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Category Archives: MRED in the News
MRED’s Inventory of Homes Half That of Two Years Ago
Good News for Chicagoland Home Sellers in 2013?
LISLE, ILLINOIS (January 22, 2013) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that December 2012 figures indicate the volume of properties for sale on December 31, 2012 was at about fifty percent (50%) of that for 2010.
A reduction this significant is indicative of a couple of things. The recent real estate market was extremely active to incur this reduction in this relatively short period of time. That was good news for the 2012 real estate practitioners, many of whom experienced record years. For sellers now in the market, having to compete against fewer homes than they would have previously is an advantage. It also suggests the return of more multiple-offer situations, where several competing offers are made on a home from different potential buyers.
“We anticipate the inventory will grow slowly in the coming year,” said Russ Bergeron, MRED CEO. “In some locations, and because current pricing has been established during a high-demand time frame with a lower supply of homes, we can anticipate some price appreciation in 2013. This has been experienced in other parts of the country, but not here.”
“Because some pockets of the Chicagoland have higher numbers of distressed properties – foreclosures and short sales – one cannot make a blanket statement to cover every location,” Bergeron added. “In these hard-hit areas the distressed market will keep the prices down for another year or more until such time that they can be processed through the system. Overall, the recovery will show a steady improvement – but there will be some neighborhoods that significantly outshine others.”
While the number of distressed property sales has remained relatively steady throughout 2012, the percentage of “traditional” sales as compared to the overall market was up, providing some good news for those sellers who have been on the fence. Because of the local nature of real estate markets, it is always a great rule of thumb to consult a real estate professional familiar with your neighborhood when thinking of entering the market.
“Due to the internet, real estate has become one of this country’s most popular spectator sports,” said Bergeron. “However one feels things might be going, it’s definitely worth watching. We’re seeing year-around real estate markets and very busy agents and brokerages. While we probably won’t return to the craziness of the last decade, the industry appears to be back on solid footing with the ‘arrow’ pointing up.”
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers, agents and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. For more information, visit www.MREDLLC.com.
MRED Presents Midwest Homes Agent Branded IDX Search App
Check out MRED’s latest web cast – it’s on the Midwest Homes™ Agent Branded IDX Search App:
Chicago Sales Breakdown
Take a look at this infographic showing the share of sales that were distressed in the Chicago area between January and September of this year from Dennis Rodkin (@dealestate)
MRED CEO Elected to 2013 RESO Board of Directors
Chicagoland MLS Giant Is First Charter Member
of the Real Estate Standards Organization
LISLE, IL–(Marketwire – Oct 30, 2012) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), has announced that its Chief Executive Officer Russ Bergeron has been elected to the 2013 Board of Directors of the Real Estate Standards Organization (RESO).
RESO is a group of real estate organizations working together to develop and implement data standards and processes that support innovation, ensure portability, eliminate redundancies and obtain maximum efficiencies for all parties participating in the real estate transaction. RESO’s ultimate goal is a fully automated real estate transaction facilitated by data standards and processes accepted by real estate professionals everywhere.
The Real Estate Transaction Standard (RETS) is a common language spoken by systems handling real estate information, such as multiple listing services (MLSs). Most of RESO’s work currently involves RETS and data definitions to be utilized within RETS. Standardization of data fields and ease of portability of data are of the highest priority to MRED and other MLSs for efficiency of data delivery and the minimizing of expense related to these activities.
“MRED has demonstrated its commitment to RESO and the work it is doing to create accepted data standards and processes by being its first Charter Member,” said Bergeron. “I am thrilled to be elected to the RESO Board of Directors and look forward to directly supporting its very worthy mission and initiatives.”
In addition to the 2013 RESO Board, Bergeron was recently elected to serve on the Council of Multiple Listing Services (CMLS) Board. “It is important that MRED has a ‘seat at the table’ and participates in organizations shaping the future of real estate, like RESO and CMLS,” added Bergeron. “It is gratifying personally that I have been given the opportunity to extend MRED’s influence throughout the real estate industry.”
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers, agents and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. For more information, visit www.MREDLLC.com.
MRED Extends Winning Streak With Rollout of MLS Data Co-op™
Chicagoland MLS Giant Continues to Reinvent MLS
LISLE, IL–(Marketwire – Oct 25, 2012) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), has announced that the MLS Data Co-op™, from CoreLogic, the provider of the Realist™ public records platform, has gone live with what will eventually become a major listing content cooperative.
Providing MRED customers with a wealth of information with which to enhance their already powerful real estate database, the MLS Data Co-op™ presents users all the information they need on a single screen with access to all MLS listings through a sophisticated map-centric interface. The Co-op delivers valuable property data and reports such as RealAVM™ valuations, tax records, listing history, nearby schools, neighborhood data, community demographics, real estate trends, foreclosure information and more. MLS Data Co-op™ works with all popular browsers and platforms, and uses a common format for listings across MLSs without sacrificing locally unique data values.
While initially only for use with MRED’s own listing content, MRED plans to open up reciprocal access with well over 100 other MLSs which have already joined the Co-op. This will quickly lead to MRED’s real estate professionals having access to listings from across the country and Canada, not only giving them the ability to widely market their listings, but opening a doorway for them to expand their referral networks.
The MLS Data Co-op™ is not a public-facing web site, but is reserved for use by real estate professionals, thus providing access to more detailed listing content and far more data than available on the consumer oriented websites.
“MRED agents are expected to have the most complete information and very best technology at their fingertips,” said MRED’s Chief Executive Officer, Russ Bergeron. “The MLS Data Co-op provides terrific search and reporting functionality and will give brokers the ability to market their properties throughout North America. This fits perfectly with our continuing mission to provide our customers with the best and most cutting-edge products and services in the industry.”
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers, agents and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. For more information, visit www.MREDLLC.com.
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