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Old 07-09-2007, 11:51 AM
 
Location: California
157 posts, read 657,992 times
Reputation: 75

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Quick! Houses in SoCal aren’t selling as fast as they used to!

For a Used House Salesperson Realtor, that’s bad news because aging inventory looks bad, and your livelihood depends on commissions

What to do? Remove the "Days on Market" from the MLS listing:

SoCalMLS Removing DOM (http://www.socalmls.com/DispArticle.cfm?ARTICLE_ID=19628 - broken link)

So now you as the buyer cannot look at the MLS listing and use that information to determine whether you can negotiate the price based on DOM...
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Old 07-09-2007, 04:35 PM
 
376 posts, read 1,447,434 times
Reputation: 163
The days on the market are still available if requested and are on the agent form. Just ask away.
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Old 07-09-2007, 05:59 PM
 
Location: California
157 posts, read 657,992 times
Reputation: 75
But why remove it and hide facts from potential buyers? That is just wrong.
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Old 07-09-2007, 06:51 PM
 
11,715 posts, read 38,788,847 times
Reputation: 7574
Quote:
Originally Posted by rockx View Post
But why remove it and hide facts from potential buyers? That is just wrong.
What difference does it REALLY make? You either want the house or you don't. Make an offer if you want it. And if you're really that interested, ask.
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Old 07-09-2007, 07:27 PM
 
Location: California
157 posts, read 657,992 times
Reputation: 75
Quote:
Originally Posted by EscapeCalifornia View Post
What difference does it REALLY make? You either want the house or you don't. Make an offer if you want it. And if you're really that interested, ask.
Have you ever bought a home before? If something sits on the market for 6 months you know they were trying to high-ball and now they are more likely to sell.
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Old 07-09-2007, 07:59 PM
 
376 posts, read 1,447,434 times
Reputation: 163
Why can't you ask for the information and I am sure if you are working w/ a good Realtor they will take the DOM into consideration when placing an offer.
It sounds like you haven't bought a house before so if you need any assistance just ask.
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Old 07-09-2007, 08:05 PM
 
816 posts, read 3,641,395 times
Reputation: 425
I've bought and sold several homes (just became a renter again, thank goodness), and while the DOM info is available if asked, it had become increasingly distorted by relistings and other techniques to make houses seem less stale. Prospective buyers need to ask when the house was originally listed, not when this or that particular listing was made.
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Old 07-09-2007, 08:30 PM
 
11,715 posts, read 38,788,847 times
Reputation: 7574
Quote:
Originally Posted by rockx View Post
Have you ever bought a home before? If something sits on the market for 6 months you know they were trying to high-ball and now they are more likely to sell.
Yes, I do own a house. If a certain type of house is regularly selling for about $650k and some bozo lists his for $750k, its overpriced whether its been on the market for a day, a week, or a year.
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Old 07-10-2007, 01:09 AM
 
Location: California
157 posts, read 657,992 times
Reputation: 75
Ok why would SoCal be so special then? We all know the market is bloated and slowing down, why would SoCal MLS vote to have DOM taken off when the market is on a downward spiral?

North Cal MLS is not doing this.
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Old 07-10-2007, 08:00 AM
 
Location: scotland & california
10 posts, read 30,783 times
Reputation: 20
OK - enough is enough - this post just emphasizes that rockx is only posting for the sake of argument and not for the sake of quality information for other people...

the DOM is not relevant on any MLS, as the MLS listing is there to inform you of the basics before viewing. if, after viewing, you wish to make an offer on a property, any realtor will have access to the DOM and other essential information such as previous purchase history and prices on that property and also similar properties in the neighborhood.

if you are lucky to have an offer accepted, there is a 10 to 14 day period stated in the contract that allows for both parties to provide additional information and the purchaser to carry out detailed checks on the building and ground (including valuation). within that period of time the purchaser can 'walk' and cancel the contract to purchase.

i have used this fantastic part of the american house purchasing process to 'walk' out of 1 house purchase so as to purchase our dream property as it became available during that initial 14 day period.

i have recently moved to oc from scotland (uk), and if you wish to know about a ridiculous house purchase system set up so as to make prospective house purchasers panic with fear, then read on.

in scotland the houses are marketed at 'offers over' - a closing date is set for offers - all offers are submitted by lawyers to the sellers lawyer - the offers are 'sealed' - the seller then accepts an offer (does not need to be the highest, but do not offer unless over by a minimum of 20%) - once offer is accepted, then the deal is done - nobody 'walks' from that contract.

also, for your information, uk property prices exceed even oc prices. a 2 bed apartment will cost $600k+ in edinburgh, and expect to pay $750k+ in london.

i sold a 2000 sq ft property in edinburgh for $1.5million and purchased a 3,100 sq ft property in oc for $1.1million.

if you are worried about property values exceeding earnings and potential for 1st time buyers getting onto the property ladder here in oc, then you have seen nothing yet.

people in the uk have been predicting another property 'crash' for the last decade, but prices keep going up and up...
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