One of the often cited problems with property listings and REALTORS® is the Days on Market (DOM) feature. Many consumers have complained ( and rightly so) that most of the time property histories do not reflect true days on market.
I am pleased to note that our local MLS has finally incorporated Cumulative Days On Market(CDOM) into search reports. That means that unless a property was taken off the market for over 60 days the CDOM will reflect the total market time of that property.
As frustrating as it has been for consumers... it has also been frustrating for agents when we are trying to give accurate information to our clients about a property. As most of you know I provide a lot of market information and have been unhappy that CDOM was not part of the market reports offered by the MLS. I think everyone will benefit from this new feature.
Builders were never crazy about changing this feature because many of them put homes on the market before they break ground which can lead to some long market times. I suspect they will either add disclaimers in the remarks section or not put homes up until they are near completion.
If you want to compare market time on townhomes in Hermosa Beach with those in Manhattan Beach, South Redondo or El Segundo you will now get real time numbers. I think this is a great change for agents and consumers.
I am pleased to note that our local MLS has finally incorporated Cumulative Days On Market(CDOM) into search reports. That means that unless a property was taken off the market for over 60 days the CDOM will reflect the total market time of that property.
As frustrating as it has been for consumers... it has also been frustrating for agents when we are trying to give accurate information to our clients about a property. As most of you know I provide a lot of market information and have been unhappy that CDOM was not part of the market reports offered by the MLS. I think everyone will benefit from this new feature.
Builders were never crazy about changing this feature because many of them put homes on the market before they break ground which can lead to some long market times. I suspect they will either add disclaimers in the remarks section or not put homes up until they are near completion.
If you want to compare market time on townhomes in Hermosa Beach with those in Manhattan Beach, South Redondo or El Segundo you will now get real time numbers. I think this is a great change for agents and consumers.
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