in Maryland. In Illinois - for many years - a property had to be off the market for 181 days before being re-listed if the market time was to show zero in the MLS. Then in 2004 - that figure changed to 91 days - and it has been 91 days ever since (re-ratified in November, 20007) with the exception of the summer of 2006 - when the board changed a rule - which only lasted a few months. See the attached for the reason they dissolved it. At that time - if a property was de-listed and then came back on the market - it would show zero days on the market - even if it had only been off the market for a day or two. MLS rules states that if a property is re-listed - it had to have a new listing agreement. What happened in the summer of 2006 - was that there were so many "new listings" with no new listing agreements - MLSNI had to fine the agents a few hundred dollars - but nevertheless - the statistic in the MLS still zero'ed out. There were so many agents doing this -- re-listing property without new listing agreements - that it became a big headache for MLSNI - and they could not keep up with all the infractions. Here is the postcard that they sent out at that time after they re-thought everything. So - in September of 2006 - they re-instituted the 91 day rule again. Agents and brokerages put pressure on MLS systems to minimize the number of days a property is off the market - to reset the clock to zero. In some states where total market time (including time with past agents) isn't listed on the agent copy of the MLS sheet (it is in Illinois) -- this can help sellers (if agents are lazy and don't look up the property history).
 

6 Comments on Maryland thinks about Reducing re-set time to 60 days from 180 days for listed property. In Illinois - it is 91 days

JAN
24
2008
351,295 Points Outside Blog
In this market it does not really matter anyway. In fact homes are selling better with more days on the market instead of less in many areas it seems. Buyers think they will get a better deal.
11:50pm • #1
JAN
25
2008
4 Featured Posts
In our market, as slow as it is, high DOM is bad - what is wrong with that property is what the buyers always think, and they know enough to always ask.  Then they find something wrong and lowball it.  Price it right from the beginning, keep the DOM as short as possible, everyone is happy. 
12:10am • #2
4 Featured Posts
By the way, I think shorter reset days are a good idea.  Strikes me as playing games when a property is on and off the market repeatedly.  I have to wonder how negotiations will go!
12:14am • #3
402,521 Points 15 Featured Posts Outside Blog
Hi Rick:  I think I would welcome a re-set period of 60 days.  If a seller has their home on the market for whatever time period, 60, 90, 180 days or whatever, perhaps a 60 day re-set could give them time to perhaps have the inspection that the buyers usually pay for, and then choose some of those items that will have to be done anyway... and do them during that 60 re-set period... hopefully making the home more marketable when it is once again put up for sale.
12:25am • #4
545,854 Points 35 Featured Posts Localism Sponsor Outside Blog
Our board in Las Vegas just instituted a 90-day period a couple of months ago. Prior to that we had nothing in place, and it was common for agents to withdraw a listing and immediately re-list to get a new MLS number and appear as a fresh listing. Personally I don't put too much emphasis on Days On Market, because there are so many factors (some not always controllable by the agent) that can affect it.
12:27am • #5

I think there are pro's and con's for longer days on market - per what people posted earlier... Each point - having some validity (pricing it right in the first place -- vs. going stale.... but sometimes - (in the market) - longer DOM homes can have a better chance of having an offer put in on them - albeit - it will probably be a lowball.)   Susan - I agree - it is playing games when a home is on and off the market repeatedly - just to have the DOM zero'ed out.  Thankfully - Illinois and Las Vegas seem to finally have it figured out. 

 So - I think you probably meant that longer reset times are better.... A shorter reset time would allow something to for example - be off for 30 days - with the DOM showing zero'ed out next time. (the game playing)

Interesting comment John.  As you can see - Illinois had the same problem - and then went to the 90 days...  How long did you have "nothing in place"? 

Rick Hauser
9:49am • #6

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Rick Hauser, ABR, CNE, GRI Exclusive Buyer Agent - 100% Buyers

Hawthorn Woods, IL

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