Can the List Price increase on a Pended property?
The action of increasing the List Price when a property has Pended is not expressly prohibited. However, it does pose a risk to the quality of the listing data. As the success of our industry and community rely on the quality of data captured within the BLC®, it is important to understand the potential impacts that this practice may have, both in the short and long term.
As an example, if the posted List Price of a property is increased to match an Offer, the listing is then at risk of having an inflated price if the offer falls through, resulting in a subsequent price reduction in order to bring it back in line with other comps in the area.
Although MIBOR understands the motivation behind this trend, we encourage members to refrain from adopting this practice in an effort to ensure the BLC® will continue to be the definitive source of accurate data across our industry and within our local marketplace.
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