Over the past several months, people have started complain over what they perceive to be dishonesty on the part of MLS, the local company (run by Realtors) that lists almost all of the properties on the market in Eastern Massachusetts.
Up until now, there was nothing stopping a real estate agent from listing a property and, if it didn’t sell after a couple months, taking it off MLS, and then posting it again, as a new listing. The issue was, it then showed up as a new listing, when, in fact, it was an old listing.
This could improve the chances that the property would be seen by people just starting to look for a home. Plus, lots of people think something must be wrong with a property if it’s been on the market for a long time, so by relisting the property, it made it look fresh and brand new.
Starting April 1, however, MLS will institute new rules on how properties are listed. Agent won’t be able to remove and then relist the same property, without everyone knowing that it is the same property from before. (If the property comes off for more than 90 days, however, it will be reset.)
This will make the whole procedure more transparent, which should make buyers happier.
It starts April 1st.
I might have some of the details wrong, so wait for a press release from MLS before taking what I said as the truth.