After years of sluggish activity, many homeowners were counting on a busy spring market this year. However, contrary to the forecasts and expectations, the market recovery has been slow. Home sales have fallen significantly compared to last year, and prices have also dipped in response. Even properties showing high values on a house value calculator in Canada are not pulling in top-dollar bids. On top of that, homes are spending more days on the market now than they usually do. Consequently, more home sellers and listing agents are relisting their homes to reset the Days on Market (DOM) count and give their stale listing a fresh start. If you are also putting your house on the market soon, you must know the ins and outs of this relisting strategy.
Understanding Days on Market (DOM) vs. Cumulative Days on Market (CDOM)
Source – The Canadian Home (GTA Housing Market Trends)
DOM (Days on Market) refers to how long your home has been active on MLS under your current listing agreement. CDOM (Cumulative Days on Market), on the other hand, tracks how long the property has been for sale in MLS across all listing agreements. So, when you relist your home under a new listing agreement, the DOM resets to zero, but CDOM does not. The CDOM clock keeps ticking and includes the previous listing days unless the home has been off the market for a certain number of days, usually around 30 to 60 days. Let’s assume this scenario to understand DOM and CDOM better –
Your home was listed on MLS on 1 March and then delisted (taken off MLS) after 30 days, i.e. 31 March. Then, after 25 days off the market, you signed a new listing agreement, and your home is listed again on the MLS. So, as of 26 April, the DOM will be 2. But the CDOM will be 32 (it includes the 30 days from the first listing, plus the 2 days).
How a Higher Days-on-Market Count Can Work Against Home Sellers
1. New Listings Get the Most Attention – But That Doesn’t Last Long
A home usually gets the most attention during the initial days of listing, usually within the first 10 days. Why? Homebuyers constantly chase the latest MLS listings, often setting up alerts so they are the first to know. MLS platforms and real estate websites also prioritise new houses, ensuring these hot listings are at the top of search results. However, your home may get lower offers and attention once that time window passes.
2. It Creates a Negative Perception Among Buyers
Homes that sit unsold for long create the impression that something is wrong with them. This negative perception can deter potential buyers from even considering your property.
3. Lowball Offers Are More Likely
Buyers often use a home’s long DOM as leverage to offer much lower than your asking price. Buyers might disregard your asking price even if you can justify it with reliable home value calculators in Canada and comparable sales data.
When It’s Time to Relist Your Home And How to Do It Right
Now that you know what DOM and CDOM are, let’s understand when you should relist your home and how to do it.
The Right Time to Relist and Reset Your Home’s Days on Market
➔ When It Has Been Sitting Too Long with Barely Any Interest
Has your home been on the market for weeks or months without any showings or offers? If so, that is a sign you must relist.
➔ When You Have Made Major Improvements Since Listing
It makes sense to relist when you have done key renovations since first putting your home on the market. This way, you can showcase the updated version of your property with new photos, a stronger listing description, and a chance to reach fresh eyes who may have overlooked it before.
➔ When You Are Switching Real Estate Agents
If your current real estate agent is not meeting your expectations, it makes sense to break the listing agreement with the realtor and relist your home.
➔ When the Market Has Shifted in Your Favour
If the housing market has heated up since you first listed, relisting your home can help you take advantage of the new momentum and get a better price.
➔ When You Want to Change the Price Without Raising Eyebrows
Did you hurriedly set the asking price without checking the estimate of your home value using comps data? If so, that may be why your home is not attracting enough buyers – you have set the asking price too high. Sure, you can lower the price on your current listing, but that price reduction might raise buyers’ eyebrows. However, when you relist, you get to start fresh, with a new price and no history of reductions.
How to Delist and Relist Your House in Canada
➔ DELISTING
If your home is still under a listing agreement, you must formally cancel that agreement before you can delist it. Usually, most listing agreements in Ontario are for 60, 90, or 120 days. But if you want out earlier, you have to go through the proper steps –
First, let your real estate agent know why you want to take your home off the market. Once you and the listing agent mutually agree on the decision, you (the home seller), the listing agent, and their broker of record must sign a form to end the agreement. After the termination of the listing agreement, your listing agent will remove your home from the MLS and other real estate websites.
➔ RELISTING
Here is a key thing you should remember when relisting your house in Canada –
If you relist your home too soon after delisting it, the DOM will reset; however, the CDOM will not. Yes, as mentioned, most MLS systems require a home to be off the market for at least 30 to 60 days for the CDOM to reset. Hence, if you are relisting your home, especially to reset the longer days on the market count, remember to wait the required period before relisting. You can relist your house and put it on the market again once the wait period passes.
You can sign a new listing agreement with your previous realtor to relist. However, if you were unhappy with the previous realtor’s services, you can hire a new one. Either way, the listing agent will relist your home on the MLS with a new ID, and your DOM and CDOM will reset to zero.
What Else Can You Do Besides Relisting?
Relisting might not be the smart move for you if none of the above circumstances resonate with your situation. In such cases, you must adjust your price strategically, upgrade key features, or refresh your listing with new photos without relisting. With the help of these strategies, you can still get top dollar for your home even in this slow-moving market. The key is to be flexible and work with the best listing agent in Ontario who knows how to make your home shine.