We Call Out Relistings

Posted by Dave Fratello on Tuesday, April 3rd, 2007 at 6:48pm.

If you take a chance to read the Manhattan Beach Market Updates, you'll see MBC is trying to not let sellers hide their real Days on Market (DOM) or original list prices.

An example today – hardly the worst offender, just the newest: 2612 Poinsettia.

This is new construction in the Tree Section rather close to Ardmore. It first went up for sale Sept. 5, 2006, at $2.399m. It lingered, went off the MLS for a while (holiday break) and came back at $2.375m in February.

Your average internet-browsing buyer didn't know about the (token) price drop, or how long the house had lingered previously. That's relevant information if you are considering buying.

Today 2612 Poinsettia is back again, just like new, at $2.350m. It sports a brand-new MLS # – S944409 replacing S941755.

Look it up today, and you'll see 1 DOM.

Actual DOM: 210.

Consumers need the truth – buyers and market watchers alike. Relisting hides the truth.

Slapping a new MLS number on the listing simply adds a layer of willful deception. (The listing agency is RE/MAX Beach Cities, but let's not pretend they're the only ones who do this.)

If you're a serious buyer, you might not get the wool pulled over your eyes. Your Realtor will have access to more complete data on properties than is found on most publicly accessible MLS searches. (Why should that be so?)

There's a field Realtors can see in their systems labeled "CDOM" right next to "DOM," signifying "COMBINED Days on Market." The mere existence of that data field tells you right away that the practice of bogus relistings is entrenched.

Not everyone who is watching or considering buying in this market will have that resource. So MBC will do whatever's possible to call out the offenders in our little corner of the woods.
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