‘Caveat Emptor’ is a common refrain when involved in a real estate transaction. When representing a buyer, I attempt to uncover and pass on any and all relevant information about a property that my client might find useful. One easily attainable yet crucial piece of data is how long the home has been on the market for.
Some 5 years ago (has it been that long already?) I explained that the DOM clock resets back to zero when a property expires and is relisted.
In this brisk market with limited inventory, chances are you won’t be the only interested buyer if you’re writing an offer on a home the same day it was listed. You might think, “this is its first day on market. If I want the home, I’ll need to come in at list price or higher.”
But was the home really just listed? Knowing the history will greatly affect how you approach the offer.
For example, let’s take one home that was “just listed” today. The DOM stat reads: 0 days.
As a buyer, that information is simply not good enough to go on.
When I show homes to my clients, I provide the full listing history along with the MLS® info sheet. Below is what my clients would see (I’ve edited out some identifying info for this post)
Notice that this home was relisted today, but has been for sale since February 25th. That’s a DOM of 296! It has also been listed for the current asking price of $1,199,000 since June 4, or 177 days.
Here’s the breakdown to read the above listing history properly, starting from the bottom up:
- The home last sold on MLS® on March 25, 2011 for $1,123,274
- It was listed on February 25, 2013 for $1,250,000
- The listing was terminated on June 4th
- The listing was relisted on June 4th for $1,199,000
- The listing was terminated on July 31st
- The listing was relisted on July 31st (different agent)
- The listing expired on November 27
- The listing was relisted on November 28
Now with that info in hand, wouldn’t that change how you structured your offer? No doubt about it, which is why the listing history is far superior than the DOM figure.
If you’re looking to buy real estate in the Calgary area and would like me to represent you, feel free to contact me at 403-554-2284 or at firstname.lastname@example.org