One of the most frustrating things about trying to find a value from the MLS data was that many times the Days On Market didn't truly represent how long the property was on the market. An agent could "expire" the listing and repost the information, effectively resetting the days on market to 0. Expiring the listing isn't necessarily a nefarious plan, and this new system will enable agents to expire the listing while keeping the days on market info up to date. In what must have been a huge feat, the Wasatch Front Regional Multiple Listing System (WFRMLS) has updated all of this information on it's listings.
Here is their explanation of what they have done:
"A new Cumulative Days on Market (CDOM) field will replace the DOM field on MLS listings. The CDOM is added together across different listings for a particular property and it represents the total amount of days a property has been on the market. The CDOM is reset when the property is changed to Sold or has been off market for over 6 months."
I think this will be a great thing to help everyone from agents to appraisers get better values when using the system. This will also help buyers and sellers alike to receive better information on what the market is doing. I applaud the WFRMLS for taking action on this issue.
Links:
WFRMLS Public Site
WFRMLS Agent Site
Bryan Maynes - Realtor
Dwellings Real Estate
801.631.7530 - Phone
maybry@wfrmls.com - Email
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Tips On Avoiding Fraud In Real Estate
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Thanks Bryan for the info. I'm a member of the WFRMLS and had notice the CDOM recently on looking up the history on some listings. I didn't catch the significance of this till I read your blog. This expiring a listing and then resetting DOM has been frustrating to explain to a seller even though the average DOM on reports showed well, homes were not really selling this quickly. Great info - Thanks.