“Pocket” listings are a thing of the past now in real estate.
In October, BrightMLS, the database that hosts information on homes for sale in Northern Virgnia, followed a nationwide trend of banning private and exclusive listings.
Now, a home that’s for sale must be entered into the multiple listing service (MLS) database within 24 hours of any public marketing. Public marketing is defined as any promotion outside an individual real estate company, and may include a postcard that a Realtor mails to their contacts, an email, or a sign put in the yard, for example.
Right now, there are very few homes on the market in Alexandria, and buyers are frustrated when they can’t find a home that meets their needs.
“I genuinely look at this as pro-consumer on several fronts,” said David Howell, Executive Vice President and CIO of McEnearney Associates here in Alexandria. He served on the small working group that helped craft the policy. “It’s hard to make an argument that the consuming public is best served by any effort to withhold information from the marketplace.”
In addition, agents and home sellers can inadvertently discriminate against certain homebuyers who aren’t well-connected in the real estate world or in a certain neighborhood. “It’s very possible to discriminate even if there’s no intention to do that,” Howell said.
In the Northern Virginia area, according to new data from the Northern Virginia Association of Realtors, Active listings are down by about 33% compared to this time last year.
“Alexandria is a perfect example where this policy makes sense,” Howell said. “The listing inventory in Alexandria has been cut in half. There are few homes on the market, and lots of buyers are pretty frustrated in Alexandria at not being able to find a home to buy.”
The MLS will start enforcing the new policy in December, and significant fines are possible with violations.
