All Forum Posts by: Bijou Marguerite

Hi, everyone,

I'm looking to see if I can clarify my understanding on Days on Market with the help of this community. Thank you in advance!

I listed a residential property in early July through an agent but was unsuccessful in selling it. In early/mid October, through the recommendation of my then agent, I took it off of the market. His rationale was to reset the DOM by having it unlisted for 90 days and then re-listing it in mid-January. This way, it it would appear to be a new listing when the Chicago market would start to pick up steam again. This same 90-day period was also conveyed to me by another local agent, so I didn't think anything of it.

However, recently, a third agent (who would like to represent me) told me that a 90-day period doesn't matter and that a property can be taken off for even a day and then would have its DOM reset to zero upon re-listing it a day later. They mentioned something about needing to justify why it's being taken off and then being re-listed, but I wasn't quite tracking.

This struck me as strange given what I was told previously, and I don't know how to make sense of it.

Moreoever, in looking online, I see that some sources note that, in Chicago, a property needs to be unlisted for 6 months(!) to reset the DOM.

Additionally, it seems like there are nuances regarding Average Days on Market vs. Cumulative Days on Market, and also whether the agent re-listing the property is a different agent from the original listing.

Since many of my sources (these agents) have an inherent bias, I would like to see if anyone here might be so kind as to break this down for me. I don't want to jeopardize resetting my DOM by re-listing now (after only ~45 days off of the market). But if 90 days is irrelevant, that changes my thinking.

All of this said, I'm also unsure of how important DOM even is these days when it comes to property listings. Do others here think it has value, even when a buyer/buyer's agent can track a property's full history pretty easily on the web?

Thank you for reading :)