Relist, refresh, deceive
According to an article I noticed on the Inman News blog, "A Rhode Island Realtor lodged a complaint with the state Realtors association and the state Department of Business over listings information collected by the MLS that he said could be harmful to consumers." Please read the entire article, I could tell you how long this home's been on the market, but then I'd have to kill you.
I discussed the practice which is especially noticeable around the first of the year when real estate agents relist in order to get a fresh new 2007 MLS number. Please read my post, the unrepresented buyer. As you read the article, you'll notice the agent indicated that it was especially harmful to sellers by revealing how long a property has been on the market and how many times the price has been cut and would help the buyer's position during the negotiation.
It's called transparency. It's simply information that buyers are wanting to know if and when they consider an offer. It's one of the first questions I get asked by buyers, "how long has the property been on the market?" The first thing I look at when I'm helping a buyer is the real history, including any relisting for the true information for time on market.
Of course it hurts the seller if the home was priced too high, has sat on the market too long and has had numerous price reductions. It could have been priced right from the start. That was the seller's choice. If you think you can get greedy and get more, you might be surprised that in fact, you'll get less.
And the agent brought the complaint for what reason. It would be harmful to consumers, but only to consumers who are selling rather than buying. Please!
Thankfully, the complaint was dismissed.