Days On Market - A Buyer Needs to Know - Consumer Fraud

By
Real Estate Agent with Crye-Leike REALTORS® 165062

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to say....it has been listed for 10 time prior at the same price with 6 other real estate agencies, and it has been withdrawn twice...My buyers need to know that!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!" 

Jim Crawford

 

 

 

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James Crawford ABR, Broker Associate

 

 

 

 

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Rainer
41,029
Suzi Enders
North Star Real Estate - Paradise, CA
Paradise California Realtor

In our market they changed the mls software and that took out all of the past history.  But then there are agents who churn listings and that does not help. 

Feb 21, 2008 01:42 AM #1
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Suzi Enders, Paradise Homes for Sale Paradise California Real Estate Listings   They changed the sytem because they do not want you to know how bad things are!  It wasn't a software  change, there is a method to the madness!  It is not fair to your buyers! The MLS systems are defrauding buyers!  Inaccurate DATA only assists the sellers!

Feb 21, 2008 02:01 AM #2
Rainmaker
189,486
Herb Hamilton
RE/MAX Preferred Inc. Realtors - Portland, OR
Real Estate Broker ,CDPE, Downtown Portland

An interesting topic Jim,

I wonder about MLS data and it's availability to others. Originally MLS organizations were began by real estate Brokerage's that had a desire to cooperate with each other giving there Seller's broader exposure to the market. The negotiations for what data would be allowed to be shared was intense. The larger Brokers normally took the stance of providing less as they perceived it an advantage for the small Broker to tap into their larger inventory.

It really hadn't changed all that much up until the MLS data started to make its way online and in many cases available to the open public.

There has always been a fine line of interpretation by Brokers as to what shared data is in the best interest of their clients and what should be protected. Does the accumulation of Days on the Market benefit the Seller? I think not. If indeed the Seller asks us to market the home to the best of our ability then I wonder if the DOM is something that we should or could share under that guideline.

Now in our MLS the DOM and ADOM is available. It is not something though that is published on the Listing print out. For agents representing there Buyer's we have to look that information up through the MLS in a separate search.

It is not a perfect solution but does allow both Buyers agents and Sellers agents to represent their clients to the best of their abilities. Although I still wonder about that data being available at all. Hmmmmm?

 

Great topic Jim have a fabulous day.

Feb 21, 2008 02:11 AM #3
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

 Downtown Portland Real Estate Broker~Herb Hamilton  Thanks Herb!  It is not so much for public shared data of this sort, but does your buyer have a right to know true market conditions?  How long does a MLS store data from expired withdrawns?  I bet most agents do not even know.  Thanks again Herb!

Feb 21, 2008 02:38 AM #4
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I don't really care what the days on market shows.  I'm going to do a thorough market analysis for my buyers anyway.  I've known good homes that didn't sell because of limited access, seller fueds, divorce etc.  I've sold them. 

I don't care of the house has been on the market for 20 or 120 or 620 days.  I just start from the ground up on any home my buyer is interested in. 

MRIS has just changed the rules for DOMP which will lead many agents to think that the house hasn't been on market too long for today's market.  Makes no difference. 

For buyers who believe that they can outsmart the market and don't know how to interpret the data themselves without an experienced agent, I have no sympathy. 

Feb 21, 2008 02:44 AM #5
Rainer
96,539
Karen Villa Schweinfurth
RE/MAX Northwest Realtors, Inc. 425-308-3669 - Everett, WA
ABR, CRS, SRES, CyberStar
Our MLS in the Pacific NW Seattle area is broker owned - not Board owned. They show CDOM, cumulative days on market, even if it was cancelled and relisted (which is now against our rules). So the agent and client gets a true picture of market time.
Feb 21, 2008 03:04 AM #6
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Homefinders, Real Estate in MD & VA, Lenn Harley, Broker, New & Resale Homes Lenn you have MRIS which I feel has done a very good job until now of showing a property's history.  Other MLS have gone very shallow in their DATA that you would believe it is a boom because only one or two years DATA can be researched...sometimes less.  I don't think that serves anyone.  I am not concerned over the other items..access, divorce etc.  Those are routine.  There are many properties that are stigmatized, or have EIFS that a lot of new agents are going to rush in thinking this is a great deal!  It isn't.

Feb 21, 2008 03:39 AM #7
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 Karen Villa Schweinfurth, ABR, CRS, SRES, e-Pro, Cyb  Ours is broker owned, but I think they can do better on days on market.  It seems they purge it on a regular basis.  I don't think that is very helpful to anyone trying to sell or make a decision to buy.

Feb 21, 2008 03:42 AM #8
Rainmaker
613,092
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Weren't these "rules" determined way back when all agents represented the sellers and we had sub-agency? Our world has changed, and so should the rules.
Feb 21, 2008 07:02 AM #9
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

But, what does the DOM have to do with properties with EIFS??  That's a house I'm not going to sell whether it's been on the market for 6 weeks or 6 months or 6 years.  I wouldn't be selling it because it's EIFS, not because it's been on the market for a long time.

I guest what I'm saying is that DOM is extraneous to what makes a good property for a particular buyer.  So, I don't really care about it. 

Feb 21, 2008 07:44 AM #10
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Sharon Simms St Pete Florida CRS CIPS CLHMS     Exactly!   That is it!  I feel they need to start thinking in terms of what is fair for all.  We now have had buyer agency for quite some time, but the rules are still being written to protect sellers interests!  Our industry is one that always professes that we need to disclose, disclose and disclose!  So do we have an exception when it comes to Days on Market, Previously Listed, Withdrawn, Expireds?  I think that is deceptive. 

Feb 21, 2008 08:19 AM #11
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Homefinders, Real Estate in MD & VA, Lenn Harley, Broker, New & Resale Homes  There was a time in our market that we could track expireds.  Synthetic Stucco EFIS was the most commonly found product.  Now a days you may not be able to find the property has been on the market a dozen times before.    I think everyone should know what a good product is and which are bad.  Perhaps I am comparing two MLS systems that cannot be compared.   Your MRIS system is actually excellent for doing research!  Others are not.  You are keying in on DOM, and I am saying that nothing can be found at all to guide a decision at all...it has been removed totally from the system!

Feb 21, 2008 08:26 AM #12
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