Home Buying in Brookfield>Question Details

Kip, Home Buyer in Brookfield, WI

Why does the MLS show a property as a new listing when it is relisted? This seems unethical.

Asked by Kip, Brookfield, WI Sat Jan 9, 2010

A house that had been previously listed under a separate MLS number had expired after 180 days. The sellers waited 7 days and relisted it and MLS showed it as a "new listing." This seems disengenuous.

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The mls is owned by realtors. It is designed for realtors. It is set up by realtors. It is no surprise then to find it is set up to assist them to make everything that is old new again.

It is false advertising in my mind. Most buyers would agree.

Even if a listing moved from one real estate company to another the house is still an old listing. The house has been for sale and not sold. If the house has not been off the market for at least 6 months, maybe even a year it should always be considered an old listing.

You need to find a realtor who can find the cdom and base your lowball offers on how long it has really been on the market.
0 votes Thank Flag Link Sat Jan 9, 2010
MLS MA require 90 days to make the listing new again.
2 votes Thank Flag Link Thu Jan 21, 2010
Back in the day, residential real estate was considered an "illiquid" asset, and market times were typically six months to over a year; we're back to that, which means that it's familiar territory.

One of the great memes among hobbyists was that The Real Estate "Man" was keeping "vital information" locked away, and the Power of Web 2.0 would Unleash the Information That Wanted To Be Free, washing away real estate agents with the tide.

Turns out that "DOM," or "days on market," is about as useful in evaluating property as Doubles is in evaluating baseball players.
1 vote Thank Flag Link Wed Jan 20, 2010
When listing expired and you need to put in the market again you sign new listing agreement so it becomes new listing.
0 votes Thank Flag Link Fri Nov 18, 2011
It may be, but its the system. If the owner pulls the house off the market and live in it for a while, its technically off the market and when it goes back on its a 'new' listing.

P.s. I know a ton of people from Brookfield, are you moving to Brookfield or from, its a wonderful area?
0 votes Thank Flag Link Fri Nov 18, 2011
Who cares? If you like it, but it, and if it was on the market a long time, it's still the same house you are looking at. I actually see the question as more disingenious, as though trying to lowball a decent house that deserves a good offer because the market was soft for a bit and it wasn't selling. I've been a buyer and a seller, and I once took a house off the market for about six months because I had no desire to show it or move during the cold months. That wasn't dishonest, it was convenient for me. Anyone who is curious if I had it for sale before could easily ask for a history, and I would be upfront if they asked anyway.
0 votes Thank Flag Link Fri Nov 18, 2011
I agree Tean. You know, a lot of agents do manipulate the listings with market times by cancelling and then re-entering the listing again as new. This practice IS wrong. Regardless of their bad practice, though, appraisers AND buyers can usually get a listing "history" by just asking for it from their real estate agent- at least I know they can from me with my MLS. As for long market times, I just don't think they have the negative impact they once did. After all, new sales will all have increased market times. Sales today just take time.
0 votes Thank Flag Link Wed Jan 20, 2010
And how about number of days this property has been on the market, if it said 0 day as well, then something is wrong.
Web Reference: http://www.teanwong.com
0 votes Thank Flag Link Wed Jan 20, 2010
A nice listing looking good and priced reasonably, it is said, should sell in a reasonably brief period of time. The question is now, "What is a brief period of time?" What if that question were posed to you all? What is a reasonably quick period of time... is it a period that- when finally exceeded- should adversely affect the value of the house? Market times have climbed from an average of 30 days to an average of what... 120 days? Don't forget that prices fell 10, 20, 30 & 40 percent in all markets in the last couple of years. Values were falling faster than list prices were reduced. I feel that in my market place, a house selling faster than 90 days may have been underpriced. Of course, that's not always going to be the case but home sales really do take much longer now... as they should. Buyers should WANT to preview as many homes as they can in this buyer's market to make sure they know a good deal when they find one. So Mack's got a point. The roaring 90s brought values skyrocketing and now someone pulled out the rug from under the market. So values have been plummeting. Buyers compare prices and condition of homes... why should market time matter THAT MUCH? I'm not suggesting that I'm in favor of eliminating the market time but it really does not deserve the commotion it gets. Buyers are getting great deals, right now. I will help them every possible way when I represent them. When I work for the sellers... I prepare them to "take their time". Those looking to steal a property by pointing to market time on my nice-priced listings is only looking to take advantage of my sellers. My listings that were on the market for a long, long time... they're starting to get showings and offers now. This market is beginning to unwind for some properties and some markets; I think it's just all going to evolve very slowly. (smile)
0 votes Thank Flag Link Wed Jan 20, 2010
Unethical? Disingenuous? Please.

The first and primary purpose of the MLS is to provide exposure for member listings to other brokers. When a listing agreement is signed by the seller and the broker, it becomes the NEW listing agreement, which makes it - stay with me, folks - a NEW listing.

That's all there is to it. The fact that it distracts homeshoppers is something that MLSes are aware of, and are reacting to it in their own ways, in their own due time. If you have an issue, take it up with them.
0 votes Thank Flag Link Wed Jan 20, 2010
Each MLS has their own rules...this is Wisconsin not New Jersey...if for example...a listing expired and was relisted by a different broker it would also of course have a new number...the number does not belong to the property....it belongs to a point in time for that property at that time...that is the MLS rule and no agent or seller has any control over that.
0 votes Thank Flag Link Wed Jan 20, 2010
A new number may also indicate a whole different house....we recently got a listing that the former agent chose to list as a "handyman's special"....we listed it after extensive interior and exterior repair/replace/redecorate...If sure did have a new number...new agent...new price...and sold in a few days...new numbers are not necessarily a bad thing.
0 votes Thank Flag Link Sat Jan 9, 2010
Well, Dan, it's not as malicious as that, as I explained on Kip's other post.

The General Public never cared, until they began to sit at their desks and follow real estate as if it were a spectator sport. When the General Public never cared, MLS members never cared much, either.

The Buying Public cared, but that was easy, ask the agent, who would go to the MLS, who would find out. Maybe some wouldn't check to see if it had been listed before, maybe they would.

Now, the Buying Public cares, and MLSes, which like many institutions, are slow to change, are slowly changing.
0 votes Thank Flag Link Sat Jan 9, 2010
A listing agent's job is to do the best they can for the seller. Seller agents know, new listings generate the best offers and old listings can be ignored. Sellers may also ask agents to take a home off the market for a period of time, due to holidays or personal reasons. The seller may relist with a different agent. A seller may agree to a substantial price reduction. If I work for the seller, would my seller be better served by hitting the market as a new listing or as a price reduction which may get ignored. There are no good guidelines as to when it is appropriate to call a listing new. As a buyer's agent, I am more interested in. How long since the last significant price reduction? What did the seller pay? How long ago and what improvements did they make? What are other properties selling for? Is it on the high or low end of the neighborhood? A good buyer's agent will help you answer these questions. grunwaldtdan@sbcglobal.net 414 688-8929
Web Reference: http://www.dangrunwaldt.com
0 votes Thank Flag Link Sat Jan 9, 2010
Best to listen to agents qualified to answer the question who are a part of the MLS in which you have the question. Know that a different MLS or agents from other states should really not attempt answers to areas in which they do not practice. Good luck !
0 votes Thank Flag Link Sat Jan 9, 2010
It all depends on the MLS rule in this regard.
This is the debat between DOM (Days On Market) and cumulative DOM.
An agent may be able to give you the history on a specific home.
0 votes Thank Flag Link Sat Jan 9, 2010
As the other agents have stated, once a new contract is signed it is considered a "new listing" by our MLS. It may even be listed by another company, then definitely is a "new listing" to them. Because more & more buyers have objected to this, many web sites will now show total days on market and our MLS does show "cummaltive days on market" on reports (such as a CMA - competitive market analysis). The new listing does move it through the system again, putting it before buyer's eyes again, and does usually help stimulate activity because of this & because of the new MLS number (some agents discard any listing with too old of a MLS number). As stated prior, you can ask your agent to run a history of any listing you are interested in and will then find out exactly how long the house has been on the market. A buyer's agent should do this for you without you even asking (I do for all my buyer clients). Hope all these answers help explain. Good luck on your home search!
0 votes Thank Flag Link Sat Jan 9, 2010
The seller could have extended the listing but did not-- and let it expire from the market--the seller does have that right. Technically, it is a new listing once again, some factors do come into play--consider--it's possible he/she wasn't satisfied with the way the marketing was done; the exposure level wasn't on target; re-listed with a new agent/new realty company; some updating could have occurred, etc--so why not be able start fresh and go back on MLS as new--I'm sure if the shoes were reversed you wouldn't see it as disengenous at all, you may wish to do the exact same thing.

Anna
0 votes Thank Flag Link Sat Jan 9, 2010
If a home has been on the market for months and months, many Realtors will withdraw it and "refresh" buyers by relisting the home.
I have heard that MLS will be showing previous days on market soon for this exact situation however I have not seen it put into place.
0 votes Thank Flag Link Sat Jan 9, 2010
I am not sure whether in this case the listing was re-listed by the same agent or a different one. It doesn't matter...the days on market start over. We are members of this MLS and if I were guessing, I would say that as realtors in Wisconsin, when you get licensed, you are agents of the seller by law. In this "spirit of the law" a listing appearing new on the market...which usually has a different price...may have in some way been improved...remodeling or updated,,,the listing appears "fresh to the market." It also may have been lag time for a couple reasons...the refreshing or repairing/replacing...and the time it may have taken for the agent...a new one OR the same one to have new pictures...or all different pictures as in the case of a different agent who cannot legally use those from the former listing. If you have a real estate agent, he/she can check the history of the property and tell you the cumulative number of days on market. That's the inside story from a Brookfield, WI agent...happy to help you, at your service.
0 votes Thank Flag Link Sat Jan 9, 2010
Every MLS is different - however, here is Greater Milwaukee Area anytime a property has a new listing contract, it is entered as a new listing. It is my belief that this is not done to "trick" the buyer since it is fairly easy to determine if the property was listed before. Sometimes a "fresh" approach will stimulate activity to find the right buyer.
0 votes Thank Flag Link Sat Jan 9, 2010
You're right, Kip, and I don't know the answer to that question either. The market time meter may still be running, though. A buyer should be able to ask the Realtor what the market history is of the property. Does that help?
0 votes Thank Flag Link Sat Jan 9, 2010
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