Washington State Debates Ban on Private Listings
Lawmakers in Washington state are mulling a ban on private home listings.
The bill in the state's legislature would prohibit real estate brokers from marketing properties to an exclusive group of brokers or prospective buyers unless the property is concurrently marketed to the general public and all other brokers. The law also requires new disclosures for some short sales and imposes new requirements on dual agents, among other things.
The bill was heard in committee on Friday. It carries a carve-out for listings that could threaten the owner's health or safety.
“Private listings make Washington’s housing market less fair for buyers and renters who are already struggling to compete,” said State Sen. Marko Liias, a Democrat. “This bill would ensure buyers and renters can consider all available properties when they’re looking for a place to call home.”
Ryan Beckett, president of the Washington Realtors, praised the measure in a statement.
"As we engaged in conversations about the impact of exclusive or private listing networks, we recognized that restricting information to consumers about housing opportunities is contrary to consumer protection,” Beckett said.
A number of parties have levied criticism of the practice of private listings. Fair housing advocates say it raises discrimination concerns. At least one study from Bright MLS found private listings take longer to sell and don't guarantee more money.
Another study found that public competition is good for sellers in hot markets where homes command better prices.
The Realtor.com® state-by-state housing affordability report card graded Washington a C-.
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