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You've got questions. We've got answers.

Welcome to the Q & A column where MRED brokers, agents and appraisers get answers to their questions, right from the horse's mouth, every Tuesday.

READ THE ASK MrEd FOR TUESDAY, JANUARY 17, 2017 »

Do you have a great question for inclusion in next Tuesday's Ask MrEd?  Send your questions to askmred@MREDLLC.com.  Don't worry, we'll supply the answers.  We will choose one question to include every week and that person will receive a couple of cups of coffee on us, i.e. a $25 Starbucks Gift Card (enough for some oats on the side).  And every month we will choose a "Best Question of the Month" winner.  Not only will that person get some attention in this email but MRED will come out to his or her office's next staff meeting and serve coffee and donuts on MRED.  Don't worry, we'll pony up!

 


This Week's Winning Question and Answer

Congratulations to this week's winner, Sherry Litherland of john greene Realtor in Naperville! A $25 Starbucks Gift Card is on the way to you. Welcome to the Winner's Circle! Here's the winning question:

Question:  "How many days does a listing need to be off market for cumulative market time to reset to zero?"

Answer: A listing needs to be off market for 90 days for cumulative market time to reset to zero. Here are some other things to consider about market time:

  • Listing Market Time (LMT) is the age in days, of the listing number, as counted from the listing date
  • Listing Market Time appears on agent and client reports
  • Market Time (MT) is the age, in days, of cumulative attempts to list the property, not separated by at least 90 consecutive days off market. The exception to this is if a property previously Closed, then Market Time resets to zero if re-listed within 90 days.
  • Market Time only appears in CMA's, Custom Format reports and in the Listing History, which clients cannot see
  • Private Listings do not accumulate market time
  • Pending (PEND) will freeze market time calculated up to the contract date, but when re-activated will re-calculate back to age, in days, from the listing date.

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