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Int'l Business Times
a day ago
- Business
- Int'l Business Times
Silent Success: Private Listings and Luxury Big Island's Model Now Validated by NAR's New Marketing Flexibility Rules
The National Association of REALTORS® (NAR) has announced a significant policy change that formally introduces "delayed marketing exempt listings" to the Multiple Listing Service (MLS) framework. Sellers will now have the option to withhold their property from public marketing—such as through Internet Data Exchange (IDX) and third-party syndication—for a specified period, while still making the property visible to fellow MLS participants. Effective March 25, 2025, and with full implementation required by September 30, the policy is being introduced as part of a broader initiative titled "Multiple Listing Options for Sellers." It is designed to provide homeowners with greater flexibility and privacy when listing properties. NAR emphasized that this update emerged from months of consultations with MLS leaders, agents, brokerages, legal experts, and fair housing stakeholders. This pivot formalizes what certain niche players in the real estate sector—such as Hawaii-based Private Listings and Luxury Big Island—have already been doing for years. The move implicitly acknowledges that some sellers value privacy, while some buyers prefer discretion. According to Harold X. Clarke, founder of both Private Listings and Luxury Big Island, "It's validation that the industry is recognizing what we've known for a long time: not every sale belongs on a billboard." Quiet Sales Have Long Had a Clientele—Now They Have Recognition Off-market transactions, also known as "silent sales" or "pocket listings," have historically served clients whose priorities differ from those of traditional real estate consumers. These include ultra-high-net-worth individuals (UHNWI), public figures, and multi-generational family estate holders who prioritize discretion and exclusivity over broad visibility. Private Listings, which operates as an invitation-only platform, deals with transactions often exceeding $40 million. The properties are not searchable online, and access is restricted to vetted parties. Clarke and his team have described their role less as listing agents and more as real estate matchmakers, connecting opportunities with the right people quietly and efficiently. Luxury Big Island, while publicly accessible, also offers a tailored service to high-net-worth clients. The platform features trophy properties across Hawaii, including gated estates and oceanfront holdings. Both entities are under the corporate umbrella of MegaCapital Hawaii Corp. Clarke says the approach stems from decades of working with individuals "who don't want their homes—or their intentions—on display." Market Forces Are Moving Toward Customization The announcement from NAR comes amid growing consumer frustration with a one-size-fits-all model for property transactions. According to Redfin, more than 15% of luxury home sales in major U.S. cities in 2024 were conducted off-market. In Hawaii specifically, internal data from brokerages suggests that nearly one in five residential sales over $10 million occur outside of the MLS system. This market trend is not exclusive to luxury buyers. Some sellers have cited safety, timing constraints, or the desire to test pricing as reasons for avoiding immediate syndication. Clarke believes the shift reflects deeper changes in how people think about real estate: "For a while, technology dictated the rules—list it, blast it, sell it fast. But people are realizing that speed doesn't always align with value." NAR's policy stops short of explicitly endorsing full off-market deals, but it carves out a sanctioned path for delaying public exposure. It also clarifies that one-to-one broker communications will not be considered public marketing under the Clear Cooperation Policy—a point that may benefit firms already operating in this gray zone. Brokerage Identity Is Being Rewritten NAR's revised guidelines bring fresh attention to the question of what role brokerages should play. Traditionally, listing agents have functioned as conduits between sellers and the MLS. But Clarke suggests that the future points toward a more consultative, problem-solving model. "We're deal sourcers. Our job is to understand the layers behind a transaction—not just find a buyer, but find the right buyer at the right moment." By offering multiple paths to market—from public listings to ultra-private introductions—firms like MegaCapital Hawaii are challenging the idea that MLS participation alone equates to client service. While the new NAR policy still requires listing within one business day of public marketing, the option to delay that exposure now creates more maneuvering room. Whether other brokerages will follow suit remains to be seen. But Clarke is not expecting Private Listings or Luxury Big Island to become mainstream. "Our model isn't for everyone," he says. "But for the people who need what we offer, nothing else works." Local Rollouts, National Implications As individual MLS systems now begin setting their own timelines for delayed marketing periods, brokerages and clients alike will be watching closely. The policy allows for local discretion, which could mean varied experiences across the country depending on how each market interprets and applies the new rules. For those already working with high-discretion clients, the changes may not shift operations drastically. But the regulatory cover now offers legal and professional legitimacy to what had long been viewed as an unconventional approach. What remains consistent, regardless of policy, is the growing demand for customized sales strategies—especially at the top end of the market. Whether done quietly or loudly, the goal is the same: achieving the best outcome for clients in a way that respects their circumstances.
Chicago Tribune
2 days ago
- Business
- Chicago Tribune
Errol Samuelson: I work at Zillow and I know the harms of private listing networks
It is common knowledge that more competition maximizes sales price. But there are a few real estate brokerages insisting in ever-louder voices that competition doesn't matter, because if enough people fall for that idea, it gives them cover to double dip on commissions and attract more clients. We must 'preserve seller choice,' they argue. And they talk up as 'innovative' a marketing strategy that puts a broker's interests ahead of their clients'. To be clear, sellers and their agents have the choices they need to market their homes, whether their goal is to maximize price or privacy, or something in between. They can sell their home completely privately off the Multiple Listing Service and third-party websites. They can make it available only to other agents in the market to share with their buyers one-on-one. They can keep the address or photos from being shown online. They can even list it on the MLS but keep the listing off the internet entirely. None of that is changing, nor should it. Sellers should retain full control over how and where they market their homes. So what choice are these handful of outspoken brokerages trying to preserve? Their own. They are choosing to make more money by persuading sellers that limiting which and how many buyers can see their home is somehow good. They are engineering private marketplaces that benefit themselves while actively harming buyers and sellers, all the while framing the practice as pro-consumer. That's especially bold when you consider that every consumer advocacy group that has weighed in on the issue — including the National Fair Housing Alliance, the Consumer Policy Center, the National Association of Hispanic Real Estate Professionals the National Association of Real Estate Brokers and Consumer Advocates in Real Estate — disagrees with them. Here's the reality: Home sellers aren't bursting through brokerage doors begging for a multitiered private marketing strategy. They're asking for help and representation, and going along with what's being pitched to them because they trust their agent. These brokerages use catchy marketing speak as they pitch sellers on their plans, but it all boils down to: 'Give us a few weeks to see if we can find a buyer we're already working with so we can get both commissions and use your listing to attract more clients. Odds are, it'll take longer and you'll probably lose some money, but if it doesn't work we'll put it on the MLS and sell it the way we should have all along.' If they're being forthright, they'd ask, 'Would you like 1,000 buyers or 50,000 buyers to know about the home you're trying to sell?' The result, of course, is that sellers waste time. And for sellers unfortunate enough to find a buyer within the private network, it almost always comes at a cost of thousands of dollars. Sometimes much, much more. And they rarely ever know. It's too bad these brokerages are choosing this path. Study after study after study — and common sense — tell us that marketing only to a few buyers who happen to be working with the same brokerage isn't how a seller makes the most money. It's how the brokerage makes the most money. Just last week in these pages, one Chicagoland brokerage ignored mountains of research and instead cited a 'study' by Midwest Real Estate Data showing privately listed homes sold for more money and sold faster. A quick glance shows that it wasn't a study, but a chart in an MRED white paper detailing the harms of private listing networks. They left out the part of the same white paper that says: 'Limiting the exposure of a listing to a subset of the market can reduce its ultimate selling price, which brings the ability of the listing agent to fulfill their fiduciary responsibilities to their seller into question.' And they also didn't share the part that says: 'Legal and ethical issues regarding off-MLS listings include the ability of agents to fulfill their fiduciary duties to clients, fair housing discrimination concerns, and proper disclosure of marketing practices to clients.' The harms of private listing networks proliferating are clear: Remember before Zillow, Redfin and other similar sites when you didn't know what houses were for sale until your agent showed you the listing in a big book in their office, or drove you around? When you couldn't do your own vetting and deep diving and comparing? That's the world these brokerages are hoping to revert to — one in which they control the information and buyers and sellers are at their mercy. And they're trying to somehow sell it as innovation. Errol Samuelson is chief industry development officer at Zillow.
Time Business News
02-06-2025
- Business
- Time Business News
Why Local Realtors in St. Albert are Beneficial
Whether you're purchasing your first home or planning to sell a property, real estate is not just about transactions. It's about understanding the people who live there, the market, and the community that exists. In a unique city like St. Albert, choosing the expert realtors in St. Albert is one of the most crucial decisions you can make in this journey. Though you have many talented agents to choose from, selecting someone well-connected locally can give you an edge that isn't just about properties and viewings. In this article, we will discuss why working with a local makes all the difference, specifically in St. Albert. Your experience and results during the buying and selling journey depend on your choice between a local and an out-of-town agent. While out-of-town agents may have a license, broad experience, or serve larger regions, they often lack the specific insights that come from living and working in St. Albert. According to research by Zillow, 79% of buyers had a stress-free experience while working with local real estate agents. Local agents understand which areas are attracting interest, where new schools or buildings are being built, or when the traffic can be heavy in any particular part of the city. The local realtors understand the existing preferences of buyers and how to present a property. When buyers have clear advice about the culture, what's available nearby, and what the long-term values are, they will be more confident about their decision and have a seamless experience. St. Albert is recognized for its family-friendly setting, well-planned neighborhoods, beautiful trails, and close-knit community. As the city has distinct characteristics, the real estate market should know more than just the basic knowledge of the Multiple Listing Service (MLS). A realtor in your area shares the local know-how, such as which schools are popular, which areas are easiest to walk around in, and the areas likely to see growth, providing tailored advice according to the preferences of the client. For example, Oakmont, Erin Ridge, and North Ridge give residents the chance to live in a scenic and peaceful lifestyle. Someone who works or lives in these areas has a good idea of what property will match buyers' requirements or help sellers display their property attractively to potential buyers. The homegrown agents purchase from the same places, ride on the same roads, and participate in the same community activities, making them much more reliable than agents who may be outsiders and have not spent much time in the city or attended day-to-day community events. For instance, anyone who wants homes near reputable schools and parks would benefit from an agent who knows those areas well. A buyer seeking a peaceful street close to nature trails might consider Lacombe Park or Woodlands. Many local realtors strive to provide personalized service, including prompt responses, direct advice, and honest assessments. Since they are members of the community, people trust and hold them accountable more. They realize that being successful and treating others kindly during the process both help to form their reputation. Every person has different requirements and preferences, especially when it comes to selling or buying a property. Not every piece of advice may be beneficial for everyone. That's why an agent must provide places that fit perfectly for their clients according to their preferences and requirements. For example, some families need a larger home and do not want to lose access to a familiar educational institution or maybe a soccer field. Local realtors in St. Albert with knowledge of recent listings and upcoming inventory in the area can guide them smoothly through the moving process. You should not only look at a realtor's credentials when making a choice. Trust, insight, and our connection to the community matter a great deal. In a city like St. Albert, where community matters and neighborhoods each have their character, working with someone who knows the area well can provide a significant advantage. Local knowledge, personalized service, and a commitment to the community are the qualities that make local realtors in St. Albert an invaluable resource in the real estate market. TIME BUSINESS NEWS
Epoch Times
14-05-2025
- Business
- Epoch Times
Redfin: Americans Buying Older Homes Than Ever as Construction Stalls
The lack of new housing construction in the United States is forcing potential homebuyers to choose from an aging stockpile that on average is nearly four decades old, according to new data from online real estate broker Redfin. In a May 12 'America's housing stock is getting older by the year, and it's not because buyers prefer vintage homes—it's because we haven't built enough new ones,' Redfin senior economist Sheharyar Bokhari said in the report. 'Without more construction, buyers are forced to choose from a pool of aging properties that present a new set of financial challenges, especially for those trying to save enough money to climb onto the property ladder,' he said. 'Older homes have aging systems, energy inefficiencies, and a steady stream of maintenance costs that can quickly add up after move-in.' In detailing data from Redfin's analysis of Multiple Listing Service records on the age of homes purchased between 2012 and 2024, the report states that the United States has been building fewer homes since the 2008 global financial crisis that led to the Great Recession. Only 9 percent of America's homes were built in the 2010s, the lowest share of any decade since the 1940s, when World War II brought construction to a halt, the report said. The analysis refers to newer homes, including single-family dwellings, condos and townhouses, as being less than five years old and older homes as being more than 30 years old. The homes people are buying are getting older across all types, with condos aging the most, to a median of 38 years in 2024 from 26 years in 2012. Related Stories 5/9/2025 4/24/2025 The Redfin analysis also noted that the typical price paid for a newer home in 2024 was $425,000, 31.6 percent more than the $323,000 paid for an older home. In 2012, buyers spent 77.9 percent more on a newer home, or $243,730, compared with $137,000 for one that was 30 years or older. More new homes are being built in traditionally affordable regions, such as the Sun Belt and the Mountain West. According to the report, demand in rapidly growing states such as Texas and Florida is currently decreasing, resulting in a drop in home prices and an increase in property listings. On the other hand, strong demand in areas with older housing stock, such as metros on the East Coast and in the Rust Belt, is helping to drive up prices of older homes. For example, the typical home that sold in Next came 'Older homes may cost less upfront, but the cost of repairing or replacing big-ticket items can be a huge burden for buyers,' said Jerry Quade, a Redfin agent in Cleveland. However, in the five U.S. communities where purchased homes were the newest, the median home sold was less than a decade old. For example, in In 'The only four listings I've had this year with multiple offers were older homes,' said Andrew Vallejo, a Redfin agent in Austin. 'They had all been renovated and were in good proximity to the tech companies, bars and restaurants. We are experiencing a severe downturn in Austin, but older homes within the city's core—while rare—are still moving fast when they are listed.' In response to the Redfin report, several industry executives told The Epoch Times they were not surprised by the findings from the real estate technology broker. Jennifer Beeston, executive vice president of in Coral Springs, Florida, said the study 'makes sense' because there are many parts of the country where there is zero new construction. Beeston, who runs a YouTube 'Those often are the areas where we also see a lack of inventory. It is important to note, that older homes are not a bad thing. Homes are built to last for in many cases hundreds of years,' she told The Epoch Times via email. 'If you look at some of the apartment buildings in New York, they can be as old as the early 1800s and still in good condition as long as they are properly maintained.'
Miami Herald
08-05-2025
- Business
- Miami Herald
Zillow forecasts San Diego home values to drop for the first time in years
Zillow has broken from the pack to say San Diego County home values could decrease over the next year. Home values in San Diego County will drop 1.1% by March 2026, Zillow said in its latest Home Value Index. While the decrease is small, it's notable because no other major forecasters have said home prices, or values, would drop, and it's been two years since the Seattle-based housing website's forecast turned negative. Zillow forecasts national home values will drop by 1.7% in a year. San Diego's dip was on the lower end of decreases for big metropolitan areas. San Francisco Bay Area home values were forecast to drop 5.2%; Minneapolis, down 4.2%; Denver, down 4.1%; and Houston, down 3.1%. The forecast is a bit different than a straight home price prediction. Zillow goes beyond median sale prices to calculate the value of a typical home in a given region, using the average middle third of home values (eliminating statistical anomalies at the high and low end). It said the average home value in San Diego County in late March, across all housing types, was $953,831, up 2.3% in a year. As of last month's report, Zillow was still predicting home values would increase nationwide, 0.8%, and 1.7% in San Diego County. So, what happened from February to March? Zillow says the number of homes greatly increased, which reduces competition and avoids bidding wars, and affordability metrics tumbled. "Home price growth paused and inventory swelled during what is typically one of the most competitive home shopping months of the year," wrote Skylar Olsen, Zillow chief economist, in the March report. There were 5,276 homes for sale in San Diego County over the past four weeks, according to Multiple Listing Service data analyzed by the Redfin Data Center. That's up 26% from the same time last year, and near the high point of the past four years of nearly 6,000 in summer 2022. Part of the reason for increased inventory is homes are sitting longer on the market: The median days to close was 25 days at the end of April, down from 22.5 in February. Olsen noted lower mortgage rates in March, and significantly more homes for sale, did not increase sales - a sign that affordability was a significant issue. Average mortgage rates in March, Zillow said, were 6.65% compared to 6.82% a year before. Similar to San Diego County, inventory was up 19% nationwide. "Affordability is still challenging buyers," she wrote. "A mortgage payment on a typical home in March required about 35.3% of median household income nationwide when using a 20% down payment. That's a slight improvement over last year, but is still unaffordable." Most home price forecasts are not as current. JP Morgan Research said in February it predicted house prices will rise 3% this year, and 13 out of 14 members of The San Diego Union-Tribune's Econometer panel in December (made up of business leaders and economists) forecasted rising prices for 2025. The most recent forecast besides Zillow came from Fannie Mae in March, where it predicted nationwide home prices to rise 4.1% in 2025 and 2% in 2026. Its forecast was largely based on its belief mortgage rates would end the year at 6.2% and prompt more buyers to test out the market. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
