Thursday, June 18, 2009
This report in the Dallas Morning News provides one more reason why the National Association of Realtors may someday cease to exist, at least in its present form.
More home sales prices kept secret in Dallas MLSThe rest of the article is well worth reading. Apparently, Texas is one of only five states that do not require all sales to be reported at the county courthouse, so, this is not a nation-wide development. If you live in one of those five states, however, be careful.
Early this year, a Tudor-style cottage in the M Streets with a stately stone exterior and stained-glass windows was listed for sale at just under $500,000.
How much it sold for is top secret. That's because real estate agents, buyers and sellers are keeping sales prices under wraps on hundreds of houses – even on the Multiple Listing Service.
The trend is troubling some market watchers because Realtors and appraisers use the service to set prices and prepare offers. And everyone who depends on the data – including the economists who track the North Texas housing market – is getting only part of the housing picture.
"It started pretty much in the high end, and it's spreading out and getting worse," said longtime Dallas appraiser Jack Towers. "It's misleading, and most people are unaware of this happening."