Troy Aikman’s home on Normandy in Highland Park went up in price within the first week on MLS, showing strong demand in the luxury market. However, many celebrity and luxury properties are marketed off MLS before hitting the public. (Photo: Shoot2Sell)

The National Association of Realtors’ Board of Directors has adopted the Clear Cooperation policy at its Nov. 11 meeting, which essentially puts an end to hip pocket marketing. Also known as MLS Statement 8.0, the policy requires listing brokers who participate in multiple listing services to submit their listings to the MLS within one business day of marketing a property to the public.

The rule was proposed by NAR’s MLS Technology and Emerging Issues Advisory Board to address the proliferation of off-market (hip pocket) listings. The board believes that circumventing the MLS “excludes consumers, undermining Realtors’ commitment to provide equal opportunity to all.” 

Brokers can still use “office-exclusive” listings and use other means to protect the privacy of their clients, but public-facing marketing campaigns for properties not on MLS will be verboten. Brokerages can adopt the new rule at any time, but it becomes mandatory for all Realtors on May 1, 2020.

Here is the full text of the new policy:

Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public-facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public. 

From Staff Reports

Texas Realtors recently presented Dallas/Fort Worth-based Realtor Judy M. Jones with its Distinguished Service Award in recognition of her long history of community service within the real estate industry. The Distinguished Service Award recognizes outstanding Realtors with a record of at least 25 years of service and civic participation.

“Judy’s involvement within the Realtor organization and her community is an inspiration to us all,” said Tray Bates, 2019 chairman of Texas Realtors. “She goes above and beyond to make a positive impact not only with Realtors and homeowners, but also through her work with children’s charities.” 

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rentsRents in Dallas were flat last month, five North Texas cities made it to the top of a list of best real estate markets, and the National Association of Realtors provides a summary of the July housing market conditions, all in this week’s roundup of real estate news.

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Staging

Eubank Staging

Barbara Cocoran put it rather well: “Why wouldn’t someone stage if they want to sell a house, and if they want to get more money for the house? I don’t get it.”

You probably know Corcoran from her regular appearances on Shark Tank. What you might not know is she built a real estate empire, the Corcoran Group, into a powerhouse and sold it for $66 million in 2001. She is, and always has been, a huge proponent of staging. So why isn’t everyone?

It’s a mystery to me. As a stager, educator, and writer I continually talk and write about the advantages of home staging. It’s a no brainer. In a recent staging class, I teach for Realtors, a hand shot up.

“Isn’t staging always cheaper than the first price reduction?”

Yes. Yes, it is.

Realtors and sellers seem to be getting the message. The National Association of Realtors released their 2019 Profile on Home Staging recently and a whopping 83 percent of buyers’ agents say staging makes it easier for buyers to visualize a property as their future home. This figure was up from 77 percent in 2017. The profile is only released every two years, and this is just the third time it’s ever been done.

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It was the shot heard round the real estate world, but if you’re not a Realtor, you may not have heard about it — a group of home sellers has filed suit against the National Association of REALTORS® and four major real estate broker franchisors.

Why? Because of buyer broker commissions and the requirement to use the Multiple Listing Service, or MLS.

The suit, filed last week in Chicago, claims that the NAR and top brokerages Realogy, HomeServices of America, RE/MAX, and Keller Williams Realty violated federal antitrust laws by requiring home sellers to pay a broker to represent the buyer of their homes and to pay for this service to the tune of at least a three percent commission. (more…)

median home prices

From staff reports

While Dallas County’s median home value was lower than the national average, two other North Texas counties had median home prices that were much higher, new data visualizations from the National Association of Realtors revealed.

The report applied data from the American Community Survey and the FHFA’s House Price Index growth to calculate the median home prices for 3,119 counties in the United States.

“Nationwide, we estimated that the price of a typical home was $235,000 in the third quarter of 2018,” the NAR report said. “Based on our estimates, 87 percent of counties had a lower median home value than the national level.” (more…)

homebuyer

From staff reports

Single female buyers made up 18 percent of all homebuyers, National Association of Realtors®’ 2018 Profile of Home Buyers and Sellers revealed recently.

That statistic means that for the second consecutive year, single female buyers were the second most common household buyer group, behind married couples, which account for 63 percent of homes sold.

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garage doors

Steel carriage garage door. Photo: NTX Garage Doors

This is the second installment of a new occasional column called Getting Real About Renovations. We’re looking at renovation realities for all sorts of projects, from hardwood floors and open floorplans, to master suite additions and kitchen upgrades. We’ll give you the unadulterated truth about options, costs, effort, Realtor opinion, and estimated ROI for these projects. You can read the last one about hardwood floors here.

Generally speaking, homeowners remodel to upgrade worn-out surfaces, finishes, and materials; to add features and improve livability; because it is time for a change; and because they’re selling.

Garage door replacements may not sound like a big deal, but in fact, they are one of the easiest ways to quickly boost a home’s curb appeal if the garage faces the street (a front-facing garage door can be almost 20 percent of your home’s front facade). They are also ranked among the top five most profitable projects nationwide, and in Dallas, according to the 2016 Cost vs. Value Report by the National Association of Realtors and Remodeling magazine.

Midrange garage door replacements recoup 100.7 percent ($1,544) of the total project cost in Dallas. Upscale garage door replacements are quickly gaining, too — in 2015, they increased 19 percentage points year-over-year to recoup 82.2 percent ($2,550) of the total project cost.

“I think we often forget to consider that a garage door is not only a functional feature but can be a design feature as well,” said Robin Moss Norcross with Nathan Grace Real Estate. “A garage door update, especially if front facing, can certainly continue the exterior design scheme.”

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