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MAM, Other/Just Looking in 63031

Resetting days on market

Asked by MAM, 63031 Fri Dec 5, 2008

If a home has been listed with a realtor and it has not sold by the end of the contract, how many days must it be off market in order to reset the days on market to zero?

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In the St Louis market area, a home must be off the market at least 61 days before the days on market reset to zero. That is totally off the market and out of the MARIS computer, not just in temporarily withdrawn, etc. It does not matter if you change realtors, withdraw the listing early from a realtor, relist with the same realtor, let the listing expire, etc - if the home is not taken out of the computer system for at least 61 days, the days on market will continue to count
Web Reference: http://www.YourSTLHome.com
0 votes Thank Flag Link Fri Dec 5, 2008
Dale -
Good job and great way to protect your client.
Trisha Lee
REMAX Boone Realty, Columbia MO 65203
573-999-1000 TrishaLee@Remax.net
Web Reference: http://www.TalkToTrisha.com
0 votes Thank Flag Link Fri Dec 5, 2008
Mam;
Our Association has recently passed a ruling that the data in cumulative days on the market will continue to count through any listing agent or office. This information is pulled by the address and the only time the cumulative days on the market can be re-set is if the property has sold or has been off the market for at least one year. In my opinion this is a very good change, as it gives buyers the true picture of the listing history of each property by it's address not just the current listing. As a State Director I feel this change will begin to reach other areas since this is important information to potential buyers. Checking the history of every property as well as the tax records is still an important step in the investigation process.
0 votes Thank Flag Link Fri Dec 5, 2008
I concur with Trish. I always pull the history before my clients make any real decisions on a home. Today I wrote a contract on a home that had been purchased as a foreclosure in July 08 and was being flipped with minor updates. If I hadn't gone back to the property history as well as the tax records to check them and find out what the real history on the home was, my clients would not have been protected, since the current owner was selling as an "investor" who had never lived in the home without a disclosure and his realtor had not indicated any of the past history of the home in the current MLS writeup. The old MLS writeups (including the pictures) gave us valuable information as did the tax records.
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Fri Dec 5, 2008
Thank you for your quick responses.
0 votes Thank Flag Link Fri Dec 5, 2008
MAM -
It depends on the MLS. In our market you can cancel a listing and relist it the next day and the clock starts over. When I work with a buyer I always pull the history of a house (once they identify which house they are interested in) to see how many times it has been listed. This will not only give you how many times it has been listed but also the days on market, what the pricing was compared to now and any other information showing what has changed. They may have changed REALTORS, taken amenities out of the listing (deep freeze, washer, dryer, refrigerator, etc.) or added something (home warranty or home inspection). They could have also improved the property which should be in the remarks section (new carpeting, etc.). You cannot get a complete picture until you delve beyond the initial information pulled. After getting all that I also call the current listing agent to see what the story is (if they know the whole thing). Motivation can also change. Sometimes the first agent lists the property too high, causing it to sit, then be relisted, lowered in price or changed in another way. As our current market has been in decline, the seller could have started too high and is just chasing the market down. If they are not quick enough to move and adjust (especially in high priced homes) they might be, as they say, a day late and a dollar short. Those homes usually sell for way less than they should as they become "market worn" in the consumers eyes. That's why is not only important but IMPERATIVE that you list your home correctly from the get-go.

Hope this helps.
Trisha Lee REMAX Boone Realty, Columbia, MO
573-999-1000 TrishaLee@Remax.net
Web Reference: http://www.TalkToTrisha.com
0 votes Thank Flag Link Fri Dec 5, 2008
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