There's Nothing Like a Deadline

Posted by Dave Fratello on Wednesday, January 30th, 2008 at 4:49am.

As MBC reported just 10 days ago (hat tip, Kaye Thomas), the merger of the local MLS into a larger one with stricter rules is just around the corner.

That means that, by Feb. 4 – when the merger takes effect – if you haven't pulled a bogus re-list on your longtime listings, it will difficult to refresh the DOM clock again. Agents can't cancel and re-list alone; they'll need broker approval. Experience, we're told, suggests this could mean the end of bogus re-lists.

Just think: Listings will be stuck with their current DOM, plus all the new days the listings accrue in the future.

Despite the imminence of the Feb. 4 deadline, surprisingly few listing agents have taken action in January. Quite a few homes took a week or two off for the holidays and came back "fresh," but almost all holdover listings from before the holiday season have stayed where they were.

But not everyone's missing the deadline. In a flash Tuesday, the new home at 516 24th was re-listed. Out went MLS # S955977, and here came the all-new # S961440. (Click address above for home details via Redfin.)

Now, perhaps this was one of those "new product" re-lists we were reading about the other day in the Daily Breeze. Let's recap the words of a local pro:
"My contention is that when you have a piece of property, and you change it $100,000 in price, it's a new piece of property. It shouldn't be penalized by the number of days on the market that it was at another number. It's a new product."
It seems like the only test proposed here is: Did the price change? By $100k or so?

We might add, as a corollary, did something else change to make it a "a new piece of property" or a "new product?" (Remember, twice we've seen listings literally change their addresses after coming on the market – now that's a change.)

We've got a printout of the old listing for 516 24th. Checking...

Nope, same address, same description and same price ($2.495m) in the new entry. Same listing agent, too. Only difference now is the new DOM (0), replacing 118 DOM, by our count. (The listing started Oct. 4, 2007.) Must be bogus, unless we're missing something.

Now, faithful readers know that MBC is not criticizing the home here, just the re-list. We literally labeled 516 24th as our favorite new home in a Christmastime post (see "Mrs. MBC's Xmas List") and in a follow-on article with photo in the Easy Reader. The style is crisp and beachy, and we were able to see past the lack of a yard and proximity to the school. It seems that the market has rejected the price so far, but someone will be glad to grab this home for the right price later.

As to the 4-5 dozen SFRs west of Sepulveda with ever-higher DOM counts, there's less than a week now to follow the lead of 516 24th, and re-list ASAP. C'mon, folks, deadlines are a time to focus.

Unless you know that it just ain't right.
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