Santa Barbara Real Estate

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Anchor or Propeller?

September 17th, 2015 · No Comments · Mark Lomas and Kirsten Wolfe, Montecito Realtors, Santa Barbara Real Estate, Santa Barbara Realtors

Are you familiar with your property’s MLS history? Use to be this category didn’t exist, and now it’s changing the playing field. The day of the forever reoccurring “New Listing” may be a thing of the past…literally! Todays’ Multiple Listing Systems now provide a property’s “Listing History”. Your digital history is now forever an online matter of record. For people “testing the market” can sometimes be the kiss of death when you actually have to sell. Buyers want to know as much information about a property as possible. If your property has been listed multiple times it raises questions. Not always the good ones.

Price to sell or price to hold? Anchor or propeller?  When you list your home to sell how competitive will you be? Every one wants to get top dollar for their home, that’s only natural. Pricing your home based on neighborhood sales, and market conditions is critical.  Pricing your property as close to the “Threshold” of what it eventually sells for statistics show time and again will get you the best price and terms. There are homes on the market here in Santa Barbara that have not only been on the market for months, some have been listed, and re-listed for years? It’s not a secret anymore.

Unfortunately for that particular property owner the Multiple Listing Service now offers the property’s “Listing History.” Any diligent agent can find out how long that seller has been attempting to market their property. And, all good agents will share that information with any prospective buyer.  The game of relisting your home as a “New” listing over and over again is not what it use to be.

Another category is Days On the Market aka DOM. Most MLS services offer the days on the market in two categories. One for the current listing, and a second for cumulative days on the market that reveals that’s property’s previous listings. All in the interest of “Full Disclosure” to prospective buyers.

For more information check out this article  Why Days On The Market Matter To Home Buyers

 

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