I just posted on my Wordpress site www.homebuysblog.com a Video Blog on the problems with the Days on Market number my MLS reports. We stopped reporting the CDOM or Cumulative Days on Market and long time back and the loss of that data does not paint the real picture on our listings.. Take a look at my video blog, if your MLS has the same thing going on I'd like to hear about it.
http://homebuysblog.com/2008/06/11/why-days-on-market-is-a-number-you-cannot-trust/
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We have so many agents that list properties, take them out of MLS, relist them and then put them under contract so they can say they have fewer days on the market. SO WRONG!!!
Our MLS here in the Seattle area (NWMLS) just recently ADDED the CDOM reporting and opened it up to be published publicly. I don't understand the logic behind taking it away. All consumers want to know this critical information, especially in this market. IMO we are moving more towards a "full disclousre" environment so this seems counter-intuative. This is the kind of thing that adds to the perception of agents not being forthcoming or truthful and hurts eveyone.
just my two cents...
Jim,
Great comments!!! It even hurts a potential seller in the way that if we give a seller an unrealistic days on market average.
1. What happened to the brokers fiduciary "AGENCY" to the seller? My understanding is the Listing belongs to the broker not MLS or Internet and the Broekrs Agency relationship is to the Seller
2. If ALL data is entered by licensed AGENT then Agent is legally responsible. Not MLS computers or Realtor.com (new beta site)
3. At a minimum maybe the seller should give permission on listing agreement to disclose DOM /
4. Maybe DOM should not be calculated and this could resolve the issue of how to calculate
Dan
Dan,
Once the Broker decided to join an MLS, then the Broker must submit to the rules of that MLS. An MLS is about an agreement to cooperating on commission. There are rules on what needs to be displayed to ensure that cooperating brokers do not interfere with listed properties. The begining and expiration date will always have to be published for a MLS to function properly and avoid commission disputes.