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Old 01-05-2007, 09:58 AM
 
9,647 posts, read 27,850,741 times
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Why do some sellers take there house off the market for a day or two after it has been on the MLS for a few months then re-list it under a new MLS number? Is it simply a marketing ploy to get it to pop up on the radar as a new listing and not have the stigma of a house that has so many days on the market? Seems like a silly ploy to me. I can see doing it if you have made some improvements to the house or are modifying the price, but I just noticed this with a house that has not been altered in anyway including price and it is still with the same RE agent. I never noticed this before in NJ. Is this common practice in NC? As an agent, are you privy to inside info to make you aware of the homes that do this so you can provide your clients interested in making an offer on such a house with all the info? That way you can advise them that a house they may be interested in has been on the market for 8 months and not only 8 days like the seller may want them to believe? Seems to me that a decent house priced right will get noticed and shouldn’t have to resort to such tactics. Is this usually frowned upon in the RE industry?
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Old 01-05-2007, 10:27 AM
 
Location: Raleigh, NC
653 posts, read 2,814,956 times
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Quote:
Originally Posted by North_Raleigh_Guy View Post
Why do some sellers take there house off the market for a day or two after it has been on the MLS for a few months then re-list it under a new MLS number? Is it simply a marketing ploy to get it to pop up on the radar as a new listing and not have the stigma of a house that has so many days on the market? Seems like a silly ploy to me. I can see doing it if you have made some improvements to the house or are modifying the price, but I just noticed this with a house that has not been altered in anyway including price and it is still with the same RE agent. I never noticed this before in NJ. Is this common practice in NC? As an agent, are you privy to inside info to make you aware of the homes that do this so you can provide your clients interested in making an offer on such a house with all the info? That way you can advise them that a house they may be interested in has been on the market for 8 months and not only 8 days like the seller may want them to believe? Seems to me that a decent house priced right will get noticed and shouldn’t have to resort to such tactics. Is this usually frowned upon in the RE industry?
There are a couple reasons this could happen. The scenario you speak of does happen, but there are other more "benign" things that could happen, too. Obviously, if the listing expires and the seller chooses another agent, the listing will have a new mls#. Or, if the listing expires and the seller doesn't sign a new agreement with the realtor right away, it may get re-listed as a new house on the market.

A decent house priced right should generate interest quickly, and homes in this area, on average, have been selling in under 3 months, even this time of year. The key being "a decent house priced right". Sometimes, *gasp*, sellers don't take the listing agent's advice right off the bat. Some think their home is beautiful with those red and blue walls (sorry, that's another thread! ) and that it is worth $25k more than every other house in their neighborhood. By the time they realize their agent was giving them good advice in the first place, the house is stale.

I don't know that it's frowned upon - a listing agent's job is to get people to notice a house on the market, and if it has gotten "stale", and gone off the market for a few days, then a new number may make it pop out again and generate new interest. Of course, listing agents know that good selling agents will search the history of the listing anyway. I know of one old listing, (not in my office), that sat and sat and sat, they dropped the price a couple times - then they painted the front door a new color and relisted it back at the higher price, and it sold within a couple weeks. imo, if you're the seller, that's a good listing agent! (The buyer's agent probably should have done more homework.)

And YES, any good buyer's agent will do an archive search of homes you are seriously considering to find out not only the length of time a house has really been on the market, but also any price changes, etc. You should also know what the seller paid for the house, how long they've lived there, and a lot of other information in order to make an informed decision about what to offer.
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Old 01-05-2007, 10:54 AM
 
567 posts, read 1,996,098 times
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Default new thread

NC Homefinder,

You gave me and idea for a new conversation - I started another thread on your colors comment!
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Old 01-05-2007, 10:58 AM
 
Location: Cary, NC
36,150 posts, read 62,936,864 times
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Excellent topic and series of questions, NRG!
I have to spread some rep around before I can feed yours again. Dang!

Even though we can search the archives, do all good agents search the archives for all comps, or for all the sales in a neighborhood to recalculate the DOM statistics for an area?
The MLS doesn't. So aren't the DOM statistics inaccurate across the board due to this widespread manipulation of data? And that is a key metric buyers and sellers want to know, but it really isn't available.

I would love to see a direct link to the archived data, or a box containing the archived data, on the Agents Full Detail page for a listing.
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Old 01-05-2007, 11:23 AM
 
Location: Raleigh, NC
653 posts, read 2,814,956 times
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Quote:
Originally Posted by MikeJaquish View Post
Even though we can search the archives, do all good agents search the archives for all comps, or for all the sales in a neighborhood to recalculate the DOM statistics for an area?
The MLS doesn't. So aren't the DOM statistics inaccurate across the board due to this widespread manipulation of data? And that is a key metric buyers and sellers want to know, but it really isn't available.
Good point - I'm wondering if the practice is really widespread enough to significantly alter the statistics on average days on market for the entire area. It is possible/probable that within a particular neighborhood, if homes expire and are relisted more often, the statistics would be more skewed than in one of the neighborhoods that is more desireable, in which homes really do sell that fast.

Now, every time I'm doing an archive search, I'm going to be more aware of the different mls numbers, rather than just the actual changes to the listing!I've noticed it, but not in the context of skewed data, and I want to get a feel for how often the numbers are being changed, as opposed to just the listing data.

With regard to an agent's responsibility to fully research the background of a neighborhood for a buyer or seller, I'll add one more:
How many agents research FSBO comps? Those aren't always in the mls, either.
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Old 01-05-2007, 11:30 AM
 
148 posts, read 561,091 times
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The MLS in Florida now has a DOM and a CDOM ( cumalative days on market) which discourages owners/and or agents taking off their home and relisting it again. If you list a property and then relist it again within a six month window the MLS will show how many days the property was listed before. For example if you list a home for 30 days, take it off the MLS and then relist it a week later DOM = 1 day, CDOM = 31 days.
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Old 01-05-2007, 11:55 AM
 
Location: Raleigh, NC
653 posts, read 2,814,956 times
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Erin1264, great idea, great thread!

diddy02, that's a great solution, especially in a softening market. Do you know what the average cumulative dom is in your area?

It would be nice to have access to that stat here.
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Old 01-05-2007, 12:38 PM
 
Location: in area code 919 & from 716
928 posts, read 1,300,068 times
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In the S.D. I live in I think people are selling too cheap ...

The house across the street was on the market 2 days and it sold for about the SAME price as it did brand new ...

people here think our HOA dues are too much because it includes front yard lawn cutting and reseeding ...

I think they are clueless ... that is a perk to me!
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Old 01-05-2007, 02:33 PM
 
Location: Cary, NC
36,150 posts, read 62,936,864 times
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"Good point - I'm wondering if the practice is really widespread enough..."

Well, NCHomeFinder...
I work the Expireds and Withdrawns every day, and it is amazing to me how many people use "Withdrawn" to camoflage an "Expired," and how many use "Withdrawn" to manipulate DOM and deceive people.
These manipulations are rampant!

So...homeowners, when you are listing a property and interviewing agents, and you hear, "We have never had "Expired" listings, it is smart and very fair to ask, "May I see a list of your "Withdrawn" listings, and can you explain why the listings were withdrawn?"
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Old 02-28-2007, 12:32 PM
 
3 posts, read 7,712 times
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Quote:
Originally Posted by NCHomeFinder View Post
Erin1264, great idea, great thread!

diddy02, that's a great solution, especially in a softening market. Do you know what the average cumulative dom is in your area?

It would be nice to have access to that stat here.

Hi, Is there a way to find out dom by selling price rather than actual property?
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