Comments on: Stale Tuna And Resetting The “Days On Market” — Chicanery And A Public Health Risk, Or Just Plain Old Good Salesmanship? http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html Commentary on the real estate market of the San Francisco Bay Area Sat, 13 Mar 2010 18:45:15 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Churning Home Listings, Days On Market Versus Continuous Days On Market | Silicon Valley Real Estate Guide http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140430 Churning Home Listings, Days On Market Versus Continuous Days On Market | Silicon Valley Real Estate Guide Sat, 02 Feb 2008 00:31:53 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140430 [...] Boer, in his article Stale Tuna And Resetting The “Days On Market” — Chicanery And A Public Health Risk, Or Just Pl..., describes what our local MLS has done to make the DOM more accurate.   The DOM clock can be [...] [...] Boer, in his article Stale Tuna And Resetting The “Days On Market” — Chicanery And A Public Health Risk, Or Just Pl…, describes what our local MLS has done to make the DOM more accurate.   The DOM clock can be [...]

]]> By: Jamie http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140390 Jamie Fri, 01 Feb 2008 18:16:50 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140390 Hi Kevin, I think allowing DOM resets after 30 days off the market is absurd! Would the seller consider an offer that came in during that time? Of course!!! It's a psychological manipulation that also sabotages the local market stats (Altos research, in using a favorite example). 6 months or more is more realistic. Or property renovation or something. A house on my street has been relisted by the same owners annually for the past several years, raising the price every time, with no changes to the property. 3rd time was the charm apparently.... They only needed to fool one family, and they eventually did. And that's partly how the micro-market has achieved its incredible price gains, one family at a time. (likewise, I'm sure this family will never sell for less than they paid unless disaster strikes) Hi Kevin,

I think allowing DOM resets after 30 days off the market is absurd! Would the seller consider an offer that came in during that time? Of course!!! It’s a psychological manipulation that also sabotages the local market stats (Altos research, in using a favorite example). 6 months or more is more realistic. Or property renovation or something. A house on my street has been relisted by the same owners annually for the past several years, raising the price every time, with no changes to the property. 3rd time was the charm apparently…. They only needed to fool one family, and they eventually did. And that’s partly how the micro-market has achieved its incredible price gains, one family at a time. (likewise, I’m sure this family will never sell for less than they paid unless disaster strikes)

]]> By: Realtors gaming the MLS | Real Central VA http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140369 Realtors gaming the MLS | Real Central VA Fri, 01 Feb 2008 15:12:27 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140369 [...] 1 February 2008: Kevin had a great post yesterday on this topic I look at resetting the DOM figure as akin to a grocer scratching out the sell-by date on a can of [...] [...] 1 February 2008: Kevin had a great post yesterday on this topic I look at resetting the DOM figure as akin to a grocer scratching out the sell-by date on a can of [...]

]]> By: Danilo Bogdanovic http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140362 Danilo Bogdanovic Fri, 01 Feb 2008 14:36:31 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140362 I think it's a complete sham that DOM exists. Yes, it's useful on the back end to track trends in the real estate market conditions and we should keep it there, on the back-end. But it's completely irelevant and detrimental to sellers and buyers during the course of a real estate transaction. For example, I've had buyers who thought that wanted to preview property A because it was "new on the market" (7 DOM) while they didn't want to even preview property B because it had been on the market for over 4 months and "was obviously overpriced or something was wrong with it". Funny thing is, property B was exactly what they were looking for (lot, layout, location, etc), was in better shape than property A and was actually under market value since they dropped the price a about a week before. Meanwhile, property A was in mediocre condition and well overpriced. This is how DOM hurts buyers and sellers and should be eliminated on the front-end. You don't walk into a store and ask how long a digital camera you're thinking about buying has been on the shelf and use that as a determining factor when it comes to buying it. You just know by looking at the price whether it's worth that price to you or not. So why do we have DOM on the front-end in the first place?! I think it’s a complete sham that DOM exists. Yes, it’s useful on the back end to track trends in the real estate market conditions and we should keep it there, on the back-end. But it’s completely irelevant and detrimental to sellers and buyers during the course of a real estate transaction.

For example, I’ve had buyers who thought that wanted to preview property A because it was “new on the market” (7 DOM) while they didn’t want to even preview property B because it had been on the market for over 4 months and “was obviously overpriced or something was wrong with it”.

Funny thing is, property B was exactly what they were looking for (lot, layout, location, etc), was in better shape than property A and was actually under market value since they dropped the price a about a week before. Meanwhile, property A was in mediocre condition and well overpriced.

This is how DOM hurts buyers and sellers and should be eliminated on the front-end.

You don’t walk into a store and ask how long a digital camera you’re thinking about buying has been on the shelf and use that as a determining factor when it comes to buying it. You just know by looking at the price whether it’s worth that price to you or not. So why do we have DOM on the front-end in the first place?!

]]> By: Peter Chabris http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140255 Peter Chabris Fri, 01 Feb 2008 02:54:12 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140255 Ugh - this practice is the hip new trend in Cincinnati ... Realtors cancel listings the day before they expire and then re-list the same day or the next day. It's maddening and fools no one. Instead it clogs in boxes with 'new' listing announcements and aggrevates agents. Across the river in Northern Kentucky, they use the CDOM and the silly cancel/re-list practive doesn't exist. Why not just prep the home, price it right and proactively market it instead...? Ugh – this practice is the hip new trend in Cincinnati … Realtors cancel listings the day before they expire and then re-list the same day or the next day. It’s maddening and fools no one. Instead it clogs in boxes with ‘new’ listing announcements and aggrevates agents.
Across the river in Northern Kentucky, they use the CDOM and the silly cancel/re-list practive doesn’t exist.
Why not just prep the home, price it right and proactively market it instead…?

]]> By: Lynne Pope http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140250 Lynne Pope Fri, 01 Feb 2008 02:42:20 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140250 The unique thing going on in our MLS is that we are changing to grow into a much larger pool. We took the lead from Northern CA and someday may have a statewide MLS. For now, as we have the north and the south direction toward two large boards, we will discover the beauty and benefit of one way of handling the CDOM and DOM and all the news, readers of magazines, papers and blogs will have a more unified place to have this and all conversation. The major thing is for it to be consistent and fool proof from cheaters. (Agents that figure a way to beat the system and fake the days to less) It is the same as changing the odometer on the car, its wrong, its misinformation. Let's face this as integrity and keep it honest. The unique thing going on in our MLS is that we are changing to grow into a much larger pool. We took the lead from Northern CA and someday may have a statewide MLS. For now, as we have the north and the south direction toward two large boards, we will discover the beauty and benefit of one way of handling the CDOM and DOM and all the news, readers of magazines, papers and blogs will have a more unified place to have this and all conversation. The major thing is for it to be consistent and fool proof from cheaters. (Agents that figure a way to beat the system and fake the days to less) It is the same as changing the odometer on the car, its wrong, its misinformation. Let’s face this as integrity and keep it honest.

]]> By: Kevin Boer, Broker Owner, 3 Oceans Real Estate, Inc. (650.387.2860) http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140233 Kevin Boer, Broker Owner, 3 Oceans Real Estate, Inc. (650.387.2860) Fri, 01 Feb 2008 01:30:15 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140233 If I'm not mistaken, the local MLS (different from the SF MLS, though SF is only 45 minutes away!) uses the term CDOM, but allows that number to be reset if the home's been off the market for 30 days. If I’m not mistaken, the local MLS (different from the SF MLS, though SF is only 45 minutes away!) uses the term CDOM, but allows that number to be reset if the home’s been off the market for 30 days.

]]> By: alex http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140226 alex Fri, 01 Feb 2008 00:57:47 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140226 Kevin, Thanks for the link. I'd encourage your readers to get in on the discussion at theFrontSteps. There's a good shot at this whole thing getting on Nightline, but you never know. Lani, It's funny you mention this. I just (literally one minute ago) got off the phone with the reporter from Nightline and she kept saying DOM and CDOM. DOM this, CDOM that. I got confused and thought it was reporter talk, so I stopped her and asked, "What exactly is CDOM?" Her reply, "Cumulative Days On Market." I had never heard of this, so apparently San Francisco or Alex is waaaaay behind the 8-ball on that one. It makes total sense and why the hell don't we have that here?! Kevin,
Thanks for the link. I’d encourage your readers to get in on the discussion at theFrontSteps. There’s a good shot at this whole thing getting on Nightline, but you never know.

Lani,

It’s funny you mention this. I just (literally one minute ago) got off the phone with the reporter from Nightline and she kept saying DOM and CDOM. DOM this, CDOM that. I got confused and thought it was reporter talk, so I stopped her and asked, “What exactly is CDOM?”
Her reply, “Cumulative Days On Market.” I had never heard of this, so apparently San Francisco or Alex is waaaaay behind the 8-ball on that one. It makes total sense and why the hell don’t we have that here?!

]]> By: Resetting DOM (Days On Market), Buyers speak up! ABC News Nightline is listening « theFrontSteps…step inside san francisco real estate http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140224 Resetting DOM (Days On Market), Buyers speak up! ABC News Nightline is listening « theFrontSteps…step inside san francisco real estate Fri, 01 Feb 2008 00:53:23 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140224 [...] this just in, Kevin Boer of 3 Oceans Real Estate just put up a nice post as well. Thanks [...] [...] this just in, Kevin Boer of 3 Oceans Real Estate just put up a nice post as well. Thanks [...]

]]> By: Lani Anglin-Rosales http://3oceansrealestate.com/blog/resetting-the-days-on-market-number-on-an-mls.html/comment-page-1#comment-140220 Lani Anglin-Rosales Fri, 01 Feb 2008 00:45:13 +0000 http://3oceansrealestate.com/blog/stale-tuna-and-resetting-the-days-on-market-chicanery-and-public-health-risk-or-just-plain-old-good-salesmanship.html#comment-140220 I haven't read the other article, so this may be rehashing, but does California not have TWO "days on markets?" In Texas there are two lines (1) ADOM (active days on market and (2) CDOM (cumulative days on market). Withdrawing for freshness doesn't work here, because everyone looks at the CDOM anyway. Am I crazy? I haven’t read the other article, so this may be rehashing, but does California not have TWO “days on markets?”

In Texas there are two lines (1) ADOM (active days on market and (2) CDOM (cumulative days on market). Withdrawing for freshness doesn’t work here, because everyone looks at the CDOM anyway. Am I crazy?

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