Home Selling in 19026>Question Details

Drexel Hill…, Home Seller in 19026

Hello- How long does a home need to be off the market for the DOM to reset? Does the type of notification we give to our realtor need to specify?

Asked by Drexel Hill Seller, 19026 Wed Feb 3, 2010

whether we are ceasing or cancelling the listing? When we re-list our home we will use a different Realtor. Thanks in advance.

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7
It depends on your local MLS. In some areas, it used to be 90 days, but I believe that's been raised in many of those areas to 180 days. Where I am, there are actually two DOMs--one for the current listing, and another, cumulative. So the first one will reset quickly. But it's the second one that will pick up again once the home is relisted. As your Realtor (your current one or your to-be one) what it is where you are.

Your listing should automatically expire at the end of whatever period your listing contract provided--90 days, 180 days, etc. While technically you shouldn't have to do anything, it would be good (both as a courtesy and to make sure that the listing terminates) to notify your agent in writing prior to the expiration that you do not wish to renew.

A couple of random thoughts: While high DOM can indicate a "stale" listing, you have to weigh taking your home off the market for an extended period versus making whatever adjustments (pricing, staging, etc.) the house needs in order to sell.

Also, even if the DOM resets, a Realtor can go into the MLS and see a property's history. For example, I can go in and see that someone attempted to sell their home 2 years ago at $500,000, then a year later at $450,000, and today at $425,000. DOM will look just fine, but I always check property history--and not just for price adjustments. It'll show if the owner at some point tried to rent the property. I can pull up the old listing and see whether the owner made changes or improvements to the home. So don't focus too much on DOM.

Finally, while it's nice to have a fresh listing, versus a stale one, that's not the first (or second, or third) thing buyers look at. They'll look at price. They'll look at location. They'll look at number of bedrooms and baths. They'll look at age of the property. They'll look at the pictures to see if it looks good. DOM is pretty far down the list.

Hope that helps.
1 vote Thank Flag Link Wed Feb 3, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
I agree with both Edmund Choi & Joe Sheehan they both gave you good advice. The main question is why you hasen't your home sold yet? Are you priced right? What is your agents marketing plan? Are you getting enough exposure? Do you have an open line of communication with your agent? If you have any questions, please feel free to contact me. I can be reached at 610-470-7070. I wish you all the best of luck in what ever you decide to do.

Kim Davish. Real Estate, Consultant
I specialize in homes that have not sold the first time
Keller Williams Real Estate
1400 N. Providence Rd.
Media, PA 19063
kimdavish@kw.com
0 votes Thank Flag Link Sat Feb 6, 2010
Even if you take the house off the market for 30+ days and reset the PMP (Property Marketing Period) to zero, any realtor who is a member of the MLS will be able to view the history of the listing with a simple click of the mouse. You are really not hiding anything by doing that.

I think you lose more by sitting on the sidelines for 30 days than you gain by having a 0 in the DOM and PMP field. You may consider making your home more salable by reviewing your pricing strategy. Just my opinion.

Hope that's helpful.

Joe Sheehan
http://www.card.ly/jsheehan200
0 votes Thank Flag Link Thu Feb 4, 2010
Great feedback and advice. Thank you! We are not sure if it worth it to take the house off the market for 30 days so it appears fresh in the spring house buying season. I just worry we might miss an opportunity during that time, however we are not desperate to sell (we just want to get closer to family) and we are also willing to just let it stay on the market indefinitely. This is a tough one. Thanks again!
0 votes Thank Flag Link Wed Feb 3, 2010
DOM will reset immediately when the listing expires. However, the more important PMP, cumulative days on market, requires a minimum 30 days to reset. As for cancelling the listing, a termination letter executed by both you and broker/agent is prudent.
0 votes Thank Flag Link Wed Feb 3, 2010
For Trend MLS which is the MLS that serves Drexel Hill, you will have to be off the market for 30 days. You will also have to sign a new listing agreement or you can list with another realtor and it will start over right away. Either way though, the total DOM will continue to accumulate.

Sherry Gallo, ABR
Licensed in PA, NJ & DE
Prudential Fox & Roach
610-627-4913 Direct
0 votes Thank Flag Link Wed Feb 3, 2010
Drexel Hill

There is know on universal MLS but several different listing services and it depends which company the Realtors are using in your area. I know that you would like it to reset to one day which may look good in this market but most Realtors representing buyers in today’s market will check to see how long a home has been on the market.

Jerry A. Lorenz
Russell Realtors
Cell: 440 724 4402
Blog: http://jerrysrealestateblog.blogspot.com
Web Reference: http://www.lorenz-543.com
0 votes Thank Flag Link Wed Feb 3, 2010
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