This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!
Question: Do homes sold on-market sell for more than homes sold off-market?
Answer: I want to start by saying that I know that this column comes off as being a shameless/salesy pitch for Realtors, but those of you who have followed my columns over the years hopefully recognize that I focus on informative, data-driven articles and steer clear of using this platform for sales pitches for myself or my industry.
With that said, I’m sharing this recent study of off-market vs. on-market sales released by BRIGHT MLS because I think that they did a good job solving for the right answers in the data (not just favorable answers) using a massive sample size, filtering out the right data and using a number of different cross-sections to confirm the findings within more specific datasets.
You can download and read the full study if you’re interested. The study included nearly 443,000 sales in 2019 and 2020 in the three BRIGHT MLS Metropolitan Statistical Areas (MSA) of greater Washington D.C., Baltimore and Philadelphia markets. The researchers compared about 116,000 off-market sales (using public records data) to about 327,000 comparable on-market sales.
What is On-Market vs. Off-Market?
An on-market sale is a sale that is listed and marketed on the BRIGHT MLS platform, which provides mass syndication/distribution to the 95,000 real estate agents in the BRIGHT network (includes Virginia, Maryland, D.C., Pennsylvania, Delaware and West Virginia), brokerage websites and most third-party consumer-facing sites (e.g. Zillow).
An off-market sale is one that is not listed on the BRIGHT platform and either sold without any online marketing or only placed on a brokerage and/or third-party website for marketing. Off-market sales can take many forms but are ultimately defined by the lack of market exposure via the BRIGHT platform.
Results Favor Selling On-Market
Across the entire dataset, homes that were sold on-market sold for 16.98% more, based on the median price of comparable sales. Here’s a screenshot from the study showing the cross-section of the Washington D.C. MSA (extends all the way into West Virginia).
I’d like for this study to report on more cross-sections of the market and include larger and smaller homes, different price points, condo vs. single-family and more because I think it’s all really valuable data to help consumers make decisions about the sale of their home. There are certainly scenarios where sellers might benefit from an off-market sale or where an off-market sale makes sense for reasons beyond a seller’s bottom line, but having as much data as possible to help people make educated decisions is key.
If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].
If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at 703-539-2529.
Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. 703)-390-9460.
Good Friday evening, Arlington. Today we published articles that were read a total of 17124 times… so far. 📈 Top stories The following are the most-read articles for today —…
A march against drugs drew a large crowd of parents and community members to Wakefield High School, where a student died this week.
Arlington County police responded to an unusual incident on Route 50 this afternoon. It happened around 1 p.m. at the intersection with Park Drive, near the Arlington Forest Shopping Center…
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The Arlington-Aachen High School exchange is returning this summer and currently accepting applicants.
The sister-city partnership started in 1993 by the Arlington Sister Cities Association, which seeks to promote Arlington’s international profile through a variety of exchanges in education, commerce, culture and the arts. The exchange, scheduled June 17th to July 4th, includes a two-week homestay in Aachen plus three days in Berlin. Knowledge of the German language is not required for the trip.
Former participants have this to say:
_”The Aachen exchange was an eye-opening experience where I was fully immersed in the life of a German student. I loved biking through the countryside to Belgium, having gelato and picnics in the town square, and hanging out with my German host student’s friends. My first time out of the country, the Aachen exchange taught me to keep an open mind, because you never know what could be a life changing experience.” – Kelly M._
Learn about the new assessment of Arlington’s urban tree canopy and the many ecological and social benefits trees provide. Staff from the Green Infrastructure Center (GIC) will share study results and compare canopy cover for different areas of Arlington.The webinar will include assessments of ecosystem services such as stormwater mitigation, air quality, carbon uptake, and urban heat islands. For background on Arlington trees see the “Tree Benefits: Growing Arlington’s Urban Forest” presentation at http://www.gicinc.org/PDFs/Presentation_TreeBenefits_Arlington.pdf.
Please register in advance to assure your place at the webinar, https://attendee.gotowebinar.com/register/29543206508863839.
About the Arlington County Civic Federation: The Arlington County Civic Federation (“ACCF”) is a not-for-profit corporation which provides a forum for civic groups to discuss, debate, inform, advocate and provide oversight on important community issues, on a non-partisan basis. Its members include over ninety civic groups representing a broad cross-section of the community. Communications, resolutions and feedback are regularly provided to the Arlington County Government.
The next meeting is on Tuesday, February 21,2023 at 7 pm. This meeting is open to the public and will be hybrid, in-person and virtually through Zoom. Part of the agenda will be a discussion and vote on a resolution “To Restore Public Confidence in Arlington County’s Governance”. For more information on ACCF and this meeting, go to https://www.civfed.org/.
Valentine gifts for someone special or for yourself are here at George Mason University from noon -4pm on February 14, 2023. Satisfy your sweet tooth with Kingsbury Chocolates, find a handmade bag from Karina Gaull, pick up treats from Village