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Jonathan Dalton
REALTOR
ePro, SFR
602-502-9693

Phoenix Real Estate’s Disappearing DOM: It’s a Start

Phoenix Real Estate’s Disappearing DOM: It’s a Start

Jonathan Dalton, Phoenix Real Estate AgentAs 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.

Phoenix MLS

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]

No Comments

  • Jonathan, of course it always depends on whether you are the listing or selling agent regarding the ability to view and use days on market data.

    Transparency demands unfettered access to information.

    And how long did Moses walk around in the desert anyway 🙂

  • 40 years but only because he insisted on seeing every home on the market while he looked for a pre-foreclosure hut that was a “real deal”. In the end I think he ended up renting with a view of Canaan.

    Oy, am I in trouble for that one. 🙂

    It does depend on which side you’re on Howard but I’d argue (and have over and over again) that even on the buying side it’s not a material matter about the house itself.

  • Jonathan, very true, the house is still the house but it helps your strategy. Is it a fresh listing, has it been listed and refreshed by the same agent, have several agents listed the property previously, what was the starting price and what price reductions have been taken all enter your mind as you help a buyer frame an offer.

    btw, Happy New Year and we can atone for our sins in a couple of days.

  • Same to you, Howard …

    Of all of the info you gave that you consider before making an offer, which is DOM dependent? None, actually. You are looking at price, at listing history, etc.

    Those will tell a far better tale than “hey, it’s been on the market 112 days.”

    I received a call on an expired listing of mine yesterday. “Was it a short sale?” No, I said. The sellers were just stubborn.

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