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As a Cambridge real estate agent, the city squares of Cambridge, Somerville and Medford and the town centers of Arlington, Watertown and Belmont, Massachusetts are my home turf. And as a lifelong New Englander who’s lived within twenty miles of Boston most of my life, I can introduce you to other nearby towns as we search for your new home. If you’re planning to sell your home in Cambridge, MA or nearby you’ll find plenty of info about the home selling process here too. Questions? Send me an email or call me at 617-504-1737.

Days on Market Hangover Shortened

MLS lightens up

MLS Lightens the Days on Market Ball and Chain

A number of years ago our local MLS, MLSpin, changed their policy about days on market for properties listed for sale. The new rules meant that a property that had been taken off the market would retain the days on market number when it was relisted. While it was arguably good for buyers who often think that days on market or “DOM” is a reflection of the property’s value relative to price, it really wasn’t a good policy for sellers.  That days on market number was a ball and chain that you carried with you as a seller or listing agent.

The only way to clean the slate and set the DOM ticker back to zero was to keep the property off the market for more than 90 days.

MLSpin recently announced that their Board of Directors has voted to change the period for the DOM “cure” to just 60 days.  Hurrah!  Under the new rules a property that’s been off the market for 61 days or more will be relisted on the MLS with a DOM of zero.  No word yet when the change to MLS policy will be enacted.

As a seller you want to be sure when your property comes off the market to clarify its status with your agent.  The status must be either Expired or Cancelled.  If you agent changes the status to Withdrawn you won’t be able to escape the days on market hangover no matter how much time elapses. 

Buyers should be pleased with this change too since it means that more properties may be relisted earlier in the season – and we’re all anxious for new listing to come on the market.  Buyers would also be well served by worrying a bit less (a lot less?!) about days on market.  If the property is right for you that’s what counts most – despite the DOM tally.

Categories: Seller Info

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