“Old Wine in New Bottles”
[Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.]
It turns out that, of the first wave of new Twin Cities listings to hit the market since January 1 (Wednesday) . . . about 30% really aren’t.**
New listings, that is.
Instead, they’re what Realtors call “cancel-and-re-lists.”
Definition, Please
Exactly what it sounds like, a “cancel-and-re-list” is when a home that’s previously been on the market — for months or even years — is taken off MLS, then almost immediately put back on.
The practice doesn’t fool agents: on MLS, the field “CDOM” (for “Cumulative Days on Market”) shows the total market time; another field, “History,” shows all the home’s status changes going back 20+ years.
But, canceling and re-listing does serve to put the home at the top of the new listings pile, however briefly.
That exposure can be enough to draw the attention of Buyers who’ve just entered the market — or second looks from Buyers who’ve previously seen the home.
Which is exactly why Realtors do it.
The Limits of Gimmicks
Of course, if the home was overpriced and under-prepped before, simply zeroing out the (current) “Days on Market” isn’t likely to change anything.
Nor does it help if the home photos are unflattering, stale, or — in the case of exterior shots — obviously lagging a season (or two) behind the calendar.
At least in the Twin Cities now, one of the surest giveaways that a supposedly new listing . . . isn’t, are MLS photos showing a green lawn, leaf-filled trees, and peak Summer landscaping.
P.S.: So, why would Sellers (and listing agents) choose to come on the market just after New Year’s ” not exactly a busy time for Buyer activity?
Call it, “getting a jump on the (2020) competition . . .”
**18 out of 63 homes.
See also, ““New” vs. “Re-List”; and “How Many Days Has That House Been on the Market? It Depends on How You Count.”
