What you missed this week in the world of real estate and homeownership.

What you missed this week in the world of real estate and homeownership.

11-15-2019

We want to make sure you don’t miss a beat as a homeowner. A lot of industry news and updates live behind a veil, filled with real estate jargon, and nuances that only real estate agents might catch. But we’re here to make the latest news accessible and easier to understand. Why? Because you’ve spent hundreds of thousands on your home, and we want you to be prepared and up-to-date whenever the moment arises when you’re back on the market to sell or buy.

Open Houses, do they still work?

Open houses are celebrating their 100-year anniversary this year. So why are they still such a common occurrence? At Door.com, we do not hold open houses and still close 55 homes a month. For us, they are a security risk, a headache for our sellers, and our serious buyers prefer private tours. 

In an eye opening article by Inman, the most shocking thing about open houses is that traditional real estate agents openly admit they are a sales tactic to meet and greet buyers, coordinate them to pacify the sellers; not necessarily to sell the home. 

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From the buyers perspective, only 4% of buyers attended an open house as their first step in purchasing, and only 40% of homebuyers think open houses are useful.

Say Goodbye to Pocket Listings 

Something you’ve probably never heard of is going away. Pocket listings are homes not advertised to the public in the multiple listing service (MLS), but rather a smaller, specific group of potential buyers online or offline. Some real estate agents and brokers, for example, Compass, used pocket listings for their homes to advertise to a certain pool of buyers, rather than the public. If you’re a buyer, and you and your agent both lack access to certain homes that you could afford, how is that fair to you? The National Association of Realtors (NAR) cracked down on pocket listings this week and it’s now mandatory for all licensed agents to include their listings on their MLS as well as in their marketing tactics (e.g. Zillow listings, email blasts, social media posts, etc.). Other MLS are following suite. 

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Read more about real estate listing accessibility and the back and forth from this excellent Washington Post recap.

Any questions? 

Start a live chat with one of our licensed agents now or schedule a free market advisor consultation to learn more about how to sell your home with Door.com. 

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