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Real Estate Big Data

Is your MLS on the RESO naughty list?

(REAL ESTATE DATA) A lot has changed in the real estate industry at the MLS level, but if your MLS or Association is on the RESO naughty list, it may be time to say something so you’re not impacted negatively.

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accountability

Heaps and heaps of data

At the core of what makes up the real estate practice is sales, negotiation, marketing, and data. The last bit often eludes not only agents, but brokers, and to be frank, the industry as a whole.

We’re sitting on massive amounts of data, endless points of historical information that come together like glorious Legos to build the most beautiful giant city of castles you’ve ever seen.

But Legos aren’t exactly concrete or marble, so the industry has come together (including brokers volunteering time) to improve this mass of data we’re all sitting on, and the MLS is the first point of contact for all of this data and info. Years ago, the “Real Estate Standards Organization” (RESO) was established to organize and standardize this wealth of data.

Problem solved, right?

False, there’s still a problem

Nope. There are still an embarrassing number of multiple listing services and real estate boards that aren’t RESO certified, meaning their mountain of data could be sloppy, disorganized, useless in many cases.

There is a running naughty list of AORs/MLSs that aren’t RESO certified (see below), and if you belong to one of them, it is worth making a call to ask what their plans are to obtain certification and adhere to the industry standards so the data isn’t as weak as a 100-story Lego house.

AORs/MLSs Not RESO Data Dictionary Certified:
Altamaha Board of REALTORS®, Inc.
Bay County REALTOR® Association
Beckley Board of REALTORS®
Big Bear Assocation of Realtors
Brooklyn New York MLS (Broker-Owned Non-N.A.R. Affiliated)
Buffalo Trace MLS
Capital Region Multiple Listing Service
Central Coast Regional MLS (CCRMLS)
Columbus Georgia Board of REALTORS
Covington County Association of REALTORS
Cushing Board of REALTORS®
Dan River Region Board of REALTORS
Dublin Board of REALTORS, Inc.
Eastern Arkansas Realtors Association
Eastern Kentucky Association of Realtors
Eastern Shore Board of REALTORS
Fayette-Nicholas Board of REALTORS®
Four County Board of REALTORS®
GREENBRIER VALLEY BOARD OF REALTORS
Garden City Board of Realtors
Grand Island Board of REALTORS
Greater Hazleton Association Of Realtors
Greenville Area Board of REALTORS
Hays Board of Realtors
Heartland Assocation of Realtors Inc
Henderson County Board of REALTORS
Iron County Board of REALTORS®
Jamestown Board of REALTORS®
Kansas Association of Realtors (Kansas Statewide)
Key West Association of Realtors
Lexington-Bluegrass Assn of Realtors
Lynchburg Association of REALTORS
Martinsville, Henry & Patrick Counties Association of REALTORS
McDowell Board of REALTORS
Memphis Area Association Of Realtors® Inc
Midlands Board of Realtors
Midlands MLS Inc.
Milledgeville MLS
Mitchell Board of REALTORS®
Nebraska Realtors Outstate (NRA)
Norfolk Board Of Realtors (NRA)
Okeechobee County Board of Realtors
Otsego-Delaware Board of REALTORS
Phenix City Board of REALTORS
Pike County Board of REALTORS
Pittsburg Board of REALTORS
Plainview Association of REALTORS®
Rockingham County Association of REALTORS
Royal Palm Coast Realtor Association
Russellville Board of Realtors
Salina MLS
Sheridan County Board of REALTORS
South Central Association of REALTORS
Southeast Georgia MLS
Southeast Kansas MLS
Southern Midlands Board of REALTORS
Southern Piedmont Land & Lake Assn of Realtors
Southwest Kansas MLS
Southwest Mississippi Board of REALTORS, Inc.
Tehachapi Area Association of REALTORS
Tennessee Valley Association of REALTORS
Tulare County Association of REALTORS®
Upper Cumberland Association of REALTORS
Williston Board of REALTORS®
Wiregrass Board of REALTORS®
Yancy Mitchell County Board of Realtors North Carolina

AORs/MLSs Not RESO Web API Certified
Altamaha Board of REALTORS®, Inc.
Americus Board of REALTORS
Ann Arbor Area Board of REALTORS
Ashland Board of Realtors
Bakersfield Association of REALTORS
Bay Area Real Estate Information Services
Bay County REALTOR® Association
Beckley Board of REALTORS®
Benton County Multiple Listing Service
Big Bear Association of Realtors
Boone County Board of REALTORS
Brooklyn New York MLS (Broker-Owned Non-N.A.R. Affiliated)
Buffalo Trace MLS
California Desert Association of REALTORS
Central Oregon Association of Realtors
Central Penn Multi-List
Cincinnati Area Board of REALTORS
Clear Lake Board of REALTORS
Columbia Greene Northern Dutchess
Columbus Georgia Board of REALTORS
Covington County Association of REALTORS
Crisp Area Board of Realtors, Inc.
Cushing Board of REALTORS®
Dan River Region Board of REALTORS
Dublin Board of REALTORS, Inc.
East Central Association of REALTORS
Eastern Arkansas Realtors Association
Eastern Kentucky Association of Realtors
Eastern Shore Board of REALTORS
Emporia Board of REALTORS
Fayette-Nicholas Board of REALTORS®
Firelands Association of REALTORS
Flint Hills Board of REALTORS
Four County Board of REALTORS®
Fresno Association of REALTORS
GREENBRIER VALLEY BOARD OF REALTORS
Garden City Board of Realtors
Goodland Board of REALTORS
Grand Island Board of REALTORS
Greater Hazleton Association Of Realtors
Greater Northwest Indiana Association of REALTORS
Greater Portsmouth Area Board of Realtors
Greenville Area Board of REALTORS
Hays Board of Realtors
Heart of Iowa Board of REALTORS®, Inc.
Henderson County Board of REALTORS
High Desert Association of REALTORS
Highlands-Cashiers Multiple Listing Service, Inc.
Humboldt Assoc. of REALTORS, Inc.
Huntingdon County Board of REALTORS
Internet-Technology Pasadena-Foothill
Iowa Statewide
Iron County Board of REALTORS®
Jamestown Board of REALTORS®
Kansas Association of Realtors (Kansas Statewide)
Key West Association of Realtors
Kings County Board of REALTORS
Lexington-Bluegrass Association of REALTORS
Lubbock Asssocation of REALTORS
Lynchburg Association of REALTORS
Madisonville Hopkins County Board of REALTORS
Marshalltown Board of REALTORS
Martinsville, Henry & Patrick Counties Association of REALTORS
McDowell Board of REALTORS
McKean County Association of Realtors
Midlands Board of Realtors
Milledgeville MLS
Mitchell Board of REALTORS®
Monroe County Board of Realtors
Moultrie Board of Realtors
Nevada County Association of REALTORS
Newton Board of REALTORS
North Central Board Of Realtors – Ponca
North Central Iowa Board of REALTORS
Northwest Iowa MLS
Ojai Valley Board of REALTORS
Otsego-Delaware Board of REALTORS
Phenix City Board of REALTORS
Pike County Board of REALTORS
Pittsburg Board of REALTORS
Plainview Association of REALTORS®
Plymouth County Board of REALTORS
Poweshiek County MLS
REALTORS Association of Lincoln (Midlands MLS)
Rockingham County Association of REALTORS
Royal Palm Coast Realtor Association
Russellville Board of Realtors
Salina MLS
San Francisco Association of REALTORS
Sheridan County Board of REALTORS
Snake River Regional Multiple Listing Service
Somerset-Lake Cumberland Board of REALTORS
South Central Association of REALTORS
South Tahoe Association of REALTORS, Inc.
Southeast Georgia MLS
Southeast Iowa Regional MLS
Southeast Kansas MLS
Southern Indiana REALTORS® Association
Southern Midlands Board of REALTORS
Southern Oregon Multiple Listing Service
Southern Piedmont Land & Lake Assn of Realtors
Southwest Georgia Board of Realtors MLS
Southwest Kansas MLS
Southwest Mississippi Board of REALTORS, Inc.
Storm Lake Multiple Listing Service
Tama County Board of REALTORS
Tehachapi Area Association of REALTORS
Tennessee Valley Association of REALTORS
Tulare County Association of REALTORS
Upper Cumberland Association of REALTORS
Vail Board of REALTORS
Valdosta Board of REALTORS/South Georgia MLS
Webster City MLS
West Central Iowa Regional MLS
Western Steuben Allegany Association of Realtors, Inc.
Williston Board of REALTORS®
Wiregrass Board of REALTORS®
Yancy Mitchell County Board of Realtors North Carolina

If you didn’t know, now you know

RESO says their organization “develops, promotes and maintains, through an open process, voluntary electronic commerce standards for the real estate industry. As a standards setting organization involving the participation of competitors, RESO is committed to full compliance with all laws and regulations and to maintaining the highest ethical standards in the way it conducts its operations and activities.”

If you belong to one of the aforementioned AORs/MLSs, perhaps it is time for you to get involved and volunteer alongside the hundreds of other volunteers that keep RESO running smoothly nationwide.

#RESOnaughtylist

Lani is the Chief Operating Officer at The Real Daily and sister news outlet, The American Genius, and has been named in the Inman 100 Most Influential Real Estate Leaders several times, co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

Real Estate Big Data

Get in on alternative data – an inventive new way to market

(REAL ESTATE BIG DATA) Alternative data is a wild ride with surveillance planes, satellite images, and specially equipped helicopters, and it’s not stopping anytime soon.

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Alternative data

The road less traveled has always been a little stranger and trust me, alternative data is a little strange. Buckle-up your seatbelts, it’s going to be a wild ride.

Data has always been a hot commodity. The digital world has made it easier than ever for investors to get their hands on all kinds of data. The problem is, if one person can gain access to a data set then nearly everyone else can too. So, how are investors supposed to get an edge over their competitors and make the best decisions in their power? Please welcome, alternative data to the stage.

First of all, what the heck is alternative data? According to alternativedata.org, it refers to “data used by investors to evaluate a company or investment that is not within their traditional data sources.” Alternative data is the road less traveled. It offers investors a way to add new and unique variables to the mix.

This data can be anything from private aircraft surveillance to satellite images of parking lots. Every bit of data that investors can gather to determine their next course of action has value. It gets wild, y’all.

In the oil and gas industry, one company uses helicopters decked out with infrared beams to estimate the amount of oil in storage tanks. It may sound like something out of a silly movie, but it’s actually quite clever.

So, is alternative data just an industry fad? Probably not, but what qualifies as this kind of data will evolve over time. As certain practices become more mainstream, they will lose that “alternative” edge. Kind of like when the band you’ve been following for years gets a hit song and now, they’re everyone’s favorite band.

What’s already clear is alternative data is not pixie dust. These creative data sets can provide an interesting insight, but it shouldn’t be the sole basis of any decisions. At the end of the day, alt data points are just more variables on the table. It’s best to not get caught up in the sexiness of private jets and satellites.

One thing is for sure, we will be seeing more creative uses of alternative data in the future.

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Real Estate Big Data

‘Jumpy’ data: Housing starts dip 3.6%, permits hit 13-year high

(REAL ESTATE) Housing starts fall, but experts say the market is *almost* firing on all cylinders. Spring could be rough, but summer looks strong.

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housing starts + construction

Housing starts (construction on new homes) fell 3.6% in January across America, according to the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

This sounds scary, but is barely a blip after skyrocketing at the end of 2019, when housing starts hit a 13-year high.

Also hitting a 13-year high (read: pre-housing crash levels) is applications for building permits, up 9.2% in January, a promising sign for future growth.

National Association of Realtors (NAR) Chief Economist, Dr. Lawrence Yun said, “this housing data is quite jumpy,” but assures people that the 3.6% dip in housing starts is “nothing to be concerned about,” as housing starts are “on an upward path,” continuing to trend positively overall.

Dr. Yun has long pointed to home builders as the secret ingredient for a healthier housing market, as it positively impacts restrictive inventory levels, and allows in otherwise pushed out buyers, particularly first timers.

“More construction will mean more housing inventory for consumers in the later months of this year,” he notes, adding that spring could still be tough for buyers with perpetually tight inventory levels, but “as trade-up buyers move into these new completed homes in the near future, their existing homes will be released onto the market.

Joel Kan, AVP of Economic and Industry Forecasting at the Mortgage Bankers Association (MBA) calls today’s data “another step in the right direction,” noting that despite the December surge followed by the January retraction, “the current pace is still over 1.5 million units – remaining close to the highest levels since 2006.”

Kan points out that while single-family starts are down, they’ve exceeded an annual pace of 1M+ units for a second consecutive month, the first time since 2007. Further, he points out that multifamily just had their strongest month of production in 34 years.

“The success of the spring buying season greatly depends on how much new and existing inventory is on the market,” said Kan.

It could still be a tight market in coming months, but today’s data offers hope for a less “jumpy” market.

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Real Estate Big Data

The good and bad news of home prices rising in almost all cities

(REAL ESTATE BIG DATA) It looks like now is a good time for selling a house, because home prices are high. Also the buyers have lower mortgage rates, so buying is easier on them.

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home prices

In the fourth quarter of 2019, 94% of measured markets experienced home value gains when compared to the same time in 2018, according to the National Association of Realtors (NAR).

While inventory levels loosened slightly in the final quarter of the year, home prices jumped from $258,000 in Q4 of 2018 to $274,900 in Q4 of 2019.

Homeowners are in a great position, with a national average increase of 6.6% in their home’s value, representing their largest financial investment. We all want those kind of returns, but when future buyers are squeezed out of the market, there is no one to buy said financial investment.

Dr. Lawrence Yun, NAR Chief Economist said, “It is challenging – especially for those potential buyers – where we have a good economy, low interest rates and a soaring stock market, yet are finding very few homes available for sale. We saw prices increase during every quarter of 2019 above wage growth.”

Combine tight inventory levels and rising prices, and buyer conditions are restricted. The ray of hope in the market, however, is shrinking mortgage rates, making it more affordable to buy – the 30-year fixed rate averaged 3.76% in the fourth quarter, down from 4.95% one year ago.

NAR reports that with lower mortgage rates, the income needed for a family to afford a mortgage fell to $48,960 from $52,896 one year ago. When looking at a share of the estimated national median family income of $79,740, a family spent 15.3% of their income on mortgage (versus 17.2% in Q4 2018).

Dr. Yun observed that rising home prices create wealth gains for homeowners, but warned that “areas that are deemed ‘too expensive’ will obviously have trouble attracting residents and companies looking to do business there.”

The fix, says Dr. Yun, is “a good balance that benefits both current and future homeowners, but right now, the balance is still in favor of home sellers.”

In recent years, NAR has pointed to home builders as the primary driver of market alleviation, as housing starts could improve restricted inventory levels and allow more interested buyers into the market, particularly first time buyers.

Other alleviative factors include whether or not Federal Reserve Chairman Jerome Powell holds steady and doesn’t change rates (as he has indicated he doesn’t intend to if the economy remains on it’s present path), as well as strong international trade deals, and an improving stock market driving investments across the board.

None of today’s news is a surprise, as Dr. Yun already indicated the 2020 market would likely include rising home prices and low interest rates.

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