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Days on the market ?
Posted May 14, 2008, 3:46 PM by RayStrait
Fellow Realtors:
I find it interesting to have the NC Real Estate Commission
require us to take "Ethics" classes. We go to the class,
hear about the low stature of agents compared to other
professions. We rank at the bottom, below politicians
and used car salesmen. And we wonder why?
I recently did a study of all the homes that had sold
during 2008 to date and was amazed to see that the National
Association of Realtors data shows the average in our
area is 172 days. Well, that's not too bad. Well, not
until you dive into the data and do some history.
If you were to look at the MLS history for these listings
that have sold this year, the real days on the market is
not 172, but actually 478. Many listings expire, relist
and the days on market (DOM) restarts at 1. Or another
trick is to let the listing expire, take it off one day
and they relist as day 1, even though the listing never
actually changed Realtors or companies. Another thing
I have found is the address changes in the history to
make it harder to find out the true history on a listing.
It's easy. One time the listing's address is 123 Mountain
Drive, the next time, even with the same agent, it's 123
Mtn Drive.
I think we are doing it to ourselves. Customers hear the
nonsense about the 172 DOM and then ask us why we aren't
selling them so quickly. Duh! If we told them the truth,
maybe they would price their homes and land correctly
and we wouldn't have such a bad rap. But, I am but a
small voice in the wilderness of real estate.
I vote for telling the truth.
Ray
Posted May 14, 2008, 3:46 PM by RayStrait
Fellow Realtors:
I find it interesting to have the NC Real Estate Commission
require us to take "Ethics" classes. We go to the class,
hear about the low stature of agents compared to other
professions. We rank at the bottom, below politicians
and used car salesmen. And we wonder why?
I recently did a study of all the homes that had sold
during 2008 to date and was amazed to see that the National
Association of Realtors data shows the average in our
area is 172 days. Well, that's not too bad. Well, not
until you dive into the data and do some history.
If you were to look at the MLS history for these listings
that have sold this year, the real days on the market is
not 172, but actually 478. Many listings expire, relist
and the days on market (DOM) restarts at 1. Or another
trick is to let the listing expire, take it off one day
and they relist as day 1, even though the listing never
actually changed Realtors or companies. Another thing
I have found is the address changes in the history to
make it harder to find out the true history on a listing.
It's easy. One time the listing's address is 123 Mountain
Drive, the next time, even with the same agent, it's 123
Mtn Drive.
I think we are doing it to ourselves. Customers hear the
nonsense about the 172 DOM and then ask us why we aren't
selling them so quickly. Duh! If we told them the truth,
maybe they would price their homes and land correctly
and we wouldn't have such a bad rap. But, I am but a
small voice in the wilderness of real estate.
I vote for telling the truth.
Ray