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.
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.
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.
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.
“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.
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/.
FAIRFAX, Va. (April 14, 2023) – Northern Virginia home sales increased 38.4% in March,
compared to February 2023 signaling that the spring market is coming on strong, as expected
with seasonal trends. The optimism prevails despite sales dropping 32.1% compared to March
2022 as the market continues to return to pre-pandemic norms, according to the Northern
Virginia Association of Realtors® (NVAR).
“The growth from February is part of our seasonal cycle. Spring market is traditionally hot, and
we are seeing lots of interest in buying homes. Sellers still have more leverage since buyers are
challenged to find many options. The good news is that we see this changing,” explained NVAR
Board Member Cassandra Welch, Long & Foster Real Estate.
As evidence of this change, homes stayed on the market 22 days, up 57.1% compared to
March 2022 giving buyers more time to negotiate. Inventory grew from a year ago, up 59.9%
with .09 months of inventory. This number aligns with regional expectations as .09 is also the 5-
year average for months of inventory in March.
Home prices continued to remain stable, increasing ever so slightly. The median sold price for a
home in March 2023 was $665,000, up 2.3% from March 2022. There are larger fluctuations in
home prices across the country, but the Northern Virginia marketplace is particularly resilient.
“With steep prices in Northern Virginia, higher mortgage rates have made it harder for home
buyers, especially first-time home buyers, to afford a monthly payment. While there is week to
week fluctuations, we are optimistic that rates will continue to drop compared to last year,
helping with affordability,” explained NVAR CEO Ryan McLaughlin. “By working with a Realtor®,
buyers can focus on what they can control, and that is getting the best mortgage rate for their
needs and financial situation.”
BACKGROUND
The Northern Virginia Association of Realtors® reports on home sales activity for Fairfax and
Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna,
Herndon, and Clifton. Below is March 2023 regional home sales compared to March 2022 for
Northern Virginia with data derived from Bright MLS as of April 10, 2023 (total sales and listings
may not include garage/parking spaces):
• The number of closed sales in March 2023 was 1,381 units. This was down 32.1%
compared to March 2022 and up 38.4% compared to February 2023. The number of closed
sales is also down compared to (pre-pandemic) March 2019, when there were 1,586 closed
sales.
• The sold volume in March 2023 was $1,064,008,845. This was down 30.6% compared to
March 2022. This number is up compared to (pre-pandemic) March 2019, when it was
$941,308,124.
• The average sold price for a home in March 2023 was $778,316, down 0.2% from March
2022 but significantly more than March 2019 (pre-pandemic), when the average sold price
was $596,142.
• The median sold price for a home in March 2023 was $665,000. This was an increase
compared to the (pre-pandemic) March 2019 median sold price of $537,900.
• The number of active listings in March 2023 was 1,417, up 14.7% from March 2022, when
there were 1235 listings. This number was down from March 2019 (pre-pandemic) when the
number of active listings was 2,227.
• New pending sales in March 2023 were 1,600, down 30.4% compared to March 2022.
Read more about the NVAR region housing market at NVAR.com/public.
NVAR Charts, Graphs, Social Media for March 2023 NVAR Housing Stats
March Housing Data: Click here.
Regional Jurisdiction Infographic: Click here.
NVAR Region Infographic: Click here.
March Market Minute Video: Click Here
These links are accessible from the Market Stats page here: Click here.
* Follow us on Twitter – @nvar * Visit us on facebook.com/nvar.realestate
* LinkedIn: NVAR and NVAR Group
The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern
Virginia, enhancing the ability and opportunity of its members to conduct their business
successfully, promoting professional competency, upholding the principles of fair housing for all,
and preserving the right to own, transfer and use real property. With offices located in Fairfax
and Herndon, NVAR has grown to more than 13,000 Realtor® and real estate service provider
members who carry out a real estate industry in a community of more than 2 million residents.
Visit NVAR online at www.nvar.com.
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The competitive real estate market in Long Island, New York, is staying strong even as surging mortgage rates prompt a slowdown in many other parts of the country, according to data released Thursday.
The median sale price of homes sold on Long Island hit a record $620,000 during the third quarter, which includes July, August and September, according to data compiled by real estate firm Douglas Elliman and appraiser Miller Samuel.
The figure marked a 2.5% increase compared to the previous quarter and a 6% rise compared to the same period one year ago.
Homes spent an average of just 41 days on the market during the third quarter — the shortest recorded in more than two decades of available tracking data, the firms said. The data excludes sales that occurred in Long Island’s Hamptons and North Fork, which are tracked separately.
The market stayed red-hot even as mortgage rates continued their climb toward 7% as the Federal Reserve hiked interest rates. The average 30-year fixed-rate mortgage has hit its highest rate in two decades, raising costs for buyers and forcing many sellers in other markets to slash their asking prices.
While higher mortgage rates are crimping demand, a lack of available inventory has helped to prevent major price declines so far, according to Jonathan Miller, the CEO and president of Miller Samuel. Listing inventory fell nearly 6% compared to last year, while the number of closed sales fell 16% year-over-year.
The extent of the overall housing sector slowdown will depend on whether the Fed continues to hike interest rates or “pivots” to looser fiscal policy.
“Because the pandemic era housing boom was not fueled by Wall Street financial engineering as was the case in the prior boom, the combination of low mortgage rates remaining too low for too long and the resulting obliteration of housing supply, prices have a substantially firmer base underneath them,” Miller told The Post.
“However, at this point, the length of time this slowdown lasts is really up to the Fed,” Miller added.
