Arlington, Texas 2021-05-11 12:30:54 –
This regularly scheduled sponsored Q & A column is written by Eli Tucker. Arlington-based National Association of Realtors member And a resident of Arlington.Submit your question to him on mail For response in future columns. pleasant!
Question: My friend found an off-market home through a neighbor. Is there data showing how many homes were sold before they hit the market?
Answer: Most people think that pre-market and off-market home sales are much higher than they really are. The data used to determine the potential for pre-market / off-market activity suggests that only about 4-5% of Arlington’s homes are not initially listed.
However, within 4-5% of that, a variety of pre-market / off-market homes are sold that are not really part of the “standard” sales process, such as tenants buying from landlords, investor transactions, etc. There is a situation. , Custom homes, new condominiums, transactions between neighbors / family / friends and others. In this case, I roughly define the “standard” selling process as a homeowner who initiates the process of preparing a home for sale with the intention of making it available to the public.
Therefore, the actual percentage of “standard” sales that are ultimately sold pre-market / off-market according to the more traditional sales process is much lower, perhaps close to 1-3% of total sales.
Number of zero-day homes in the market for (Arlington) homes sold on MLS and number of homes in the market that were 0 and 1 day to provide pre-market / off-market quotes I checked. Zero-market homes were almost certainly sold pre-market / off-market, and some homes with one-day market day were sold pre-market / off-market, but data show It is impossible to know how many of them were in front of the market How many were listed and the seller accepted the offer on the first day.
Not all pre-market / off-market sales are entered into MLS, so those sales don’t appear anywhere in my data. However, I think this dataset will bring us a lot closer.
The graph below shows the percentage of homes sold in the market at zero or zero / day each year.
Change of pre / offmarket rules
The chart shows that pre-market / off-market transactions increased steadily until 2019, and those transactions decreased rapidly after 2020.
In the years prior to 2020, agents and brokerage firms created their own “shadow” pre / off-market list platform / feed to circumvent cooperation agreements established through MLS in order to gain a competitive advantage. was doing.
In the fall of 2019, Bright MLS (Regional MLS) announced major changes to protect MLS’s cooperation agreement, home to MLS within one business of public marketing or advertising (sales sign, social media). I had to enter, mail blast, mailer, website, etc.). In my opinion, the number of pre-market / off-market transactions has dropped significantly since this announcement due to improvements in both buyers and sellers.
We elaborated on these rule changes and further elaborated on the MLS / Bright MLS concept. This October 2019 column..
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Eli Tucker is a licensed real estate agent in Virginia, Washington, DC and Maryland and owns RLAH Real Estate, 4040 N Fairfax Dr # 10C Arlington VA22203. 703-390-9460.
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