The spring real estate season has been as chaotic as the weather but not for the reasons you might suspect. Bright MLS, our local multiple listing service, made some changes and it has altered how we list and locate properties for sale. The following is one example of why this spring is different.

Former Rule: Off-market listings could only be marketed within the listings agent’s brokerage. The listings were not entered into the MLS and could not be advertised publicly. One of the intentions of this rule was to ensure all buyers had access to all available homes for sale thus upholding Fair Housing Laws.

There are several scenarios when selling off-market makes sense. The former rules presented a challenge, and off-market sales were not common, but I can attest it was possible. In addition, buyers using the MLS to identify homes of interest could rely on the MLS to contain the vast majority of options and transparency.

2024: All off-market sales must be reported in Bright MLS and would have limited visibility. Essentially this was a new reporting requirement. It did not influence market activity.

2025: With seller direction, listing agents can publicly advertise an off-market listing without entering it into the MLS. Off-market homes for sale are openly marketed via social media, email, and networking, etc. regardless of brokerage...essentially anywhere except the MLS and thereby all commercial sites (i.e. realtor.com, zillow.com) it feeds.

Problem: There is no primary source of information. Transactions are happening and not tracked. There is little oversight of laws and regulations, and buyers are no longer aware of all the options. Buyers can be handpicked by sellers, which is the antithesis of Fair Housing.

In addition, buyers and sellers are making decisions based on incomplete information, potentially costing them valuable time, money, and effort. A lack of accurate data could also pose challenges for appraisals.

Marketing to the masses has always, and still does, result in a greater return for sellers. I strongly urge sellers to go “all in” unless a health and/or safety concern prevails. Having access to all listings not only sustains the protections established for buyers, but it also gives them confidence to make offers. Uncertainty often stunts action and inaction stunts sales.

A little reminder…a recession does not equate to a real estate market crash. Nor is there a prediction of a crash in Northern Virginia. It is too premature to assess if/how returning to the office and government layoffs will influence our local market. Hopefully we will have enough reliable data this summer to formulate valuable conclusions. If you are wondering how the changes could impact your goals, call me. I am happy to discuss your personal situation and help you formulate a plan.