Previously, when a listing expired or was withdrawn, the Days on Market continued uninterrupted if the property was returned to Active status within 90 days of having gone off the market with the same agent. Our local MLS recently effected a rule change whereby members are now allowed to reenter listings immediately upon expiration (or withdrawal) and re-list them, effectively resetting the DOM clock.
The rationale behind this rule change was that when sellers re-list their home with another agent it resets the DOM clock (cumulative DOM can still be found, though it does take a couple of extra clicks), so why shouldn’t the original listing agent have that ability? It was further argued that “sometimes, buyers are more likely to want to see a new listing vs a stale listing”. There must have been a LOT of tinfoil worn at that MLS meeting. At the end of the day the DOM statistic is just that; a statistic. A high DOM is the result of an issue with the property and/or the seller. Resetting the DOM clock will not result in a faster sale if the original issue(s) impeding the sale isn’t addressed. We have several agents that are employing this tactic; resetting the DOM clock every 30/60/90 days so the property will show up on the hotsheet as a new listing”.
One, for example, is next door to a property I sold in August 2006. The properties were very similar; the neighboring house was a couple hundred square feet larger and two years younger; same 100K view, same build quality, same amenities, etc… The major difference? $131,500. Yep, $131,500. This somewhat overpriced property has now been on the market a total of 628 days… and is still for sale. Imagine that.
Is the high DOM the reason this property is not selling? NO. The fact that the sellers are out to lunch and the listing agent is complicit in their market ignorance is why the home is still for sale…although maybe, just maybe, the 5th “new listing” update will be the charm.
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