State College Real Estate and Community News

New research shows dramatically better results for Bright subscribers and their sellers when listed on the MLS, compared to “off-MLS” options.

A study of 442,829 comparable home sales spanning the Bright region, over 2 years, reveals median sale prices for homes marketed through the MLS were 16.98% higher overall.

That can translate to thousands of dollars. Consumers who choose to market their properties through the MLS with the help of a real estate professional enjoy a financial gain* greater than any potential savings offered by other options, including going it alone.

"There is a perception that selling outside the multiple listing service, either with an agent or as For Sale By Owner (FSBO), can save time and money for the consumer," said Dr. Elliot Eisenberg, Ph.D., Bright MLS Economist Advisor. "The valuable findings in this report conclusively demonstrate the power of cooperation amongst the brokers and agents who are Bright subscribers."

Read the full report here.

---

With extreme exception, RE/MAX Centre Realty endorses listing your home in the MLS instead of as an Office Exclusive.

*The On/Off MLS Study provides research from historical sales, which can be used to show the power of utilizing the MLS for marketing a listing to the broadest possible audience. It should not be used as a guarantee of future financial gains.

The findings are clear: Homes promoted through the MLS sell faster and for more money.

Real estate professionals who market properties using the full power of the MLS create the opportunity to deliver better results, more often to home sellers than any other marketing option. Home sellers enjoy a financial gain from working with a REALTOR® who markets their property through the MLS, achieving maximum distribution to all potential buyers, regardless of who they know or where they live, and obtaining median sale prices higher than other options, including going it alone.

The two-year study showed sale records of homes sold on the Multiple Listing Service and promoted to the entire Bright MLS network of 95,000 real estate professionals sold for more compared to homes sold off the Multiple Listing Service. The median sales price for homes sold on-MLS was 16.98% higher than homes sold off-MLS. Similar results are demonstrated across Bright MLS’s MSA markets of Philadelphia, Baltimore and Washington, D.C.

We also analyzed sales of office exclusives—listings promoted only within a brokerage office. Our analysis found that office exclusives make up a small percentage of transactions, and nearly two-thirds (63%) ultimately end up not selling as an office exclusive and are instead promoted through the MLS. And, like our findings from off-MLS sales, homes marketed on the MLS sold for a median sales price of 16.84% more than those marketed through office exclusive arrangements. Those office-exclusive sales also typically took longer: homes entered on the MLS from the start went under contract faster than properties that started as an office exclusive and then were marketed on the MLS.

Real estate agents and brokers depend on the MLS every day to accomplish their important work, and this study clearly shows the power of the MLS network of real estate professionals. The substantial difference in prices between homes marketed on-MLS and those that are not is evidence that the open, clear, and competitive marketplace of properties through the MLS most often provides the best financial outcome for sellers. Additionally, that result is achieved fastest by working with a real estate professional who markets the property by harnessing the full power of the MLS.

Read the full report: Bright_MLS_On-Off_MLS_Study.pdf (ctfassets.net) 

---

With extreme exception, RE/MAX Centre Realty endorses listing your home in the MLS instead of as an Office Exclusive.

McKenzie Millward, REALTOR® with RE/MAX Centre Realty, was just named to Pennsylvania Business Central's Top 30 Under 30 list for 2021. 

As a full-service real estate agent with over 6 years of professional experience, McKenzie owns residential and rental properties, has worked with builders, and has assisted over 240 clients in the selling and purchasing of homes and investment properties.

Since her start in real estate in December 2015, she has earned many designations, such as Certified Residential Specialist, Accredited Buyer’s Representative, Certified Negotiation Expert, and Certified Staging Expert.

As a life-long resident of State College, Millward is a proud supporter of several charities and non-profit organizations in the area, including Team Ream, Centre Volunteers in Medicine, Coaches vs. Cancer, Centre County United Way, Centre Safe, and The Children’s Miracle Network.

In her spare time, she enjoys traveling, boating at Lake Raystown, and spending time with her friends, family, and two dogs, Mackey and Abel.

Note: This post is part of an ongoing series aimed at helping first-time homebuyers.

If you're thinking about buying your first home, getting pre-approved for a mortgage should be the first item on your to-do list. So, what does that mean and why do you need it?

Pre-approval means that a mortgage lender has gone over your financials and can state, in writing, how much you're qualified to borrow. This is crucial information because it helps you define your price range, the amount of the down payment you'll need in that price range, and even the neighborhoods that are within your financial reach. There's nothing more heartbreaking for hopeful buyers than realizing the home they've set their hearts on is priced too high for their borrowing power.

But these aren't the only advantages of pre-approval. Having that lender "seal of approval" makes you a more solid candidate in the eyes of sellers. And that can make the difference between moving into and saying goodbye to a home you love.

More buyers today are competing with each other for properties. In many markets, there is a limited supply of homes for sale. In areas with low inventory, pre-approved buyers already have a leg up on the competition, because they're that much closer to being able to complete a sale.

In some cases you have to be pre-approved to even be able to put in a bid. That's typically the case if, for example, you're considering buying short sales and foreclosures.

So take that important first step toward homeownership by getting pre-approved. Contact a local RE/MAX agent who can help you navigate the whole process.

Pre-Approval Prep

To get ready for pre-approval, know what's in your credit reports, pay off as many outstanding debts as possible, and get your financial papers in order. You'll be asked to provide several types of documents, including:

• Photo ID (usually a driver's license or passport)
• Social security number
• Recent pay stubs - usually for the previous two months
• W-2 tax forms for the past two years
• Two years of federal tax returns
• Two months of recent bank statements
• The lender may also ask for any other investment and savings statements, as well as contact information for your landlord (if you're renting).

After your paperwork is complete, the lender can often respond in as quickly as 48 hours.

Note: This post is part of an ongoing series aimed at helping first-time homebuyers.

Closing costs are the costs associated with “closing” the purchase deal. These costs can include legal and administrative fees related to the home purchase. Closing costs are additional to the purchase price of the home.

Closing costs are just a small part of the entire closing process. Listen to REALTOR® McKenzie Millward as she highlights the most important steps you'll take when closing on a home.

Note: This post is part of an ongoing series aimed at helping first-time homebuyers.

Seller assist is a feature of some loan programs that allows the seller to pay for some or all of the buyer's closing costs. This can be an attractive option for buyers who are low on cash, or for sellers who are having difficulty selling their home. Also known as seller concessions.

REALTOR® Nicole Hoover has more:

Note: This post is part of an ongoing series aimed at helping first-time homebuyers.

Earnest money is a deposit made by the buyer that shows their intention and ability to purchase a home. Oftentimes, a contract will require forfeiture of the deposit if the buyer defaults. Also known as an escrow deposit or good faith money.

REALTOR® Don Myers has more:

If you’re considering a career in real estate, we’ve got you covered! 

Join us for our Virtual Career Night on Wednesday, June 23 at 6:00 PM – the perfect chance to learn more about a booming industry from the local pros. 

We’ll cover the steps to getting your Pennsylvania real estate license, along with tips on setting yourself up to win once you launch your business.

We’re passionate about real estate – and passionate about success, too. If you’re ready for a change (and a challenge), join us to learn more about this incredible field.

Preregister here, then check your email for a confirmation that includes info on how to join the event.

UNIVERSITY PARK – A recent vote from the Penn State Board of Trustees makes it official – The Palmer Museum of Art will be getting a brand-new home at the Arboretum.

“Situating [the museum] within the Arboretum will create a cultural resource unlike any other in our region, connecting art, nature and science in exciting new ways,” said Penn State President Eric J. Barron. “The complex will further our strategic goals of advancing the arts and humanities and – because cultural opportunities also create economic opportunities – of driving economic development.”

The new facility comes with many perks, including the opportunity to display more of the university’s world-class permanent collections. Additionally, behind-the-scenes spaces will be improved with the goal to increase museum efficiency and provide areas for interns and grad students to work. The new facility will also include two new classrooms, a discovery/exploration space for children, a teaching gallery and more.

Keeping in line with the Arboretum, the gallery will include flexible indoor event spaces, along with an outdoor event terrace that can be used to host public events and generate revenue.

Already the largest art museum between Pittsburgh and Philadelphia, The Palmer will continue to be a cultural asset for the State College community and beyond.

A study by The Wall Street Journal and Realtor.com has named State College the number one housing market in all of Pennsylvania – beating out big hitters like Harrisburg, Lancaster, Philadelphia and Pittsburgh.

The new report is based on a variety of housing metrics, along with nonhousing indicators like how likely a person is to enjoy living in an area. Factors taken into consideration include supply/demand, median listing price, unemployment, wages, regional price parities, amenities, commute time and small business presence.

We’re thrilled to have our hometown recognized on a national level – an honor it truly deserves.

Want to buy or sell here? In an increasingly tight market, you’ll need a Realtor® on your side. Call us to get in touch with a RE/MAX professional who can help you achieve your real estate goals.