I received a pleasant surprise this morning in the form of the new email newsletter from the Charlottesville Area Association of REALTORS. The newsletter contained the following announcement:
Beginning October 1, the MLS system will track Cumulative Days on Market (CDOM). CDOM is a count of the total time an address or parcel ID has been on the market, as compared to DOM (Days on Market) which is a measure of how long a specific MLS number has been on the market. The rules for withdrawing and re-listing properties will also change on October 1 [. . .]
All I can say about this is. . .FINALLY! This should eliminate most of the DOM gaming that goes on. I can tell you that one of the most frustrating things that I have to do for clients is to try and determine the true days on market for a property. I am hoping that the system will be able to show both the CDOM and the DOM. This way, prospective buyers will know how long a property has been actively for sale, and they will also be able to tell how long the current listing agent has had the property.
I am definitely curious to see how the whole thing works out, and the new rules for withdrawing and re-listing properties should prove very interesting. More to come on that front.
As excited as I am about the change, I am still a firm believer in the Law of Unintended Consequences. I just hope that what should be positive change doesn’t become a snafu.
Time will tell. . .
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