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Private, Coming-Soon or MLS: Listing Routes Show Different Returns
Three routes, distinct price patterns
Private listings and coming-soon listings both depart from an immediate, active debut on the multiple listing service (MLS). But their sale-price patterns point in opposite directions: private listings generally sold below standard MLS listings, while coming-soon listings sold above them.
That distinction anchors an independent white paper from the Association of Real Estate License Law Officials’ (ARELLO) Law and Regulation Committee. Analyzing more than 10 million residential transactions from January 2024 through June 2026, it sought to inform the transparency debate.
Its price comparisons used median ratios of actual sale prices to expected prices based on Zillow’s automated valuations. “Private” transactions were classified as high-confidence private listings: sales showing a strong likelihood of having occurred off the MLS.
Prices and usage move apart
In 2024, private listings sold for 1.26% less than standard MLS listings; coming-soon listings sold for 1.38% more. Both gaps narrowed in 2025, to a 0.87% private-listing discount and a 1.16% coming-soon premium.
The first half of 2026 showed similar patterns, although the coming-soon premium widened to 1.55%. Against standard MLS listings, the two alternatives were not producing interchangeable outcomes.
Their usage also diverged. Estimated private-listing transactions fell 2% between 2024 and 2025, while coming-soon transactions rose 4%. Comparing the first halves of 2025 and 2026, private transactions fell another 3%; coming-soons increased 13%.
The gap depends on the market
Lower-priced homes experienced the largest percentage disadvantage when sold privately. In the study’s lower tier—the 5th through 35th price percentiles—private listings sold for 2.13% less than standard MLS listings, a median difference of $5,055. Against coming-soon listings, their median shortfall reached $9,212.
Geography sharpened or softened the contrast. Urban markets had the largest gaps in both directions: private listings sold about 1.54% below standard MLS listings, while coming-soons sold 1.77% above them.
Rural markets showed the smallest differences, though the pattern held: private listings sold about 0.81% below standard listings, and coming-soons about 1.3% above.
Unequal gaps, qualified conclusions
The private-listing discount also varied by neighborhood demographics. It was a median 0.88% in majority-white neighborhoods, compared with 2.21% in majority-non-white neighborhoods. Majority-Hispanic neighborhoods showed the largest discrepancy, at 3.33%.
ARELLO cautioned that private listing networks “are not inherently discriminatory,” but their structure can raise fair housing concerns when unequal access disproportionately affects protected groups.
The observed price differences do not establish causation or unlawful discrimination. They do, however, leave a consequential comparison for further examination: the same listing route was associated with substantially different price gaps across communities.
Homebuyers’ Biggest Headache Is the Handoff
The problem starts between providers
A buyer can find a home, hire an agent and still spend the transaction dealing with professionals who seem to be working on separate tracks. The mortgage lender, title company and insurance provider each have a role. Getting them to work together is another problem.
In a HomeServices of America survey of 1,000 recent homebuyers, 70% described their purchase as a hassle, including 21% who said “very much so.”
The leading reported cause was uncoordinated service providers, cited by 46%. Online home searches accounted for 26%, touring homes for 17%, and communication with the agent for just 8%.
A referral does not finish the job
Buyers generally expect their agent to manage those connections: 69% entered the process expecting coordination of mortgage, title and insurance services.
Agents are already making introductions. Seventy-six percent of respondents received a provider recommendation, and 95% of those buyers found it at least somewhat helpful. But a useful referral and a coordinated transaction are not the same service.
The survey does not establish exactly where individual deals broke down. It does identify a gap worth examining: buyers value help choosing providers, yet coordination remains their largest complaint.
For agents, the practical response starts at the first meeting. Explain how the providers will work together. Maintain a short list of reliable contacts and make warm handoffs. Then stay involved, checking in with each provider through closing rather than treating the introduction as the endpoint.
Coordination does not mean exclusivity
For their next purchase, 79% preferred an integrated system coordinated by their agent, a preference seen across every age group.
That does not mean limiting buyer choice. The remaining 21% preferred shopping independently. Among them, 60% expected better deals or rates, while 37% viewed bundled recommendations as a potential conflict of interest or otherwise questionable.
Offer multiple vetted options and explicitly encourage comparison. Buyers should know that accepting an agent’s help does not lock them into the agent’s preferred providers.
Give technology a supporting role
A portal alone does not solve the coordination problem. Thirty-nine percent preferred a people-led experience supported by an app or website, while another 35% favored in-person interaction. Only 26% preferred a primarily digital experience with little or no human contact.
Use a shared tracker or portal to make provider updates visible, while keeping the agent available as the buyer’s point of contact. The next process check is straightforward: after every referral, verify that coordination continues through closing, not merely that an introduction was made.
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Get Your Transactions Ready for UAD 3.6
Check timing with the lender first
Prepare clients for UAD 3.6 by confirming the appraisal timeline early—not by promising the fastest turnaround you’ve seen. The new reporting format requires substantially more property detail, and lenders, appraisers and review teams are adapting their systems.
Beginning November 2, 2026, Fannie Mae and Freddie Mac will require UAD 3.6 for new appraisal reports submitted through the Uniform Collateral Data Portal (UCDP). Lenders can order the new format before then.
If a loan’s timeline could cross that date, encourage the borrower to ask: “Which appraisal report format are you ordering?” Leave the format decision and submission requirements to the lender.
The November deadline concerns conventional lending involving Fannie Mae and Freddie Mac. FHA has announced adoption but not a mandatory implementation date; don’t assume the same deadline applies to VA or USDA loans.
Allow time beyond the property visit
Explain that the appraiser may need longer on-site to document rooms, individual levels, improvements, amenities and site characteristics.
Also distinguish report delivery from completion of the process. AMC and lender reviews, underwriting and UCDP submission still follow, and reviewers may request clarification or revisions.
Not every appraisal will take longer. Still, allow reasonable time for the whole process rather than scheduling around the appointment alone.
Replace “updated” with usable facts
Give appraisers specific improvements and dates instead of broad marketing descriptions. For example:
2024: Kitchen remodeled, including cabinetry, countertops and appliances.
2022: HVAC system replaced.
2019: Roof covering replaced.
Clarify whether cabinets were painted or replaced, a bathroom was renovated or only its fixtures changed, and a roof was repaired or replaced. These distinctions help someone understand the property later.
You provide the facts; the appraiser determines their effect, if any, on value.
Build an information packet, not a value argument
Consider supplying improvement records, relevant documentation and information used when pricing the property.
If you include comparable transactions, go beyond addresses. Explain known repairs, concessions, location influences or unusual sale circumstances—including information that could support either a higher or lower value. The appraiser is not required to use your suggested comparable or adopt a particular adjustment.
Preserve details and answer follow-up questions
At closing, use any available MLS remarks, notes, documents or supplements to retain meaningful property and transaction information. Appraisers generally haven’t seen comparable properties’ interiors, so those records matter.
When an appraiser later asks about condition, improvements or concessions, respond as soon as reasonably possible. Your previous sale may be evidence another borrower’s transaction needs now.
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TL;DR (Too Long; Didn’t Read)
Private listings and coming-soon listings are producing very different outcomes: across more than 10 million transactions, private sales generally came in below standard MLS listings while coming-soons sold above them, with the biggest private-listing discounts showing up in lower-priced and urban markets. 70% of recent buyers described the purchase process as a hassle, and 46% blamed uncoordinated service providers—far more than those who cited communication with their agent—suggesting referrals alone are not enough if the handoffs between lender, title, insurance and agent remain fragmented. UAD 3.6 is changing appraisal reporting: agents should allow more time, confirm the format with lenders, document property improvements with specifics instead of vague descriptions, and preserve useful transaction details that appraisers may need later.
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-Market Minds Team
The content of Market Minds is provided for informational purposes only and reflects personal opinions based on sources believed to be reliable. It does not constitute financial, investment, legal, or professional advice. Each reader is solely responsible for their own decisions.