If you’ve been thinking about selling your home, a new study suggests that you might want to consider working with a REALTOR® and listing your property on the Multiple Listing Service (MLS). The Northern Nevada Regional Multiple Listing Service (NNRMLS) recently collaborated with data analytics firm, Naniik, to conduct a Seller Impact Study. The study revealed that, on average, the sold price for a home listed on NNRMLS was 17% higher than that of comparable properties sold off-MLS, resulting in a $55,250 increase in sales price for a typical home.
Why the MLS Matters
The Multiple Listing Service is an open marketplace curated by REALTORS® and facilitated by NNRMLS that allows for greater visibility of your property to potential buyers.
“This independent study reveals that properties listed by a REALTOR® on NNRMLS sold for more than comparable off-MLS listings,” said NNRMLS CEO George Pickard. “These findings emphasize the value multiple listing service marketplaces deliver to sellers, and I commend our REALTOR® members for leveraging the power of the MLS to serve their clients.”
Key Findings of the Study
The Seller Impact Study analyzed transaction data from six Northern Nevada counties between 2015 and 2022. The study controlled for property and neighborhood characteristics. It looked at factors impacting sales prices such as year sold, square footage, lot size, the median income of the zip code, and whether the property was listed on the NNRMLS. Here are four key takeaways from the study:
1. Higher sold price: On average, the sold price for a home listed on the NNRMLS was 17% higher than that of comparable properties sold off-MLS, resulting in a $55,250 increase in sales price for a typical home.
2. Consistency: The study showed a consistent benefit of a listing on the NNRMLS over the course of the 7.5-year period.
3. 86% of homes sold were listed on the NNRMLS: During the study period, 86% of all properties sold in the six Northern Nevada counties were listed with a REALTOR® on the NNRMLS.
4. Living area affects home prices: For every additional 500 square feet of living area, home prices increased by 20%, independent of other variables.
Unlock the Power of the MLS The Power of the MLS – NNRMLS.com
The Seller Impact Study offers valuable insights for homeowners looking to sell their properties. Your REALTOR® can leverage the Power of the MLS to promote your listing on the open marketplace, increasing visibility to potential buyers.
Looking to list your home for sale? Give one of our professional Realtors at Sierra Choice Realty a call today.
It is important to note that while these findings are compelling, they should not be viewed as a guarantee of similar results in the future.