"The latest news about a Chicago MLS creating a national MLS for private listings and active listings makes me wonder: Why are facts like days on market and price corrections optional? This is another attempt to control how inventory is disseminated to the public that's disguised as innovation, but it does nothing but add another layer of confusion for consumers and agents."
"When you are selling your home, you want the most exposure possible to get the highest price. The simplicity of our market works brilliantly if you let it. Price it right, market it to everyone and share information transparently."
"True price discovery cannot be gauged without the full participation of the market. When there are multiple bidders on a property, oftentimes the price gets driven up. When you see a packed open house, it tells you the home is very much in demand."
Private listing networks are increasingly prevalent, yet they complicate the real estate market for buyers, sellers, and agents. The narrative surrounding these networks often misrepresents their impact. Key metrics like days on market and price corrections are often ignored, leading to misinformation. Sellers already have marketing choices, and limiting exposure can diminish property value. True market dynamics require transparency and full participation, as multiple bidders can drive prices up. The current trend of private listings may hinder sellers' ability to achieve the best price for their homes.
Read at www.housingwire.com
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