MRED Blog

REinventing MLS

Offers of compensation on net: MRED policy update information

MRED is implementing changes to its offers of compensation on net policy. Beginning May 10, the below rule will go into effect:

“Net”: As a percentage of the net sale price in the initial contract, reduced thereafter only by an agreed reduction in the amount to be paid by the buyer due to a subsequent appraisal. The net sale price is defined as the gross sale price minus amounts to be credited or paid to the buyer, as reflected in the initial sales contract.

The change was made in response to subscriber feedback seeking clarity in situations where an appraisal comes in at a lower price than that which is stated in the initial sales contract.

Click here for more details on this policy change.

Have comments on the policy? Email us at policychange@mredllc.com.

Millennials are 37% of the market and growing!* Target millennial buyers by providing special finance options on listings they view!

Content from RatePlug

Interest rates are moving mortgage payments up. Young buyers need creative, low down payment options to buy their dream home. RatePlug automatically provides eligibility information based on the property they are viewing.

Agents that focus their efforts on providing resources for millennial buyers will see dividends in their sales efforts in 2022. RatePlug, a tool that is built into connectMLS, promotes special finance options from the Agent’s trusted lending sources directly within MLS-generated property listings. Low down payment options are ideal for millennials who might make good earnings but lack the typical 20% down payments required in more conventional lending products. Opt in to RatePlug today at NO ADDITIONAL COST to start working with more millennial buyers!

  • Only displays your own trusted lending sources.
  • NO Additional Cost for MRED subscribers to join.
  • Interactive, real-time mortgage information. Gets your    buyers asking questions now to avoid snags later.
  • Includes special financing options for your listings (FHA,  VA, USDA, CRA, etc.), market to a bigger pool of buyers.
  • Virtual Flyers can be emailed, texted, or posted on social media.

Click here to learn more or to enroll.  RatePlug is a FREE feature of your connectMLS subscription!

*American Community and American Housing survey.

MRED marketplace sees jump in new listings

After two straight weeks of declines, new listings in MRED’s marketplace saw an 8% week-over-week increase. The 6,432 new listings during the first full week of August still fell 17% short of new listings during the same span in 2021.

See the full weekly market snapshot.

MRED forums: Let your MLS know what you think!

Your feedback is important to us! Use MRED’s new forums page to find out about potential upcoming enhancements and tell us what you think. Comment on topics, ask questions, and let us know about any potential issues with the solutions that we should consider.

Check out the forums

That’s not the only way to engage with MRED – we also hold regular surveys and focus groups to find out what our subscribers want and need.

Closed listings in MRED marketplace up, short of 2021

MRED’s marketplace saw its usual end-of-the-month increase in closed listings to round out July. The 25% week-over-week bump to 3,042 closed listings was still 34% shy of last year’s total during the same span.

See the weekly market snapshot.

MRED marketplace new listings dip

New listings in MRED’s marketplace fell 7% week-over-week. That weekly decrease accompanied an 18% annual decline in the same metric. That’s the largest annual new listings decrease since early March.

See more in the Weekly Market Snapshot.

Total active listings approach 50,000

MRED’s marketplace saw less than a half percent increase in total active listings last week. But that bump was enough to set an eight-month high in active listing with 49,226. This trend continues even as new listings have been down on a year-over-year basis for more than five months.

Click here to see the full report.

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