Homes for sale could become harder to find
This tough housing market could soon get even trickier to navigate.
Why it matters: Some real estate companies want to list homes on private networks, fueling fears that buyers might struggle to access them.
How it works: Right now, most homes for sale are widely viewable online and on multiple listing services (MLS), the databases brokers use.
A few brokerages are pushing for more leeway to privately share listings with their agents and clients before advertising them publicly on the MLS.
The National Association of Realtors is considering a rule change this month that could allow it, per HousingWire.
What they're saying: Sellers should have "a choice of where, when, and how to advertise their home for sale," Robert Reffkin, CEO of Compass, one of the largest U.S. brokerages, tells Axios.
Private listing advocates like Reffkin say the status quo hurts home values by making sellers reveal details such as price drops and time on the market.
Reality check: Other real estate experts and consumer advocates warn that moving listings to private networks could limit buyers' access to an already short supply of homes.
It may also prevent sellers from getting top dollar, Stephen Brobeck, senior fellow at the Consumer Policy Center, tells Axios.
Listing on the MLS gives "sellers exposure to a wide range of buyers and [provides] buyers access to a wide range of properties," Brobeck says.
Between the lines: Homes sold outside the MLS typically went for nearly $5,000 less than those listed on the MLS, per a Zillow study analyzing sales over the past two years.
Off-MLS listings often include ultra-luxury and celebrity properties, plus houses sold directly by owners or builders.
Zillow's research excludes new builds and home sales above $10 million, among other caveats.
What we're hearing: "The marketplace is transparent. Private listing networks are the opposite of that," Zillow CEO Jeremy Wacksman tells Axios.
"They are brokerages looking to keep listings out of the public so that you have to work with that brokerage to get access to them," he says.
The other side: Compass cites research showing that homes " pre-marketed" with a Compass agent before hitting the MLS sold for almost 3% more on average.
The bottom line: legal settlement last year.
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