Confused by Real Estate Lingo?

I had a question recently from new buyers who were asking about the difference between two terms they had seen in the MLS which had them a bit puzzled and it seemed like a good time to post a short explanation for everyone. These terms are found in the MRIS for the DC metro region.

The two fields are DOMM (Days on Market) and DOMP (Days on Market Property). Most of the times the numbers in the fields are the same, however in today’s market when homes are staying on the market longer we are beginning to see some significant differences in those numbers.

DOMM is the number of days that the property has been listed as ACTIVE in the MLS. When an agent changes the status of a home to temporarily off the market (TEMP), contract (CONT) or expired (EXP) the DOMM clock stops ticking. If the property comes back on the market from one of those statuses the DOMM clock starts ticking again. Each of these status changes also has a date attached to it and an agent can look through the history of a property and see the listing history of a property.

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DOMP is designed to be a running total for the number of days the property has been on the market with the same MLS number or same Tax ID. This is where things can get tricky. If listing a listing expires and then is reentered into the MLS within 180 days from the last active listing date the previous days on the market appear in the DOMP field. So in this case the two numbers (DOMM and DOMP) do not match. In our current market you see this happening more often as listing expire and a new agent takes over the listing or an agent withdraws the listing from the market changes the price and then re-enters the listing with a new MLS number.

Now this is where things can get tricky. There are agents who will withdraw a listing and then put it back in the system with the wrong Tax ID to try and mask the days on the market. A big NO/NO in the eyes of the MRIS and a habitual “cheater” can face significant fines and loss of MRIS privileges if caught. For a buyer who is out looking on the internet on their own this little slight of hand is invisible. For another agent searching the MLS it is easy to spot. If I don’t see a Tax ID associated with a property I am immediately suspicious. There are times when a Tax ID might be legitimately missing e.g. new construction but for the most part it is a J0433917to dig a little further.

I won’t go in to the details of how as agents we have to report our fellow agents to try and fix MLS data but suffice it to say it is a practice that does happen more often than it should. As a buyer it is important that you know the true history of a property you are considering purchasing. DOMM and DOMP are two pieces of data for you to consider when putting together an offer on a property in today’s market.

For more information on important data for you to consider when making an offer on a home you might want to read What is Missing from Your Monthly Marketing Report or give me a call and I will be glad to help you look for your new home!

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