Hey that’s not fair – I just wasn’t ready – I call a do-over!
When I was a kid on the playground, if a game wasn’t going well or if you thought that you just weren’t ready you could call for a do-over. Funny thing about kids – they grow up and become adults and yet they still want a do-over. Things never change.
I was out looking at homes with a couple that works at intel. The husband asked me how many days a particular home had been on the market and I told him 28. He glanced down at the MLS sheet and noticed that there were two different figures stated for the days on market. The MLS sheet looked something like this;
Huh? What? Why the two different numbers when all my client wanted to know was how many days the home had been on the market?
Nothing sells better than new. Nothing attracts more attention than a NEW LISTING!
Let’s imagine a home goes on the market and the agent is not quite ready with the marketing material. It goes into the MLS without pictures but that’s okay right? In addition the seller promised to get those back bedrooms cleaned up but they just didn’t quite get to it. Or let’s imagine that the seller wanted to try at a higher than market price…..you know so they can lower it later. Whatever the reason, you can see how a seller and their agent might be motivated to ask for a do-over. In order to combat the technique of agents pulling homes off the market, only to re-list them a day later, the CDOM was invented. It forces agents to keep properties off the market for 30 or more days before they can re-market them as new!
In the example above, the home was listed for 28 days but was pulled for whatever reason. Had the home stayed off the market 30 days or more, when it was re-listed, the DOM – Days On Market – would have been re-set and there would be no CDOM – Cumulative Days On Market. However, because the agent did not wait the required 30 days, the DOM was re-set, but the CDOM continued forward. In this way, the consumer could see that the home had been pulled and re-listed in under 30 days.
So in review, as a savvy home-buyer that now understand the difference between DOM & CDOM just keep this in mind;
In real estate, people like to call for a do-over!