I’ve blogged about this before but it was a long time ago. This topic is also being discussed on a Realtor message board I participate in so I thought I’d mention it again here.
It used to be that a Realtor could cancel a listing on the MLS, then relist it. This would create a new MLS Listing # and start the Days On Market (DOM) over again.
Over a year ago, the Central Coast MLS added a Cumulative Days on Market (CDOM) in addition to the Days on Market. If a property has been listed with any Realtor in the last 90 days (I think it’s 90 days), then the Days on Market for that listing period is added to the CDOM. So even if you switch Brokerages, the CDOM will reflect the amount of time the home was on the market with the other Brokerage (or Brokerages).
Now that homes are staying on the market longer, CDOM will give you a property’s “real” days on market.
Based on the discussion on the Realtor message board, there still are a lot of areas around the country that don’t have a Cumulative Days on Market in their MLS system.
BTW, the reporting tool I use on my Just Sold reports only lists the DOM. They don’t give me a choice to display the CDOM.
Unfortunately, it appears not every Realtor wants their clients to see home statistics. This has forced me to move some of my informational reports behind a username/login. The good news is this will allow me to provide even more info to my clients.
If you go to the Just Sold reports section, you’ll see the link to request a login.
I also updated the reports with latest Solds.
http://www.slocountyhomes.com/just_sold.htm
(if you don’t see the link to request a login, hit “refresh” on your browser)
My downtown SLO condo listing had a price reduction to $339,900. See info here:
www.680chorro.com
I ran across this site which details an unhappy dealing with a Realtor.
http://www.whyweichertsucks.com/theStory.html
Some comments:
Make sure you understand that when you sign a listing agreement and put how long the listing agreement goes for, you are contractually bound to that Broker unless you have a cancellation clause. The listing agreement and other forms Realtors use in a transaction can be modified or added to before you sign them. Some people think that all you can do is change dates or other items where there is a place to fill something in but that’s not the case. These forms are created by the California Association of Realtors by their lawyers to try to help with real estate transactions and be fair to both sides of the transaction (and keep people out of court, including the Realtors). But, if you wanted to put conditions that had to be met (like certain advertising of your home), you can add that to the agreement and give the Broker the option of signing the agreement or not. This will make it clear what you expect and then have the right to terminate the listing agreement if they aren’t provided. If there are promises made in the listing presentation, just get those in writing and make them part of the listing agreement, with consequences if they are not met.
As for open houses, these are a way for agents to generate Buyer leads. Very few homes are sold via Open Houses but I would classify them in the category of things that “can’t hurt”. Larger Brokerages have plenty of agents looking for business so if you list with one of these and want Open Houses, the Listing Agent shouldn’t have a problem getting an agent to host it as frequently as you want. In fact, my Brokerage pays for the Open House ads in the weekend paper as a way to help agents get business and encourage agents to host Open Houses.
Just keep a perspective on what sells homes. These days, having a good Internet exposure for your home is twenty times more important than Open Houses.
I received a flyer in my mailbox at my office from All Star Home Repairs & Electric. It’s owned by Shawn Maldonado who is a contractor. According to the flyer, they do all sorts of work including:
- dry rot and termite repair
- non-conforming correction
- water heater straps/water heaters
- drywall and stucco repairs
- electrical and plumbing repairs
- roof and gutter repair
- junk removal
I’ve never used All Star so this is not a recommendation. I’m blogging about All Star since it’s sometimes hard to find someone to fix something that comes up during an Escrow or when you are getting a home ready to go on the market.
His phone number is- 489-3416 (office) 709-4848 (cell)
Ryan’s Mortgage Blog:
I am still up in the Bay Area attending meetings and seminars and thought I would share some useful info that I just read from our company’s “Guide to Mortgage Planing”. It is regarding escrow and typical things that may affect the ability to close a loan successfully and on time. From the time the Loan process begins and escrow closes, a borrower’s information is collected at different intervals. Below is a list of 10 things you should avoid doing before escrow closes:
1. Change employers or quit your job
2. Borrow money from any source
3. Go on vacation…making you unavailable to the lender
4. Get marries, divorces, or go on maternity leave
5. Sell major assets
6. Shift credit card debt from one creditor to another
7. Transfer funds from one account to another
8. Open a new bank account or make large deposits
9. Apply for new credit (no credit checks should occur during the loan process)
10. Purchase a car or shop for a car
If any of these items take place or you plan to have happen during escrow, immediately contact your mortgage consultant. I am trying to see if I can get a PDF version of this informative handbook so I can post it on my website and email it to interested people. I can be reached at 805-540-0866, or RBaker@PeregrineLending.com.
I just talked to a Realtor who shared a story with me about an unethical person doing business in our area. The Realtor provided a service to his client and identified a property that the client wanted to buy. He wrote up the offer and wanted to get the pre-approval letter from the client’s mortgage broker to submit with the offer (to stengthen the offer which is a good move). He called the mortgage broker but he didn’t get a return call. He tried the next day and still no response which he thought was strange. He then talked to his client and found out that the Mortgage Broker (who also has a real estate license) told his client that he could get a better interest rate if he wrote the offer for him. This is a lie since the only thing the Mortgage Broker can do is charge less on the closing costs, which he plans to make up by making the commission on the property sale.
I don’t know any other way to describe this other than theft. This mortgage broker just has a real estate license and is not a REALTOR so they aren’t bound by the REALTOR Code of Ethics.
It’s people like this that give the industry a bad name.
When I pass the Starlite Cafe on the freeway when going through SLO (it’s the one on the frontage road by the Los Osos Valley Rd offramp), I wonder why I have no desire to go try it. Especially since I eat out all the time and always looking for new restaurant choices. Well, it looks like I’m not the only one as it’s up for sale. They said they plan to keep the doors open until the end of the year.
In an article in the trib today the owners point to the traffic problem and intersection construction on Los Osos Valley Road but I don’t think that’s the reason why people didn’t go. At least, that’s not why I didn’t go try it.
I hope the next restaurant that goes in has better luck. You can’t beat the visibility you get from the 101.
