A listing has been on the market for 30 days, agent withdraws listing and re-lists it as new so it comes up fresh with a new ml#. Another 28 days or so goes by, still not sold, and the agent repeats the process and relists it again. I see some agents do this again & again & again & well you get the idea.
This is such an old school trick to me. I cannot believe that agents are still doing this. First of all, in my opinion,
buyers do not fall for this. With all of the IDX and search sites out there, they usually know when this has happened. I've had buyers say to me, that house came up as new on my morning report but I know it's been on the market for months.
The buyers that do think it's new or hasn't been on the market that long are more than likely working with a buyers agent and are going to find out the total days on the market from their agent anyways.
I can see doing this strategy maybe one time, under certain circustances and that would probably include a drastic price adjustment to go along with it.
For the most part though, in my opinion you're not fooling the consumer, you are just screwing up the actual market statistics.
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Mike Mitchell -REALTOR®
Real Living Kee Realty
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