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Category Archives: MRED in the News

MRED Chicagoland Report for January, 2017

January brings out a rejuvenated crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to increase.

New Listings in Chicagoland were down 1.1 percent for detached homes but increased 7.6 percent for attached properties. Listings Under Contract increased 18.6 percent for detached homes and 14.4 percent for attached properties.

The Median Sales Price was up 7.7 percent to $210,000 for detached homes and 7.7 percent to $175,500 for attached properties. Months Supply of Inventory decreased 21.5 percent for detached units and 24.1 percent for attached units.

In case you missed it, we have a new U.S. president. In his first hour in office, the .25 percentage point rate cut on mortgage insurance premiums for loans backed by the Federal Housing Administration (FHA) was removed, setting the table for what should be an interesting presidential term for real estate policy. FHA loans tend to be a favorable option for those with limited financial resources. On a brighter note, wages are on the uptick for many Americans, while unemployment rates have remained stable and relatively unchanged for several months. The system is ripe for more home purchasing if there are more homes available to sell.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports.  You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

MRED Chicagoland Report for December, 2016

Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.

New Listings in Chicagoland were down 9.5 percent for detached homes and 4.7 percent for attached properties. Listings Under Contract increased 9.0 percent for detached homes and 11.1 percent for attached properties.

The Median Sales Price was up 7.5 percent to $215,000 for detached homes and 7.9 percent to $178,000 for attached properties. Months Supply of Inventory decreased 21.2 percent for detached units and 25.5 percent for attached units.

The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for hardworking agents and diligent consumers.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. Additionally, the Q4 2016 report and 2016 Annual reports have also been posted on the Statistics home page. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

Any questions?  Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.

Broker Public Portal Inks Deal to Become Homesnap

Homesnap Logo

ROCKVILLE, MD, January 19, 2017 — Broker Public Portal, LLC and Homesnap, Inc. have executed final agreements to create the National Broker Portal, LLC, a joint venture that is equally owned by the two companies. The parties agreed that the best path to success would be served by forming a mutual partnership with Homesnap providing technology, brand and operational expertise to the new company, rather than composing a vendor agreement.

The National Association of REALTORS modified their model MLS policy to designate an MLS consumer facing website as a basic benefit of the MLS. In turn, more than 50 leading brokers and 50 leading MLSs developed the case for a national consumer site rather than 700 independent local MLS sites. “HAR.com and a number of other MLSs have been able to capture a reasonable share of voice in online consumer search,” said Rebecca Jensen, President and CEO of Midwest Real Estate Data (MRED). “But we believe that the best opportunity for success will be paved by MLSs who focus on a single, national strategy.”

MRED is one of several MLSs whose board of directors have already authorized participation in the portal, including a $1 per subscriber fee that will be paid to the National Broker Portal each month. Other MLSs committed to the portal include Northstar MLS (Minneapolis), Connecticut MLS, NORMLS (Cleveland), CRIS (Akron), Buffalo Niagara Association of Realtors and Rochester Genesee Region Real Estate Service. In anticipation of this initiative being formalized, MRED launched the BPP/Homesnap app in July of 2016. “Adoption has reached over 25% of MRED’s 40,000+ Realtor customers in just a few months,” added Jensen. In addition, now that the joint venture has been finalized, MLSs representing over 200,000 subscribers have requested the new National Broker Portal MLS Agreement to review and present to their boards.

“Homesnap is honored to have been selected as the technology partner to this inspired vision for the future of real estate search,” says Homesnap co-founder Steve Barnes. “As a company, we have always considered ourselves a business partner to the MLS and subscribed to the principles of the Fair Display Guidelines for MLS consumer sites.” Over 400,000 real estate agents have access to Homesnap Pro today, and the Homesnap app is used by over 4 million consumers. “This joint venture agreement formalizes our alignment with brokers and MLSs, making us equal partners in delivering a successful service to consumers,” said Barnes.

Under the terms of the joint venture agreement, each company will contribute three directors to the board of the National Broker Portal, LLC. The Broker Public Portal has appointed Alon Chaver of HomeServices of America, Craig McClelland of Better Homes and Gardens Real Estate/Metro Brokers, and Rebecca Jensen of MRED. Representing Homesnap will be co-founders Guy Wolcott and Steve Barnes, and COO Jason Mathias. The seventh director nominated to the Board will be David Charron of the newly formed Bright MLS, Inc.

“We have reached a great milestone,” said Merle Whitehead, Chairman of the Broker Public Portal. “Now it’s time for MLSs to show their support for the initiative by collaborating with other MLSs to create a national MLS consumer-facing website.”

About Broker Public Portal

Broker Public Portal, LLC is a collaborative venture between real estate brokerages and MLSs to create a national consumer home search experience defined by simplicity, integrity and common sense. The portal aims to provide consumers with direct access to the most comprehensive, timely, and complete property information while adhering to fair display guidelines. More information can be found at http://homesnap.com/bpp.

About Homesnap

Homesnap is the highest-rated mobile real estate app, used by millions of consumers to explore homes and search listings. Homesnap Pro, the professional version of Homesnap, is the fastest-growing mobile app for agents – now available to every agent in over 45 MLSs with over 400,000 members. Both are powered by a specialized homes database that combines MLS data, property tax records, census data, geographic boundaries and more.

Press Release via WAV Group

MRED President/CEO Named an Inman Influencer for 2017

RJMidwest Real Estate Data (MRED) President/Chief Executive Officer Rebecca Jensen is one of 150 individuals named to Inman’s Real Estate Influencers of 2017.

Jensen joined MRED as its President and CEO in March 2015. MRED provides multiple listing services to more than 8,000 real estate offices and 40,000 brokers and appraisers in the Chicago area. It provides property information about northwest Indiana, southern Wisconsin and northern Illinois.

She served as a board member for the Real Estate Standards Organization (RESO), including several years as board chair. RESO created the first real estate data dictionary, web API standard and compliance programs. In 2014, the National Association of REALTORS® approved a policy that required multiple listing services to adopt RESO’s standards. Prior to working at MRED, Jensen was CEO for UtahRealEstate.com for nearly eight years.

Inman publisher Brad Inman says the list of influencers includes real estate professionals with a variety of talents, opinions and personalities.

“They are not (all) cut from the same cloth, they do not speak the same language and they do not always necessarily share the same values. But they influence the industry by their work, through their followers and by expressing their opinions,” Inman says.

Blog Post via Illinois Realtors

MRED Chicagoland Report for October, 2017

As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.

New Listings in Chicagoland were down 9.6 percent for detached homes and 4.9 percent for attached properties. Listings Under Contract increased 10.0 percent for detached homes and 6.3 percent for attached properties.

The Median Sales Price was up 9.2 percent to $220,000 for detached homes and 7.8 percent to $179,950 for attached properties. Months Supply of Inventory decreased 20.5 percent for detached units and 22.7 percent for attached units.

Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports.  You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

Any questions?  Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.

MRED Chicagoland Report for September, 2016

As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.

New Listings in Chicagoland were down 0.2 percent for detached homes but increased 4.1 percent for attached properties. Listings Under Contract increased 8.3 percent for detached homes and 11.9 percent for attached properties.

The Median Sales Price was up 6.2 percent to $223,000 for detached homes and 5.4 percent to $184,500 for attached properties. Months Supply of Inventory decreased 19.2 percent for detached units and 22.1 percent for attached units.

In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports.  You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

Any questions?  Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.