Sniff Test. Is It Fresh?

So, we are presented with a fresh, crisp new year. New goals, new opportunities, new hopes….and new listings, if you’re a buyer waiting for a fresh batch to come on the market.

But are all new listings NEW?

Savvy real estate watchers know that the local multiple listing service, RMLS, resets its listing identification numbering system at the beginning of each year. Last year’s new listings were numbered in the 6000000 to 6110000 range. The higher the number, the more recent the listing.

New listings for 2007 will start with 7xxxxxxxx. But the new numbering doesn’t necessarily make it new on the market.

The property may well have been on the market in 2006 or even earlier. If the listing agreement expired, or the property was pulled off the market, or had a significant change to the listing (big price reduction, repairs, remodel, etc.), the listing agent might choose to re-list the property to reflect the new status.

Give it the true sniff test. The only way to know if a property has recently been on the market is to ask your broker or agent for a listing history. It’s an easy request for us to fulfill. You might learn it was on the market for 125 days, off the market for a month, and now re-listed. Useful information if you’re considering making an offer.

Technorati Tags: MLS, RMLS, listings, expiration, homes, Portland, Oregon

Photo by portfolium, used under Creative Commons license.

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1 comment January 2nd, 2007