New Jersey real estate agents who remove a stale listing from the MLS and relist it, create a new DOM, thereby erasing the “days on market” stigma that attaches to property that has not sold. Not only does the relist appear as newly listed, it does not reveal any price reductions. It appears to be perfectly legal to do this in New Jersey reports the Star-Ledger, which got access and confirmed the relisting effect. (full article requires subscription). The practice may extend beyond New Jersey.
The dreaded “days on market” stat is used by the savvy home shopper to get a better deal. It also turns many away from even looking at the home, unfortunately. Since MLSs appear to know of the practice and allow it, it must be in accordance with their Code of Ethics. Brokers should not be faulted for doing something that is not prohibited.
If a seller relists with another broker, that new brokers listing creates a new DOM. Does anyone see a problem with this practice?
H/T Glenn Roberts for Inman Blog .
