{"id":112675,"date":"2025-02-27T05:25:10","date_gmt":"2025-02-27T05:25:10","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/days-on-market-problem-wav-group-consulting\/"},"modified":"2025-02-27T05:25:10","modified_gmt":"2025-02-27T05:25:10","slug":"days-on-market-problem-wav-group-consulting","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=112675","title":{"rendered":"Days on Market Problem – WAV Group Consulting"},"content":{"rendered":"


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\"businessDays on Market is typically considered a standard MLS data field and not confidential. It is likely that Days on Market can be displayed unless the MLS has specifically prohibited it. However, the rules emphasize that each MLS has the authority to designate which specific fields can be displayed. In markets that limit public display, site owners have changed the field to say something like \u201cDays on Site.\u201d<\/span><\/p>\n

Brokers and agents often discuss Days on Market and list-to-sale ratios in their listing presentations. Agents guide sellers through comparative property listings (comps) by reviewing sold and active listings that most closely match their property. Comps help with pricing and provide sellers with data points that allow them to predict the home sale timeline.<\/span><\/p>\n

A longtime real estate analytics expert who created BrokerMetrics is Peter Krouse. Krouse proved that a property priced below market value sells faster and at a higher final price. An overpriced listing takes longer to sell and ultimately trades below market value.<\/span><\/p>\n

The psychology behind this is fascinating. Many home sellers instinctively believe that if they price their property above market value, they might get lucky. However, luck is not a strategy, and analytics show that this is absolutely the wrong approach. Our conclusion is that consumers and real estate agents involved in a transaction become knowledgeable about pricing. They recognize a good deal when they see one. When agents or consumers encounter an underpriced home, they get excited and act aggressively to submit offers, often stimulating a bidding process that drives up the price.<\/span><\/p>\n

Excessive Days on Market can become a significant problem for sellers. A property listing that lingers well beyond the average Days on Market for comparable listings appears overpriced. Moreover, price reductions over time make buyers (and their agents) believe that the seller is anxious to sell, encouraging them to submit lowball offers.<\/span><\/p>\n

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AI-generated image created by ChatGPT (OpenAI), February 2025.<\/p>\n<\/div>\n

Some real estate brokers view Days on Market and price changes over time as indicators of their firms\u2019 listing performance. With tools that track inventory metrics, competitors can compare their performance by agent, team, office, or company. Properties priced above market value tend to stay on the market longer and undergo price reductions over time. Such data can damage the reputation of a broker, office, team, or agent representing the seller.<\/span><\/p>\n

Redfin Research<\/span><\/a> Provides Some Excellent National Benchmarking:<\/span><\/h2>\n
    \n
  • The typical U.S. home is selling for 1.8% less than its asking price, the biggest discount in nearly two years.<\/span><\/li>\n
  • The typical home takes 56 days to go under contract, the longest span in nearly five years.<\/span><\/li>\n
  • More than half (56%) of listings sit on the market for at least 60 days without going under contract, roughly the same share as in 2023 and 2024. This is down from the prior month, when 61% of listings remained on the market for at least 60 days\u2014the highest share in five years.<\/span><\/li>\n<\/ul>\n

    Some areas, like Miami, are experiencing longer Days on Market due to significant changes in the real estate landscape. The condo market has been hit hard by new building safety update requirements. Additionally, hurricane damage has affected home values and insurability. Consumers are hesitant to purchase homes that have suffered flooding. Natural disasters have a major impact on home values, and these external factors can shift the real estate market.<\/span><\/p>\n

    Many brokers are experimenting with creative seller programs to help price properties advantageously. A common practice is to start the listing as an office exclusive. This allows the broker to share the listing internally with company agents and clients, gaining valuable market insights on pricing and consumer feedback on the home\u2019s condition. Typically, Days on Market do not accrue when a listing is an office exclusive.<\/span><\/p>\n

    If a property receives negative feedback, many brokers offer programs that allow sellers to improve their home before listing. Compass offers a program called Compass Concierge, while other firms partner with HouseAmp to provide similar services. These programs advance funds for home improvements, which are repaid at closing. While work is being done, the listing usually moves into \u201cComing Soon\u201d status, during which Days on Market do not accrue.<\/span><\/p>\n

    The third phase of a listing is MLS Active. In this phase, the listing is widely published online and marketed by all brokers participating in the MLS. Days on Market begin accumulating once the listing goes active. Notably, removing a listing from the market and then relisting it does not usually reset Days on Market. The MLS calculates Cumulative Days on Market (CDOM) if the listing is removed and reactivated under the same firm.<\/span><\/p>\n

    Each MLS must evaluate its policies to ensure they strike the right balance between transparency for buyers and strategic flexibility for sellers. Since the MLS is a broker cooperative, this balance should be determined by the brokers in each market. Opinions on this issue vary widely\u2014some brokers advocate for more transparency for buyers, while others prioritize seller strategy.<\/span><\/p>\n

    Debate is a valuable tool for reaching a reasonable compromise. Furthermore, MLS policies do not need to be uniform across all markets. WAV Group has spoken with brokers in many regions who do not see the debate over clear cooperation as an issue\u2014they have always listed properties in the MLS immediately. In urban areas, however, office exclusives and \u201cComing Soon\u201d programs are crucial to brokerage listing strategies.<\/span><\/p>\n

    MLSs should actively engage with their brokers about these policies. Most importantly, analysis should incorporate both opinion and transaction history. Educate brokers who are unaware of the policy and its implications. Broker surveys, focus groups, and webinars are effective tools for measuring brokerage satisfaction and gathering insights to shape strategy. If you need assistance with this, let us know.<\/span><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"

    Days on Market is typically considered a standard MLS data field and not confidential. It is likely that Days on Market can be displayed unless the MLS has specifically prohibited it. However, the rules emphasize that each MLS has the authority to designate which specific fields can be displayed. 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