The housing market is prone to remarkable fluctuations, especially in New York City and its surrounding areas. We often hear about buyers’ markets versus sellers’ markets, but those markets can change quickly depending on the availability of housing, the economy, and the demand created by real estate agents.
While the median home price for Long Island (including data from Nassau, Suffolk, and Queens) in January 2019 was $450,000, that median price can change quite rapidly. If the price rises, that’s obviously to your benefit as a seller. However, if it falls, this deprives sellers of potential profit.
This is why it’s crucial for sellers to ensure that their property listings reach as many people as possible. Hence, the rise of MLS listings. Yet, many still don’t understand MLS listings; they don’t understand what they are, how they work, and the benefits they offer. Below, we’re exploring MLS listings as well as the advantages of using a local realtor MLS system.
What Is an MLS System?
MLS stands for “multiple listing service.” An MLS system is essentially a suite of services used by real estate brokers to work within a network, of sorts. This is done with contracts and cooperation, allowing real estate brokers to both accumulate more information about different listings and spread that information more efficiently. Therefore, brokers working with different buyers can more efficiently receive information about another broker’s listings that could potentially work for their clients. The brokers can work together, mutually benefiting from the sale while at the same time ensuring that both the buyers and the sellers get what they want.
Without an MLS system, those listing a home for sale are essentially using one channel. They have one real estate agent that is focused on selling their home. While you can sell a home this way, you will likely sell it much more slowly. As such, clients may not be able to reach the price bracket that they would prefer. A local realtor MLS system allows real estate brokers to collaborate in order to get you what you want much more quickly than they would have otherwise.
What Are the Other Benefits of Using an MLS System?
There are clearly some basic benefits inherent to working with local realtor MLS systems. Another key advantage of this kind of system is that there are hundreds of fields of information about a property within an MLS system. Therefore, your property can show up in more potential searches. In contrast, public real estate websites typically only contain a small subset of property data.
These fields of information are determined and categorized by expert real estate brokers. A local realtor MLS system is especially beneficial because a local realtor will understand what your property needs to emphasize within the system in order to stand out to local buyers.
What Is The Difference Between Listing My Home Exclusively and Listing it Through an MLS System?
We briefly touched upon the alternative to an MLS system, which is technically referred to as an exclusive listing. This may be what you’re more familiar with outright, but that doesn’t mean it’s more beneficial to you. Say you choose an MLS listing Long Island realtors regularly utilize. This would mean that within the sea of Long Island real estate listings, your listing would be accessible to a multitude of different brokers.
If your listing is listed exclusively by a single real estate agent, you won’t have an opportunity to make your listing exclusively available to others within the MLS network. You’ll need to spend more money on advertising in order to attract a buyer, which could end up wasting a lot of your time in the end. You could miss out on your ideal buyer without even knowing it.
If you are interested in listing your home within an MLS system, how can you best access it? For most, the easiest way is to work with a real estate agent or broker who belongs to their local MLS system. In this case, the cost of your MLS listing is typically included in the commission earned by the realtor. If you want your listing to reach the maximum audience and sell as quickly as possible, an MLS system should be seriously considered.
At one point or another, most Americans will relocate. While purchasing a new home can be exciting, it can also bring about a lot of stress — particularly if you’ll be listing a home for sale at the same time. Understandably, you’ll want to do everything in your power to market your property listing to prospective buyers. This, after all, will increase the chances of your home being sold quickly and for a fair price. But how do you ensure your listing is seen by the right people?
Working with a reputable real estate agent or broker, like 88% of home buyers already do, can be a great start. But you might be overlooking another platform that can increase the exposure of your listing and the likelihood of a quick sale: MLS listings. Let’s talk about what the MLS system is and how it can streamline and even speed up the property sales process.
What Are MLS Listings?
“MLS” stands for “Multiple Listing Service.” The MLS is essentially a large, location-specific database established by real estate brokers to provide in-depth information to each other about available properties for sale. The ultimate goal of MLS listings is to connect buyers and sellers while allowing brokers for both parties to benefit.
There isn’t just one MLS for the entire nation. Instead, there are hundreds of MLS databases established across the United States, allowing buyers and sellers in specific areas to find and share the information they need. For example, there’s an NYS MLS for buyers and sellers throughout New York State. Each MLS maintains its own set of rules or procedures, but they function in much the same way and share a lot of the same processes.
Can the Local Realtor MLS System Help My Home Sell Faster?
One of the most unique things about MLS listings is that this information is available only to brokers and their clients. The average person can’t access MLS listings on their own. Instead, they’ll need to work with an agent or broker who has a current MLS membership. Although there are lots of real estate listings you can readily find on your own in newspapers or online, MLS databases offer more exposure than your average print or digital ad. When your property is seen by more people who are motivated to buy or to sell, that’s ultimately going to be more advantageous than other types of marketing.
That means, in many cases, that listing your property through an MLS can speed up the sale of your home. Although using an MLS won’t eliminate the need for a longer closing or a home inspection, it can mean that you can waste less time on open houses and waiting around for someone to extend an offer. It also speeds up the property search process for a buyer’s broker or agent, as they can access all of the details they need to schedule a showing without having to look at several different websites. In some situations, using an MLS can actually eliminate the need to list a property on the conventional real estate market, particularly when “coming soon” listings are utilized. This option can create a sense of urgency and exclusivity, which can be helpful if your goal is to speed up the sales process.
It’s important to note that there’s no guarantee that using an MLS database will speed up a home sale 100% of the time. However, the increased exposure (and the quality of said exposure) your property listing will experience with an MLS can certainly make it more likely that a home sale can happen quickly and for the price you have in mind. In addition, the requirement of working with an MLS-affiliated agent or broker can ensure you have the experience needed to market your property effectively and connect with other real estate professionals who already have buyers lined up.
There may be some elements of a home sale that are out of your control, but your listing doesn’t have to be one of them. To learn more about how we can help you gain access to your local MLS database and find the right buyer for your home, please contact us today.
The Multiple Listing Service of Long Island, Inc. (MLSLI) and the Hudson Gateway Multiple Listing Service (HGMLS) have merged to form the New York MLS, LLC. The new MLS will consist of approximately 40,000 real estate professionals, serving Nassau, Suffolk, Queens, Brooklyn, Manhattan, Bronx, and Westchester, Putnam, Rockland, Sullivan and Orange Counties.
Discussions began in June 2017 between leaders of the Long Island Board of Realtors®, Inc. (LIBOR) and the Hudson Gateway Association of Realtors® (HGAR) on the possibility of consolidating the aforementioned and respectively owned MLSs to form one regional MLS. Joseph Mottola, CEO of LIBOR/MLSLI says, “The expansion of geographic boundaries will create greater opportunities for members by providing access to a larger audience of real estate professionals for consumers alike.”
A benefit of the new MLS will be the seamless flow of data for Brokers and Agents within the New York Metro area. Richard Haggerty, CEO of HGAR and President and Chief Strategic Growth Officer of the new MLS says, “The launch of the new MLS is an exciting move in the right direction to uniting area real estate professionals, by creating the only MLS members will need.”
Jim Speer, the Sr. Vice President of Operations for MLSLI for over 30 years, will serve as Chief Executive Officer for the new MLS. Speer says, “With the alliance of two successful MLSs, members gain entry to a vast selection of integrated technology tools and resources which will better serve their buyers and sellers.”
The combined strengths of MLSLI and HGMLS will enhance the local real estate market by providing the best service for the Real Estate professionals and the customers they serve.
The yet-to-be-named new regional MLS is expected to be fully operational sometime in 2019.The Manhattan Association of REALTORS® is now a chapter of Hudson Gateway Association of REALTORS® Find your new home
The Long Island Board of REALTORS®, Inc. (LIBOR) is pleased to announce the formation of a Brooklyn Chapter. The recent westward expansion is the result of the Board’s commitment to providing services, benefits and networking opportunities to our Brooklyn membership. The Brooklyn Chapter joins the roster of LIBOR’s already established Chapters, which span from the North and South Forks of Eastern Long Island to Western Queens.
Chapters are geographically designed to meet the unique business needs of a specific market. They have their own elected leadership who are instrumental in determining educational programs and networking opportunities that meet the needs of those members. “The formation of the new Chapter is crucial to serving REALTORS® in the Brooklyn area, which in turn will benefit the customers they serve. Increased access for our members to LIBOR’s resources will create a greater experience for all.” said Dianne Scalza, LIBOR President.
Sal Crifasi, President of the newly formed Chapter, who was instrumental in the development, explained, “The idea of creating a new Brooklyn Chapter of LIBOR is to grow the awareness of the value of the REALTOR® brand throughout the five boroughs. With the recent MLS Regionalization between LIBOR and Hudson Gateway Association of REALTORS® (HGAR) the need for stronger professional collaboration is vital to insure our future success. The Brooklyn Chapter is a start.”
“The addition of a Brooklyn Chapter is an essential part of LIBOR’s strategic growth plan. REALTORS® working in the Brooklyn community will now be empowered to take advantage of new business opportunities by getting involved with their own local Board Chapter.” said Joseph E. Mottola, LIBOR CEO. “The expansion is in alignment with LIBOR’s mission to provide to its members resources that will enable them to reach their highest potential level of business success by enhancing their value to the consumer.”The Brooklyn Chapter will hold its first meeting on Wednesday, February 6, 2019 at 5:00pm at The Dumbo Loft in Brooklyn. For additional information visit: https://brooklyn.lirealtor.com/.
The Northern Virginia Association of Realtors® reports on January 2019 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,127 homes sold in January 2019, a 2.83 percent increase above January 2018 home sales of 1,097.
Active listings decreased this month compared with 2018. Listings were down about 20 percent below last year, with 1,750 active listings in January, compared with 2,193 homes available in January 2018. The average days on market (DOM) for homes in January 2019 was 63 days, a decrease of 21.25 percent compared to the 80 DOM for homes in January 2018.
The average home sale price fell by less than 1 percent compared with last January, to $565,032. This is just 0.47 percent below the January 2018 average price of $567,710.
The median sold price of homes this January, which was $495,000, rose by 4.21 percent compared to the median price of $475,000 in January 2018.
The 1,356 new pending home sales in Northern Virginia in January were 6.09 percent below the 1,444 contracts that were pending in January last year. Pending contracts are those for which all contingencies have been removed. Total pending sales in January were down by 2.44 percent, to 1,678, compared with 1,720 pending contracts in January 2018.
The January 2019 closed median home price for Long Island, which includes Nassau, Suffolk, and Queens housing data, was $450,000 representing a 2.5% increase over last January.
Nassau County reported a $525,000 closed median home price in January representing a 5.0% increase over $500,000 reported by MLSLI last year. Suffolk County reported a closed median price of $380,000, which represents a 5.8% increase over $359,000 reported a year ago. Queens reported a closed median home price of $550,000 representing an increase of less than 1% over $547,000 reported in January 2019.
The total number of Long Island residential inventory in January 2019 was 15,270 representing a 14.4% increase over last year.
January 2019 Market Update reports for Nassau, Suffolk, and Queens Counties are available under the MLS Activity Reports section of Stratus. The Market Update reports are also available at LIRealtor.com under the Research and Data section of the Member Area.