Last week I mentioned the addition of the CDOM (cumulative days on market) field coming soon (September 2007) to listings in our MLS. Keeping the improvements coming, this week the powers that be announced that effective September 1, 2007 “A listing that has been in any off-market status (expired, withdrawn or temporarily off the market) and is being activated by the same company or firm in less than 30 days of the off-market-date of the most recent MLS must be updated to the “Back on Market” (BOMK) status.” […rather than with a status of “New”.]This means that agents no longer will be allowed to remove their “stale” listings from the MLS and then immediately re-list them simply to obtain a status update of “New” on those listings.
This new Property Re-List Policy went on to say that, “A listing that has been in an off-market status (expired or withdrawn) may be re-entered as a “new” listing [only] if it has been off of the market for at least 30 days.
These are definitely changes for the better. Why the change to the rules? According to the new policy, “to enhance the accuracy of the statistical information generated through the system, and; to increase the accuracy of the data base for all members.” …And I know you guys have got to like that.
NVMojo
Seems pretty upfront to me.
Move to Reno?
Should change the 30 day period to 60 days in order to improve the accuracy of the statistical information generated by the MLS system.
Reno Ignoramus
It’s going to very nice to see the end of the same old tired listings showing up as “new” every 60 days. And there will be a benefit to realtors! Now they won’t have to worry about putting up a “new” listing in July with snow on the front yard, or a “new” listing in January with lush green grass. We’ll all just know the listing is now 300 days old.
Reno Ignoramus
And think of how this will impact Diane’s monthly market report. She will go from saying “the average house in this price segment sold for X dollars after 83 days on the market” to saying “the average house in this price segment sold for X dollars after 432 days on the market”……