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Raveis
Joined: 16 May 2008
Posts: 1
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 Posted: Fri May 16, 2008 11:06 am GMT Post subject: Re-listing properties in MLS to accomodate for DOM |
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To compensate for property that fails to sell, real estate agents in Boston are falling back on the deceptive practice of canceling the listing in MLS and then creating a new listing so that the property appears as new to the market. There were 10,606 MLS cancellations in the first six months of 2005, up from 9,722 cancellations in the first six months of 2004 and 3,736 in 2001. "The number of canceled listings in Massachusetts has nearly tripled since 2001... In a recent spot check of houses for sale on MLS in Middlesex County, Barry Nystedt, president of the Massachusetts Association of Buyer Agents, said one in four listings canceled between May 25 and June 25 was recreated by the same firm with a new MLS number." [Boston Globe]
This is inaccurate information. While you can do this MLS ensures that unless a property has been off the market for 90 days the total days on market will appear to the buyer. It will show the complete history of actions on the listing. |
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Guest
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| Posted: Fri May 16, 2008 12:31 pm GMT Post subject: Re: Re-listing properties in MLS to accomodate for DOM |
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| Raveis wrote: |
This is inaccurate information. While you can do this MLS ensures that unless a property has been off the market for 90 days the total days on market will appear to the buyer. It will show the complete history of actions on the listing. |
From my experience the information is indeed correct. Here are three MLS listings for the same property. The last one is the current active listing. It shows 46 days on the market when in fact it has been on and off the market for much much longer.
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admin
Site Admin
Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston
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| Posted: Fri May 16, 2008 2:37 pm GMT Post subject: Re: Re-listing properties in MLS to accomodate for DOM |
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| Raveis wrote: |
This is inaccurate information. While you can do this MLS ensures that unless a property has been off the market for 90 days the total days on market will appear to the buyer. It will show the complete history of actions on the listing. |
The Globe article used as a reference covers this:
http://www.boston.com/news/local/massachusetts/articles/2005/07/22/home_wont_sell_some_cancel_and_relist/
The issue is not that it's impossible to tell the total days on the market but rather that this information is being obfuscated. From the article:
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Maggie Tomkiewicz, president of the Massachusetts Association of Realtors and a Dartmouth agent, said the practice is not widespread, because agents can look up a house's history on MLS and convey to a buyer how long it has been for sale.
''That's what they hire us for, to interpret the data and to know those things," she said. Home buyers don't have direct access to MLS data; agents must look up a property for a buyer.
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In other words, you need to hire an agent to protect you from the other agents. That almost sounds like a protection racket.
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