A lot of MLS organizations do not accurately reflect days on market. Data may only be preserved for two years...even though some properties may have a history that goes back a lot deeper! Inaccurate data may also give a major boost to loan fraud if we can see the same property has been flipped 20 times in the last 3 and a half years. If we do not have access to accurate data, we are not in a position to help anyone other than the seller. This may be very easily translated into consumer fraud! In my opinion a lot of MLS organizations may be setting themselves up for some major lawsuits. You are either supplying accurate data, or it is biased to present a picture that isn't true. Data should be preserved to serve all clients, not just the sellers. Without buyers, the seller isn't able to pay a commission. So why is the DATA deleted? I don't know...the cost of storage has come down so much these days that should not be an issue. Either the data system are purged periodically, or they must be trying to help the sellers not having stigmatized listings that are actually on the market for years instead of days. But there are two clients in every transaction. Since all agents no longer exclusively represent the sellers as in sub-agency...we have a right to know to better inform our buyer clients, and the public at large.
There is a reason a home sits on the market, over priced, a structural issue, a zoning issue, location and more. So if as a buyers agent my client asks what is the history of that property it looks like pretty good deal, and I am able to say....it has been listed for 10 time prior at the same price with 6 other real estate agencies, and it has been withdrawn twice...My buyers need to know that! If the combined days on market are really 1500 days as opposed to 78 days my buyer has a right to know that! Otherwise we are perpetrating consumer fraud! There is a difference between let me get my checkbook out and write on this immediately...or saying "Something is rotten in Denmark!"
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