How can you reset days on market when it comes to real estate listings?

Question

Is it enough to do a price change, or do you have to take property off of the market for a period of time?

Answer 1

It depends on where you are. Where I am the house must be off of the market for 6 months before the DOM resets.

Answer 2

That creates a dishonest market time, skews the market stats, and is against most if not all MLS policies and agreements.

When you list a home, historical date is used to establish an asking price, to determine average market time, and average sale price. If you remove the home for 3 days after being on the market for 90 days, put it back in play, then it sells in 14 days, did it really sell in 14 days or 104 days? See how it skews things? And if the new price is less than the original listing price it further skews things.

Best to price it properly up front and let it go. You still have to make payments until it sells, so the fewer the payments made the better for you.

Answer 3

Trying to reset days on market to make your property appear fresher is fallacy. This really can't be done due to the fact that most MLS systems will display the history of the property. Seasoned agents will look at the history to see what the past activity is. You can pretty much see most of the sales activity since the inception of the MLS system in your area. So even taking the property off for several days or weeks will reset the days on marketing for the listing but most agents will do the calculations based on the cumulative days its been for sale with the current owner.

Answer 4

Each MLS system has it's own rule on this. On some it's just a matter of taking it off and putting it back on immediately. Some require it to be off the market up to 6 mos. However, you can't change the history. When I pull a history and see it was on the market for 5 months, off the market then back on for the last 2 months I inform my buyer it's been on the market 7 months.

Answer 5

Not sure if this would help. Usually, a housing market correction last for years. It is unlikely things will brighten up in a few months, afterall, this bubble took 5 years for form.

It might be better to give some discount so you unload the house quickly and can use the gain of the home to make money elsewhere quickly. At the same time, you will save money by not paying mortgage for the next 5 months.

For example, if mortgage is $2500/mo. and you have $300,000 gain sitting in the house, by selling it now rather than 5 months later will save you $12500. It will also earn you as much as $7000 from interests (Assuming CD are paying 5.5% or higher).

Total financial benefit for selling early would be $20,000. I would give buyer some discount just because of that.

Finally, keeping a house in selling condition is a lot of work. If your realtor does staging, it costs extra to rent furnitures. If you are living in the unit, it takes extra effort to keep it clean. So, sell it fast!


http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

Answer 6

Usually you would have to take it off the market and then put it right back on.

Answer 7

You generally have to take it off the market for a couple of weeks. At least that's been my experience.

Answer 8

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Answer 9

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