I think it’s a good piece of information to know because it might effect the way that you would approach a negotiation. Generally speaking, a home that is just listed is less likely to consider a substantially lower offer than a home that’s been on the market for months – all other things being equal.

http://www.annaluther.com/Detail.aspx?mlsno=28095961

Agreed. This is vital information for the buyer.

“What do you say to sellers who ask, “Can I cancel and relist this as “new”?

No

Short answer, and this was one of the reasons that NOT having CDOM used to drive me plain NUTS. I pride myself on giving sellers the accurate data and the TRUTH so they can make their best possible decision. In the days before CDOM, the data was corrupt. Post CDOM, the true market time was finally disclosed to both sellers and buyers. Now the NWMLS has effectively put an end to the cancel / relist abuses. Thank goodness!

All cancel /relist did in my opinion is to give the seller a pacifier instead working toward the correct solution of better market positioning (translation– PRICE REDUCTION).

Despite our best efforts, not all sellers see it our way. Some of the most enjoyable listing appointments I’ve had are the listings I have turned down…..and then watched those stubborn sellers rack up 1 – 2 years of CDOM after going through several agents!

Your example of the house being listed the second time for 40k more shows an unrealistic seller who is adament to net a certain amount, and who ends up losing in the long run.

The second agent may have thought to try for “gold ring” perhaps with better marketing to make sure more potential buyers saw the property, and who also expected the seller to be willing to lower the listed price to more a more realistic market price after a reasonable time. But it looks like the seller is chasing the market down and has lost the race since the other property was listed and went STI in four days at $1,272,000.

They had better reduce the list price to something very, very close to that other houses’ list before it closes, or they may be sorrier still when the actual selling price is recorded.

If and agent doesn’t want to come in as a second agent and put up with “tough marketing”, pass on the listing. There are pleanty of agents would would be wililng to take it on because you STILL get paid when it sells. If it’s 2 days or 2 years, you still get paid.

I still think it is every buyer’s right to know how long a property is on market. I don’t understand Leanne’s position that it shouldn’t be revealed because it may hurt the seller for the buyer to know the truth.

I think it is just the difference between agent-centric and consumer-centric speak…again.

From the agent’s standpoint it is a “new listing” for them. Hence Leanne’s feeling that it is “a new listing” and not on market yesterday (with them as the agent).

From the consumer’s standpoint, they don’t give a RA who the listing agent is and how long THIS agent has had the listing, or WHY it’s been on the market so long. They want to know how many days it is, hear all fo the “excuses” as to why it’s been on market so long, and come to their own conclusion.

The advantage for the buyer should always be having all of the relevant and truthful facts. Agents deciding which facts the buyer should have or shoudn’t have…well let’s just say those days are OVER.

What do you say to sellers who ask, “Can I cancel and relist this as “new”? I’m sure you get that question as often as I do. Why are they thinking they can be “new on market”? I’ve never quite figured that out. It’s like asking “Can you please lie to the buyer to make the situation look better than it actually is?”

“Time is the enemy of the Seller.”

When properties sold in a matter of days, sellers ruled the roost.

Now buyers have a distinct advantage in most regional markets areas..

This is the way of markets.

If I see a house 10% over my budget with a DOM of 200, I think “this might just be the house for us”. It’s obviously over-priced if it hasn’t seen any action in 200 days, so I might consider spending time putting together an offer.

Leanne – a obviously completely disagree with you. Why wouldn’t you want a buyer to know all the info so they know whether to waste the seller and agent’s time? Publish the form 17 is well. In fact, I’d go further. I’d make it a law that all past inspection reports be cataloged in a library and be public information.