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Private listings can leave buyers with incomplete home search, column says
The column cites Zillow analysis of 2.72 million transactions and Bright MLS timing data, arguing the main harm is a worse consumer search experience when some homes are not visible.
A HousingWire column argues the strongest objection to private listing networks is not only potential price outcomes, but the consumer experience of incomplete home search, particularly in deals where sellers soon become buyers.
The piece points to Zillow analysis of 2.72 million transactions, saying off-MLS sellers received between 1.5% and 3.7% less, with a median loss of $4,975. It also cites Bright MLS findings that private listings took 37 days to contract versus 20 days for full MLS listings, and that office exclusives showed no statistically significant price advantage.
According to the column, major debates and research have focused on “seller chair” metrics such as exposure and time to contract, while overlooking how information limits can affect buyers who cannot see certain listings. It frames the issue as an “injury” to a client’s ability to trust their own search process.
The column also notes that Congress is examining the question, citing July 22 letters from the House Judiciary antitrust subcommittee to Compass and MRED about how private listing networks may affect information available to consumers. It adds that the timing of benefits and costs can be hard for clients to connect during the transaction cycle, since sellers sign agreements before they become buyers.