Starting the Clock Again

Rule Change Reduces Waiting Period Before Relisting

When home shoppers see that a house has been on the market for months, they will probably conclude that it's priced too high -- and that there could be room to negotiate a lower offer.

Last week, Metropolitan Regional Information Systems, the Washington area's multiple-listing service, made it easier to hide that information.

The service is the database that real estate agents use to list and find homes for sale, and the information in it is the basis of many Web sites that allow home buyers to shop for themselves.

The change allows sellers to withdraw their property from the market for 90 days, then place it back on the market as a new listing. Previously, a seller had to wait 180 days to do that. As a new listing, it gets more attention from buyers, MRIS says. But others say the change favors sellers at the expense of buyers, who may not know to ask about an earlier failed attempt to sell the house.

The change was made because agents considered the previous six-month resting period too long. Those who favor the new rule say market conditions are changing more rapidly, so 90 days is enough to count as a new market cycle. "The home deserves another look in less than 180 days," said Mary Jo Powell, a spokeswoman for MRIS. The new rule "helps it pop up in the search without changing the facts at all."

Stephen Israel, president of Buyer's Edge, a Bethesda agency that represents only buyers, is indignant about the change.

"If it's been on for three months, that's a very different animal than a property that's been on the market for one day," he said. "It promotes the opportunity for there to be misinformation."

Many Web sites that buyers use to shop do not list how long the property has been on the market, although some, such as Long & Foster's, mark new listings. But agents have access to the password-protected MRIS, which includes days-on-the-market information, as well as the history of price drops by the seller.

The previous attempt to sell the house will still be in the records, but not on the current fact sheet. "Agents know to always look at the property history," Powell said. "So you can't deceive because that's always there."

Kim Bradley, owner of Marquee Properties in Haymarket, works as an appraiser and a real estate agent. She said she has mixed feelings about the change.

From an agent's perspective, she said, "I prefer to see what's going on."

She said that with a little more effort, she will still be able to tell clients all the information they need to make an informed bid.