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Days on the Market…does accuracy matter?

Inquiring buyer minds want to know how long has a particular? property? been on the market. Buyers? believe? a long ?time on the market could be a sign of an over priced listing? or other related problems.? They use this to their advantage in negotiating?an offer.? Agents can check data in their local MLS statistics to inform a buyer the number of days a home has been in the market.?The challenge is for the agent to be sure the data they are using is accurate.? Some Agents will take a listing and if the home has not sold in?a certain number of days will use? methods such asremoving the listing temporarilyd? from the market classifying it as expired or?withdrawn.??The property will be brought back?within a short period of time as a new listing.? These agents think? it’s an advantage l to the seller to show the property with less marketing time then the actual?days on the market?and?some agents think they can improve their personal perceived marketing statistics. Buyers given inaccurate information are not able to make an?informed decision about what is in their best interest concerning making the offer.

?Days on the market can affect the sellers who are?trying?to determine proper pricing. How their properties are percived? by buyers? within the first 30? days on the market can be critical and sometimes adjustments are needed. Questions like: Are you getting showings??Maybe your getting?showings and no offers or how about getting no showings at all.? Knowing these answer can help a seller. Concerning the market perception and time on the market an appraiser said the market dictates the price these days.When the sellers list their homes and the statistics used for pricing their properties is not accurate this can mislead sellers down a? path with data that doesn’t tell the real story.

? I am a member of??The Central Coast Regional MLS?the?MLS provides the timing data on??listings as ?DOM (days on the market) and CDOM (cumulative days on the market) showing total days on the market and?whether or not it has been withdrawn, brought back as a new listing, or expired.?The consumer and subscribers ?get an accurate ?picture of what the?property history is and with their REALTOR can interpret the data relevant to their situation.

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