Truth in Advertising, Huh?

By
Real Estate Agent with Keller Williams Elite Realty b3209670



I live in an upscale , gated, golf community that has about 50 agents as residents and another 20 that like to farm it. The result is that I get some of their “market reports” which contain information that is supposedly of value to potential sellers.

I say “supposedly”, because the information provided, while accurate to the extent it is taken from our local MLS, does not tell prospective sellers or even buyers what the true history of the properties in the report.

A quirk of our MLS is that every time a property is off the market, be it one day or four months, the “days on market” clock starts over. So for example there is a home currently listed for $1,279,000 and is noted as being on the market for 110 days. In reality the house was listed
6 ½ years ago! It has been off the market no more than four months twice in those 6 ½ years,. The agent has not changed but the price has come down from $1,750,000.

Which brings me to my next point, one of our bigger sales took place last summer when a home listed at $1,995,000 sold for $1,800,000, as reported, in just 96 days! The reality is that the house had been for sale for 1,155 days and was originally listed for $2,650,000!

Don’t buyers and sellers deserve to have the whole story?

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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
We have options on our MLS reports that show the original list price versus the final list price to sales price. When I'm meeting with sellers who want to jack their price up I will show them original prices and the full history to show them what really happened with the property.
May 16, 2012 02:03 PM #1
Rainmaker
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Mike Kozlow, CFP®, MS-FP, GRI®, ABR®
Keller Williams Elite Realty - Bonita Springs, FL
Broker Associate

Cindy, that would be helpful here. It seems that it takes too much effort to do it right.

May 16, 2012 07:10 PM #2
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Mike Kozlow, CFP®, MS-FP, GRI®, ABR®

Broker Associate
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