#1 What is the difference between DOM-M and DOM-P?
Both of these terms refer to Days on the Market for a house for sale.
DOM-M stands for Days on the Market-MLS. Or the number of days this exact MLS listing has been on the market (not the home, but the MLS#).
DOM-P stands for Days on the Market-Property (other states call it C-DOM Continuous Days on the Market). So regardless of the number of different Realtors, or same Realtor relisting, it shows the total number of days the property has been for sale. (A house has to be off the market for 90 days to reset to 0 DOMP see details on MRIS blog)
- I have found that the average MLS listed home in Northern Virginia drops 8% (including seller subsidy, see older post) from the real first MLS listed price (sorry, but no public MLS system shows the starting price if it was relisted).
- However a home that sells within the first 10 days sells for only 1% below list.
(sidenote: Some disagree, but I have found a strong correlation to DOM and % off list price. The longer it sits, the lower it goes. I even created something called the Frankly Price Predictor, where I give an estimated price for Active listings based on the Days on Market. Should I put that back on FranklyMLS?)
FranklyMLS.com is one of the only sites (out of 33, see all here) that will show you both the DOMM and DOMP (most show neither). See a sample search for Arlington Homes. We think it is important to have as much data for the consumer as possible.
Examples: Property has been 85 days with one Realtor, and then 10 days with another. That would show up as: DOMp/m= 95/10
Tricks: Where there is data, there are Realtor tricks (more here on MLS DOM fudging).
- Fat-Free Fudge (ie legal). An agent relists their own property in order to reset the DOMM (but not DOMP). This is allowed. I don’t like it and it has a ton of drawbacks (like buyers that have your homes saved, suddenly think it is sold). Advantages: a) looking like a new listing for sites that don’t show DOMP b) The “Original price” is reset (only a few sites show this as well).
- Full of Fat Fudge (illegal). An agent manipulates the tax data with ID # 00000 so that it resets the DOMM and DOMP. The fine for this was $50. After my expose’ was mentioned in BusinessWeek, the fine is now $1,000. Blogging for a purpose= Priceless