With the current housing market making it much more difficult for owners to sell their property, some realtors have been creatively resetting the “days on market" meter for their clients on their local multiple listing service (MLS). Though many have done so out of good intentions, perhaps not realizing that this is a violation of many multiple listing services, buyers should beware and ask their realtor to take steps to ensure the home they are interested in is not a relisted property.
The targeted homes usually have sat on the market for several months, no longer attracting potential buyers. There are many reasons a home may sit on the market too long. Generally, the reason has nothing to do with the value of the home to a potential buyer. Here are just a few reasons:
Some realtors, wishing to help their clients sell their homes, have come up with ways to manipulate their multiple listing service’s computerized tracking features. By pulling the home off the multiple listing service and immediately relisting it, these realtors do several things:
All of these factors are in the best interest of the seller. Unfortunately, a false sales history puts the buyer on an unequal playing field.
The days on market alerts the buyer and his/her realtor to possible problems with the property. Though many reasons for market longevity have nothing to do with the property, some homes have flaws and issues that make them unattractive to potential buyers. It is easier for realtors to show newly listed homes than to research homes for problems that have been on the market for some time.
To protect yourself, ensure your realtor digs a little deeper when researching the newly listed homes. The agent should investigate the sales history of each home before showing it to you. A diligent and experienced realtor will know what to look for and can spot relisted homes.
John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit San Diego Realtor