Comments on: Ask the Agents! Days on Market… http://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/ Phoenix real estate | Search Phoenix Homes for sale | Real Estate Blog Sun, 21 Mar 2010 14:51:04 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Jay - The Phoenix Real Estate Guyhttp://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11349 Jay - The Phoenix Real Estate Guy Wed, 08 Nov 2006 00:43:38 +0000 http://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11349 Jonathan - don't sugar coat it. Tell us what you really think of DOM... :)I agree completely. Here's my favorite (true) DOM story.House is listed. On Day 2 it goes under contract, full price offer.On day 37, it falls out of escrow, buyer doesn't qualify.On THAT SAME DAY, it goes under contract again, full price offer. On day 54 it falls out of escrow, buyer didn't get job transfer, cancels contract, forfeits earnest money to seller.On day 55 it goes under contract, OVER list price. On day 68, falls out again. Another flaky buyer, another forfeited EM deposit.On Day 69, we get a call from an agent... "My buyer wants to know why the house on been on the market so long. What's wrong with it??"It reality, it had been "sold" 3 times in less than 48 hours of time it was actually available for sale. Yet DOM was showing 69 days.... talk about meaningless!BTW, it went under contract on Day 72 for good. Closed 29 days later. To this date, the MLS shows it was "on the market" for 101 days.... Jonathan – don’t sugar coat it. Tell us what you really think of DOM… :)

I agree completely. Here’s my favorite (true) DOM story.

House is listed. On Day 2 it goes under contract, full price offer.

On day 37, it falls out of escrow, buyer doesn’t qualify.

On THAT SAME DAY, it goes under contract again, full price offer. On day 54 it falls out of escrow, buyer didn’t get job transfer, cancels contract, forfeits earnest money to seller.

On day 55 it goes under contract, OVER list price. On day 68, falls out again. Another flaky buyer, another forfeited EM deposit.

On Day 69, we get a call from an agent… “My buyer wants to know why the house on been on the market so long. What’s wrong with it??”

It reality, it had been “sold” 3 times in less than 48 hours of time it was actually available for sale. Yet DOM was showing 69 days…. talk about meaningless!

BTW, it went under contract on Day 72 for good. Closed 29 days later. To this date, the MLS shows it was “on the market” for 101 days….

]]> By: Jonathan Daltonhttp://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11347 Jonathan Dalton Tue, 07 Nov 2006 21:32:11 +0000 http://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11347 Days on Market is irrelevant, for starters. And also archaic, imbecilic, asinine and otherwise worthless. My branch manager likes to tell of the good ol' days, when a listing agent couldn't disclose that information without breaching their fiduciary responsibility to their seller.How long has it been on the market? Who cares? Maybe it was priced too high. Maybe the angels preordained it was you who should buy this house and helped keep others away the entire time. Maybe the prior agent did nothing to sell the home.It's <a>not a material fact</a> about the home and ought to be abolished, if not entirely, then at least until the transaction closes. Days on Market is irrelevant, for starters. And also archaic, imbecilic, asinine and otherwise worthless. My branch manager likes to tell of the good ol’ days, when a listing agent couldn’t disclose that information without breaching their fiduciary responsibility to their seller.

How long has it been on the market? Who cares? Maybe it was priced too high. Maybe the angels preordained it was you who should buy this house and helped keep others away the entire time. Maybe the prior agent did nothing to sell the home.

It’s not a material fact about the home and ought to be abolished, if not entirely, then at least until the transaction closes.

]]> By: Jay - The Phoenix Real Estate Guyhttp://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11346 Jay - The Phoenix Real Estate Guy Tue, 07 Nov 2006 19:12:48 +0000 http://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11346 Yep, it's kind of hidden, but there is a wealth of info there... Yep, it’s kind of hidden, but there is a wealth of info there…

]]> By: John L. Wakehttp://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11344 John L. Wake Tue, 07 Nov 2006 18:33:19 +0000 http://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11344 Jay,I found the play by play of the listing under the MLS# Search, Archive Report.Excellent. Thanks. Jay,

I found the play by play of the listing under the MLS# Search, Archive Report.

Excellent. Thanks.

]]> By: John L. Wakehttp://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11341 John L. Wake Tue, 07 Nov 2006 06:36:02 +0000 http://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11341 Jay,Thanks for the tip on finding the original price on active listings in ARMLS. Can you find the price history as well? When the price was changed? Jay,

Thanks for the tip on finding the original price on active listings in ARMLS. Can you find the price history as well? When the price was changed?

]]> By: Jay - The Phoenix Real Estate Guyhttp://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11337 Jay - The Phoenix Real Estate Guy Tue, 07 Nov 2006 01:56:01 +0000 http://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11337 Hey BB, thanks for stopping by and commenting!CDOM is relatively new here, been in place a year, year and a half. Before that, the same games were played here too. It has helped a great deal. Hey BB, thanks for stopping by and commenting!

CDOM is relatively new here, been in place a year, year and a half. Before that, the same games were played here too. It has helped a great deal.

]]> By: Broker Bryanthttp://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11335 Broker Bryant Tue, 07 Nov 2006 00:24:47 +0000 http://www.phoenixrealestateguy.com/ask-the-agents-days-on-market/#comment-11335 Jay, We don't have CDOM in my area but I sure wish we did. Realtors are constantly playing games with their listings to bring DOM back to 0. We are able to click on property history though that will give is the history of the property in the MLS going back, I think, 5 years. I do agree with you though that DOM is given way to much merit anyway. I have had listings that were priced right and sold like hot cakes but unfortunately there were several deals that fell through. Because of this DOM was very high when in reality the house was sold very quickly. So you just never know. Pull comps. That's the best way to make sure a house is priced properly. Jay, We don’t have CDOM in my area but I sure wish we did. Realtors are constantly playing games with their listings to bring DOM back to 0. We are able to click on property history though that will give is the history of the property in the MLS going back, I think, 5 years. I do agree with you though that DOM is given way to much merit anyway. I have had listings that were priced right and sold like hot cakes but unfortunately there were several deals that fell through. Because of this DOM was very high when in reality the house was sold very quickly. So you just never know. Pull comps. That’s the best way to make sure a house is priced properly.

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