February 2022 Housing Report

 

“Beware of an agent who suggests you sell your home by private marketing. While it may sound very enticing to be “exclusively marketed” or to be a Coming Soon that never goes into the Multiple Listing Service, the negative financial implications of not being available to every buyer in this market can be huge,” reports Linda O’Koniewski, CEO, Leading Edge.

“A recent study by Bright MLS, which covers six states from New Jersey to Virginia, found that properties sold without using the Multiple Listing Service sold on average for 16.98% less than those that gave an opportunity to every qualified buyer to view and offer on the property. That held for every category of home, from lower price to luxury properties.”

“The convenience is tempting,” says O’Koniewski, “but the cost of that convenience will result in a much lower sales price. We are seeing agents trying to entice sellers into selling privately, which can be a tremendous benefit to the agent and or their company as they get both the listing and selling side of the commission, but result in a lot less money for their homeowner client. Some agents don’t want to have to do all the work, they may be lazy, or sadly, greedy. Trust that at Leading Edge we never put our interests first and believe in giving all of our properties full exposure, especially in this red hot market for sellers.”

January sales of single-family homes in the Leading Edge service area decreased -23.8% year-over-year. Inventory decreased -51.2%. The number of days on market over the last 12 months decreased -22.6% while median sale prices remain up +10.1% at $760,000.