Can real estate brokers co-list properties?  Brokers from one market area often want to list a property in another market area with a different multiple listing service (MLS), and in order to get their listing in the primary local MLS, they may ask a local broker to co-list the property.  A perfect example of this is when a Seattle broker asks a Sequim or Port Angeles broker to put their Sequim or Port Angeles listing in the Olympic Listing Service.  The larger Seattle metropolitan area uses the Northweast MLS (NWMLS) as the primary MLS listing service for brokers, but Sequim and Port Angeles uses the Olympic Listing Service (OLS)  as the primary listing service.  The OLS has all of the local broker listings, but the NWMLS only has half to two-thirds of the local listings.  A Seattle broker who lists a Sequim or Port Angeles property will not expose the listing to local brokers who are not also members of the NWMLS, and many are not.  This will substantially reduce the likelihood that the property will sell if local agents (and their buyers) are not seeing the property in the MLS, and that would be a huge disadvantage and a huge disservice to the homeowner who may not even know that their property is not being marketed to the fullest to all brokers and buyers.  This is why a Seattle broker will want to get listed in a Sequim or Port Angeles MLS.

The first question is can real estate brokers co-list property, and secondly will real estate brokers co-list property?

Real Estate Brokers Co-List Legal?

It might sound harmless enough to do a real estate brokers co-list agreement.  Why wouldn’t a Sequim or Port Angeles broker say yes when a Seattle area broker lists a property in Sequim or Port Angeles and asks the local broker to add the listing to the OLS?  By the way, my inclination is to cooperate with other brokers for the benefit of my clients, so I have asked myself the question, “Why not cooperate with another broker?”

The possibility of co-listing raises a lot of questions.  Can real estate brokers co-list property and can both have the listing in a multiple listing service?  In 2008 Redfin was fined $25,000 for violating NWMLS rules, and many Washington brokers have been fined thousands of dollars by the NWMLS for violating technical rules of the NWMLS.  So the question on whether real estate brokers can co-list property is no small matter.  There is a labyrinthian set of rules for each MLS, and to be a listing broker typically requires membership.  If a single agent in an office wants to be a member of an MLS, the MLSs require that 100% of the agents in the office become members.  It’s all or nothing for the MLSs.  In addition, some MLSs require membership in a local Realtor association as does the OLS.  Membership in a local MLS is not guaranteed.  There is an application approval process, and it can take a couple of months to get accepted or rejected.  I was an real estate attorney for 20 years, and I’ll be darned if I can conclude with certainty that co-list agreements are legal and not in violation of either or both the NWMLS and OLS rules and regulations.  (more…)

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Sequim MLS listings (homes) are way down as we enter 2012.  They are down so much, it is worth pausing to consider why?  This is true of Port Angeles, too.  I cannot recall when we had so few homes in Port Angeles listed in the MLS.  As of today there are only 230 homes in the Port Angeles MLS area, and that includes a large radius east and west of Port Angeles.  When the search parameters are narrowed for Port Angeles homes between $200,000 and $325,000 where many retirees want to be, there are only 57 homes listed in the Port Angeles MLS.

Sequim MLS Listings Way Down

There is a total of 399 homes listed in the Sequim MLS area, which includes an area much wider than the Sequim city limits in all directions.  There are only 120 Sequim MLS listings (homes) for sale in the $200,000 to $325,000 price range.  These numbers are way down from previous years, so the question is why?  Perhaps other ways to address this scenario is with these questions, “Why are so many sellers not listing their homes for sale in the Sequim MLS?  Are they keeping their homes off the market because prices are low or because they are tired of having their homes listed for sale but not selling?  Or did their listings expire on December 31st and they don’t have confidence in their real estate agents, so they don’t renew the listings?  Or are they waiting for the winter to pass, thinking that buyers are not looking at homes in the cold months?

Why Sequim MLS Listings Are Down

I’ve talked with many home owners, and the answers vary, but the reasons given include all of the above.  Many homeowners are just tired of having their home listed with no substantive activity and no sale.  Many have said that it takes an emotional commitment to keep a home listed and always ready to show at a moment’s notice.  That can be tiring.  So some have simply said, “We’re taking it off the market for a while.”  

One couple told me they had their home on the market for over two years, and they had no serious lookers.  They decided to take it off the market until the real estate market comes back, and they believe that may be three to five years.  Another couple told me they were not happy with their real estate agent.  That doesn’t tell us why the house didn’t sell.  It could have been over priced or maybe it was not the floor plan or area that retirees wanted.  Or maybe their real estate agent didn’t market it well.  We don’t know, but it does tell us how the sellers feel about the process.  They’re frustrated.

Apart from Sequim MLS listings (homes), Sequim land listings are up.  There are a total of 736 vacant lots for sale in the entire Sequim and Port Angeles area, 480 in Sequim and 276 in Port Angeles.  Why so many lots?  Buyers are not buying lots and building homes lately.  The cost per square foot of a new home today is more than the cost of similar Sequim MLS listings (homes).  I have sold a few lots and have some clients building, but the numbers are down.  That means the listings for vacant lots are way up, and sellers are leaving those listings in active status in the MLS.

Sequim MLS Listings – A Super Buyer’s Market

What does all of this mean for buyers?  It is more proof that this is a buyer’s market, or as I like to say to make the point, “this is a super buyer’s market.”  This is not good news for sellers, but it is great news for buyers.  I spent today showing houses to a wonderful couple, and I have three other couples all looking at homes, having already decided they will buy a home in the Sequim area.  And as a note of interest, none of these couples are looking at Port Angeles homes.  That’s interesting.

Interested in seeing what is currently listed for sale?  You can search the database of all Sequim MLS listings (and all Port Angeles MLS listings) at Sequim Homes for Sale.

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The Sequim MLS shows us data for Sequim homes listed for sale and sold.  If you click on this image below, you will get the enlarged version, and you’ll see a detailed Sequim MLS market report for all listings in the county.  If you drill down to the 3 bedroom listings, which I’ve marked with a red arrow, you’ll see there are currently 644 active listings, 247 have been sold this calendar year, and the average listing prices and selling prices.  The data shows that homes in this category have sold for 94.57% of their listed price, but that is misleading.  That calculation is based on the last listed price, not the original listing price, which may have been much higher.

Sequim MLS Data is Revealing

Sequim MLS – Homes Listed and Sold

In this 3 bedroom category, the Sequim MLS tells us that the average days on market (DOM) were 116 days, not nearly as high as one might think in this market.  As I have written elsewhere, retirees are looking for homes in this category, and the best homes in the best areas at the best prices are selling within reasonable periods of time.

Sequim MLS Says Local Market Good

Skewing the data somewhat are homes that have been taken out of the MLS, and in this category 26% of the listings expired rather than sold.  Logically these would be the homes that have been on the market much longer, perhaps several hundred days.

The Sequim MLS tells us that the real estate market is generally weak but it also tells us retirees are still buying.

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Searching the Sequim MLS for listings (or Port Angeles) to find homes for sale (or land) may not actually pull up all the listings that are for sale.  Did you know that?  If you are searching from a website that only has Northwest MLS listings for Sequim and Port Angeles, you should be aware that not all brokers and Realtors are members of the NWMLS, and at my last count, only two-thirds of the local listings were in the NWMLS.  The Olympic Listing Service (OLS) does have 100% membership of all brokers and Realtors, so you would think that your search would be complete if you use a website with an OLS search database.

Here’s a tip to help you search for your next home.  It’s not always easy to tell which service a broker or Realtor is using on his or her site.  And there’s another small trap for the unwary.  Some listings only show up in the NWMLS, because they are “For-sale-by-owner” properties, which can be listed by a seller in the NWMLS, but not in the OLS.

Why do things have to be so complicated?  They don’t if you use my Sequim MLS Listings search site.  I had it programmed to allow you to search both the NWMLS and the OLS.  Is that cool or what?  Watch the video above to learn how to use this MLS search efficiently and how to save your search results.

If you want to see a larger version of this video above, go to Sequim MLS Search on Youtube.

All of this is absolutely free with no obligation, and you won’t hear from me unless you first email or call me.  I believe the Internet should be a free and powerful tool for buyers like you, and I take pleasure in unleashing this kind power to make your Sequim home search convenient and enjoyable.

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Sequim has some favorite neighborhoods where beauty and location and heavenly views all converge.  Happy Valley is one of Sequim’s special neighborhoods.  Happy Valley sits high above Sequim in elevation but is a valley of its own with a variety of developments small and large, horse ranches, water view homes of the rich and famous (on west and south Bell Hill overlooking Happy Valley), and a lot of happy retired Californians.  This is a photo of part of Happy Valley I took a couple of days ago.  Perhaps you can get a sense of what this valley is all about.

Would you like to see what homes and land are for sale in Happy Valley?  You can use this MLS map search of Sequim, and just drag the map directly to the south of Sequim.  You’ll see “Bell Hill” on the map, and then just zoom in on the map to the west and south of Bell Hill.  All of the homes for sale will be represented on the map by an upside down tear drop.  Click on any tear drop to see the full details and photos.

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It’s a buyer’s market in Sequim, Washington (and in Port Angeles), and if ever a buyer had the advantage, it is now.  There are five very clear reasons this is a buyer’s market right now on the Olympic Peninsula:

1.  It’s winter, and these next few months are the slowest time of year for selling real estate.  If you are a qualified buyer and you make an offer on a home, you will definitely have the seller’s attention, who will understand that if he is serious about selling, he must carefully consider your offer.

2.  The inventory is large.  Buyers have choices now they didn’t have in 2005 and 2006, when houses were selling like hot cakes.  But this doesn’t mean that buyers have all the time in the world to dilly dally, because the best of the best homes are selling.  I’ve written elsewhere about how buyers are cherry picking the best homes.

3.  The IRS buyer’s tax credit will not last forever.

4.  Interest rates are at or near a historical low for the past three decades, and that will not last forever.

5.  Sellers are motivated.  They’re motivated not only because of the time of year, but because many wanted to be moved before winter, and they are not.  Some are motivated for financial reasons.  They’ve made other plans, own another home in Arizona, and it’s time to sell this home and get out from under a second mortgage payment.

If you plan to buy a home or land in Sequim or Port Angeles next spring or summer, may I make a bold suggestion?  Buy it now and save a lot of money.  The competition next spring will be substantially greater than it is now.  You will be in a much stronger negotiating position  in the midst of winter compared to the hot spring and summer market, and that would be a good thing.  Right?

Search the entire Sequim MLS and Port Angeles MLS here.

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