As I perusing the listings this morning in the Arizona Regional MLS, I instinctively scrolled to the bottom of the page to see how long one home at been on the market – not as a hammer to be used by a buyer, but to help a seller understand the state of the market.
Lo and behold, the Days on Market no longer were there.
I’ve long argued against including Days on Market on MLS reports because, at its heart, the MLS is a sellers’ tool. Sellers hire us to market their homes and the MLS is the most efficient vehicle for such advertising, since there’s an attached offer of compensation for any agent bringing a buyer who successfully closes escrow.
Attaching a misunderstood number such as Days on Market (Why is the number so high? Is it price? Lack of motivation? Lack of marketing? Lack of buyers? Does it have anything at all to do with the house) is detrimental to the sellers and impacts listing agents trying to sell homes on behalf of their clients.
Unfortunately, we’ve trained buyers to ask about Days on Market and hold this number in such high esteem that you’d believe Moses himself at delivered it from Mt. Sinai. So any change in the presentation is considered major.
Removing Days on Market from the primary agent report is a decent first step. It’s a start and likely will be the end, though I hope not.
For those agents who still want the number, a second report is available that includes the days on market. And for those agents who really want the best idea of what’s happened with a particular property, the one-time archive report now can be included at the bottom of the property listing.
Of course, few agents know the archive report existed. Fewer will probably take the time to select anything other than the default report, especially the newbies who, from what the folks at SUPRA said this morning, continue to rush into the industry for reasons only they can understand.
[tags]Phoenix real estate, MLS, days on market[/tags]