Expired or Tired!? What is the norm?

By
Real Estate Agent with Keller Williams Lake Norman ~ Cornelius NCREC License #285201

One of the ongoing debates in our market is when a property expires and is re-listed, does the listing history and days on market remain visible or does the listing that expired get a new life and a "new listing" status!?  I have a feeling that I will get mixed reviews on this topic, but I will give my 2 cents anyway.

When a listing expires, it doesn't always mean that it is taken off the market.  Further, the days on market, although a somewhat loaded statistic, should not change, regardless of who the listing agent is.  What the market wants to know, and has a right to know, is how long a property has been on the market and what the pricing history has been.  Too often, the buying public is not privy to this important information.

One reason, so I have been told, why the listing gets a "new listing" status is that the second agent/agency in doesn't want the history of the "old listing" to somehow spoil the potential for the listing to sell.  If one was to think completely through this paradox one would find logic in a couple of ideas:  First, taking the listing at the right price the first time, along with a sound pricing strategy as the listing matures, and you're nearly guaranteed success.  Second, if you are the second agent in, the listing days on market and pricing history are your most compelling arguments in getting the proper price reduction and ultimately a contract.

I am eager to hear what the other markets do.  I am on my area Board of Directors and would love to provide my market with well contrived solutions to this ever-vexing topic.

Comments (5)

Stephen Proski
Real Estate Kailua Kona, Hawaii - Kailua-Kona, HI
Kailua Kona Homes For Sale

Zack if the property is re listed within 90 days, cumulative days on market show, but new agent listing days on market start from scratch.  So we show both numbers

Dec 07, 2011 06:43 AM
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

In Houston and Colorado Springs (both use the MarketLinx Tempo MLS) we have both DOM and CDOM. I think either the agent only or public remarks area gives the new listing agent space to comment on why the listing is now significantly different than when it was listed before. I want to know DOM, CDOM and the listing history of the property. I often call previous listing agents before showing a property that has been on the market a long time.

Dec 07, 2011 07:13 AM
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

I call it aggregate days...important information, always.

Dec 07, 2011 07:39 AM
Rob D. Shepherd
Windermere/lane county - Florence, OR
Principal Broker GRI, SRES

In our area when it closes escrow it will show BOTH figures.

Dec 07, 2011 08:10 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Zack - Here in Los Angeles & Ventura counties, we have DOM and CDOM so while the listing may show up as a new listing, the CDOM is provided and it doesn't take a mental giant to figure out that all the owner did is take the property off the market and hire a new agent.  By selecting property history, a consumer can see all the activity the property has had since first hitting the market regardless of how many times a listing agent has submitted it as a new listing.

Dec 07, 2011 08:12 AM