Going off MLS-how does this impact Days on Market?

16 years ago

Our house has been listed since 1/19/2007 although we did not move out until 5/11/07. So, double mortgage payments since July 1st. (We built new house on other side of town.) Listed with Realtor #1 at $369,900 (appraised at $359). In May, reduced to $358,900. In June, we updated kitchen - adding granite and nickel knobs & fixture. Also added all new carpet in a neutral color with exception of office. Paint is OK and neutral in all but 2 rooms. No offers. Listed with realtor #2, reduced price several times and now is $339,900. His contract will be up in January. We had one low-ball offer that we did not accept. Seems to be decent traffic.

Question is -- if we take the house off the market for X number of days do we start back up with a zero days-on-market?

We suspect the low-ball offer was related to the DOM being so high (250+) and truly, the house wasn't looking its best until June when we recarpeted and did the kitchen.

How long do you have to take your house off the MLS in order for the DOM to go back to zero? Does this depend on your state? If so, how do you find out?

We are not desperate (yet) and since house has 2x6 construction, .4 acre lot, great location near school, country club and freeway access, finished basement, irrigation, great mechanicals, etc. AND was built for $260 in 1994, we feel that the price is fair -- I guess this means we don't want to give it away (until we have to).

Thanks.

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Comments (4)

trying2buy
16 years ago
If I wrote my selling story, it would sound almost identical to yours! Except for our issue (initially) was an underground oil tank, which we removed and spent thousands converting to gas and installing a brand new top of the line furnace. Our house is updated down to the studs except for the windows which were next on our list. New kitchen with granite etc. We are 6+ months on the market and about to expire with our 2nd realtor. Our list price is now down to what our comp houses actually sold for about 6 months ago and on top of that we are offering to pay closing costs. Two low ball offers (we, like you, moved and our house is vacant). Considering a third agent or FSBO. I feel your pain!

Not sure what state you are in but in my state (nj) normally the listing expires and then if you relist on the MLS it goes back to 0 again. However, RE agents can always pull the MLS listing history, which will show the house going on and off the market over time. Buyers who might be considering the house will know, as will the local agents.
skylyn
16 years ago
Some MLS systems have CDOM (Cumulative DOM) others don't, though as noted above, agents can see that it has been listed before. Most shoppers are pretty savvy and will know that is just a relist. If you do relist, use new pictures, new description, and most importantly, a new price! By now I'm sure you know how important the initial pricing is (I really don't get listing a house at $369 when it appraised for $359, what the heck was your agent thinking?).

"we feel that the price is fair" I'm not sure why you think this matters. A fair price has nothing to do with market price. With one (lowball) offer in a year, you must be way overpriced.

"I guess this means we don't want to give it away." Huh? Is it free? I thought you said it was listed for $339...
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triciae
16 years ago
"...house has 2x6 construction, .4 acre lot, great location near school, country club and freeway access, finished basement, irrigation, great mechanicals, etc. AND was built for $260 in 1994, we feel that the price is fair..."

Don't worry about DOM. Instead, get the house priced right. Clearly, it's not now despite what you think is "fair". None of the stuff noted in your above comments matters one whit. The only thing that matters is what a buyer is willing to pay. If you won't accept market price then the house will not sell. It's really that simple.

/tricia
whenicit
Original Author
16 years ago
Nice reality check for me and I plan to ask realtor for some more recent comps but really...the ones that have sold in last 9 months were for $350-$385k... I still think we are priced right.

Sorry, I meant assessed instead of appraised...in my observations most houses are priced above what tax assessment is...at least here they are...

And yes, we have learned what pricing right means. This is the first house we have ever sold so 'live and learn'.

By "giving it away" I mean that selling at $295k means we lose money using my 'soft' calculation of...

built 1994 $260k
landscaped after that $15k
finished bsmt $25k
updates to sell $12k

and yes, I know we lived there all that time...

I need some patty_cakes karma!!!!!!!

Going off MLS-how does this impact Days on Market?

Comments (4)

trying2buy

skylyn

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triciae

whenicit
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Going off MLS-how does this impact Days on Market?

Comments (4)

trying2buy

skylyn

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triciae

whenicitOriginal Author

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