Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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As a listing agent I was never asked by buyer's agents or potential buyers why the Days on Market was so high when my client, the seller, bought the house.
And when representing home buyer's, they never asked to see how many days the property was on the market when the seller bought it.
So, in my experience, that would not be a problem.
Jose Dias, REALTOR
It shouldn't affect the archived DOM. But it also depends. Often times if you took it off the market to make updates on the market. It really wont affect much on how potential buyers see the home.
I would even put it on CSS if you use them before. Put something like back on the market and list the numbers of renovation on the email to get the previous buyers who seen the properties to come back.
So how do you overcome this? As you mentioned, perhaps take it off for 30days to reset the CDOM counter, not the DOM counter. Use the selling remarks to update the listing. New and Improved--or some type of wording to show what has changed. Change the pictures.
I don't think it is a big deal, you just have to be able to explain it or change the price. It sounds like you are in the right zone, but there might be something missing if you are that far under market and no one is still making offers. I'm almost wondering if the CMA is correct or should be run a different way? Are we comparing apples to apples. You might post your email address here and the address of the house and have 10 agents run a CMA for you and see what they say about pricing just based solely on CMA without seeing the house.
I believe most MLS boards have a minimum number of days that the house needs to be off the market in order to reset the Days on Market (DOM) counter. The idea behind it is to prevent sellers/listing agents from manipulating the DOM by cancelling a list and re-listing the house immediately.
I believe the DOM has a psychological impact on how buyers perceive the house. The higher the DOM the more likely it is for buyers to think there is something wrong with the property. Also, buyers may ask the reason for the high DOM and will learn that the house sold a few weeks ago for much less than the asking price. Some buyers may not agree to pay the current asking price.
Jose Dias, REALTOR