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MLS vs Off-MLS: The Truth About Selling Prices

MLS vs Off-MLS: The Truth About Selling Prices

Plus, Gen Z Homeowners? Believe It. Here’s How They’re Doing It, Croton-on-Hudson enacts “Good Cause Eviction”, and How to Get Rewarded for Renting.

Ralph Ragetté Jr
February 21, 2025 • Reading Time: 10 minutes

Welcome back! Before we jump into today’s newsletter, I’ve got exciting news — reader Q&A is returning next week! If you have questions about real estate, the buying or selling process, or the market in general, now’s your chance to ask. Send those questions in!

If one of your questions gets selected, I’ll send you a $25 Amazon Gift Card as a thank you for contributing! 🙌

Today’s Topics:

Non-MLS Sales Cost Sellers Big
Gen Z: Winning the Homeowner Game at 24 Years Old
“Good Cause Eviction” in Croton-on-Hudson
Rewarding Renters

MLS vs Off-MLS: The Truth About Selling Prices

Multiple Listing Service (MLS): A database used by real estate professionals to share information about properties for sale. It allows brokers and agents to see up-to-date listings, including details like price, location, and property features.

Home sellers who choose not to list their properties on the Multiple Listing Service (MLS), collectively lost more than $1 billion in potential profits over the past two years, according to a Zillow report. The study indicates that properties sold off-MLS typically fetched a median loss of 1.5% nationwide, when compared to those listed on the MLS. The trend is particularly more pronounced in New York, where sellers saw a median loss of 3.7%.

Homes in all price tiers sold for less when off the MLS
Rural: median loss of 0.9%
Suburban: median loss of 1.5%
Urban: median loss of 2%
Lower-priced homes experienced the greatest impact.

Ralph’s Take

In college, my marketing professor emphasized that success comes down to “reach and frequency” — the broader your audience and the more often they see your product, the stronger the results. As Realtors, we leverage the MLS to help maximize exposure, ensuring your home is seen by other agents and showcased on the largest syndicated real estate websites. The data overwhelmingly supports that listing on the MLS remains essential for securing the highest possible sale price.

Westchester Weekly Market Tracker 📈

‘Coming Soon’ Listings: 34 ↑+12
New Listings: 175 ↑+20
Price Reductions: 41 ↓-12
Pending Sales: 132 ↓-45
Closed Sales: 85 ↓-37

💰 Highest Sale: 33 Valleyview Ave, Rye: $4,333,000 (95% of ask)

_{Property Type: Single-Family. OneKey MLS, Inc. 2/14/25 - 2/21/25.}

Gen Z Homeowners? Believe It. Here’s How:

Generation Z is actively pursuing homeownership, and they are employing innovative strategies to navigate the financial challenges and a competitive housing market. Defined as those born in the years between 1997 and 2012, they comprise only about 3% of current home buyers, but Gen Z’ers are entering the market earlier than previous generations. Notably, 27.8% of 24-year-old Gen Z’ers own homes, surpassing the 24.5% of millennials and 23.5% of Gen X’ers who owned homes at the same age. Here’s how they’re doing it:

Rent-vesting: Buying in less expensive areas while renting in cities, aka equity growth without relocation.
House Hacking: Purchasing properties with multiple units or rooms to rent, offsetting mortgage costs.
Co-Ownership: Pooling resources with friends or family to jointly purchase a property.
Strategic financial planning: Living with family to save on expenses, working multiple jobs, and diligently budgeting to amass sufficient funds for a down payment.

Ralph’s Take

For years, we’ve heard that young buyers are being priced out. But Gen Z isn’t waiting around — they’re taking action, proving that with the right strategy, homeownership is still within reach. What’s especially impressive is their willingness to think outside the traditional path to homeownership. Whether it's living with family to save on expenses or pooling resources with friends, Gen Z is finding ways to make real estate work for them rather than waiting on perfect market conditions.

Croton-on-Hudson enacts “Good Cause Eviction”

The Village of Croton-on-Hudson has adopted a "Good Cause Eviction" law aimed at strengthening tenant rights. This legislation prohibits landlords from evicting tenants or refusing lease renewals without valid reasons, such as non-payment of rent, lease violations, property damage, or illegal activity. Additionally, the law caps annual rent increases at 10% or 5% plus the Consumer Price Index (CPI) rate, whichever is lower. For example, with a 2024 CPI of 3.3%, rent hikes would be limited to 8.3%.

Ralph’s Take

New York already enforces some of the nation’s strictest eviction protections. While protecting tenants is important, there are concerns that the policy will inadvertently reduce housing affordability and deter real estate investment. By capping rent increases and limiting lease terminations, the law may discourage property upkeep and improvements, as landlords struggle to justify the cost of renovations without the ability to recover expenses. It could also push small landlords to sell, further shrinking the supply of affordable housing and ultimately impacting the availability of rental properties.

The Hudson Gateway Association of REALTORS continues to oppose the law.

Get Rewarded for Renting

Rocket Mortgage has introduced a new initiative, Rocket Rent Rewards, aimed at assisting renters in transitioning to homeownership by offering up to $5,000 toward closing costs. This program allows eligible homebuyers to receive a credit equivalent to 10% of their total rent payments over the past year when they secure a mortgage through Rocket Mortgage.

Eligibility: Renters who have consistently made payments over the last 12 months finance a home through Rocket Mortgage.
Benefit Calculation: 10% of the total rent paid in the previous year, up to $5,000.

Ralph’s Take

This is a strategic way to make homeownership a little more accessible for renters. Consistently paying rent already demonstrates financial responsibility, and with higher-than-average interest rates and steady home prices, every financial break matters. By cutting down upfront costs, Rocket Mortgage is giving renters a better chance to transition from leasing to owning. Well-done. 👏

But I knew something the algorithms didn’t. With the right marketing, staging, and promotion… we could attract the perfect buyer. And that’s exactly what we did.

We’re closing next week for $809,000. That’s a $107,000 difference.

Thinking about selling in a month? 6 months? A year?

It’s never too early to start planning. Start the conversation today

Mortgage Watch 📉

Mortgage rates end the week at lowest levels since December 18th.

Today’s average 30-year fixed mortgage rate is 6.89% (⬇️ .07%, from this time last week).

> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily. I use this figure as a proxy for how the mortgage market is shifting.