Compass CEO defends private listings, says MLS exposure damages homes.

An executive update from Reffkin highlights notable seller behavior: 43% of listings have recorded at least one price reduction and 6% have been withdrawn from the market. Those figures point to a broad recalibration of seller expectations and inventory management practices, as more listings are being adjusted rather than achieving original asking prices. The combination of frequent price cuts and a measurable share of withdrawn listings signals that supply dynamics are shifting and that buyers are encountering greater leverage in negotiations. For market watchers, these metrics are a clear barometer of softening price momentum and uneven demand across neighborhoods and property types.

For mortgage professionals, the patterns Reffkin identified carry practical consequences across origination, underwriting and servicing operations. Increased price reductions complicate appraisal comparables and can raise the frequency of low appraisals, which in turn affects loan-to-value calculations and borrower qualification. Withdrawn listings may re-emerge at different price points or be taken off to avoid market visibility, creating volatility in comparable sales data that lenders and investors rely on. Originators and risk teams should tighten valuation scrutiny, counsel clients on realistic pricing expectations, and prepare for potential impacts on pipeline velocity and loss mitigation strategies.

– 43% with price reductions: A large share of listings have seen at least one cut, indicating sellers are lowering expectations and buyers may have stronger negotiating power.
– 6% withdrawn from market: A measurable portion of listings were pulled, suggesting tactical relisting, renovations, or sellers opting to wait rather than accept lower offers.
– Market implication: Together, these trends point to softer price momentum and greater volatility in comparable sales, which affects appraisals, underwriting, and loan pipeline stability.

You can read this full article at: https://www.housingwire.com/articles/reffkin-private-exclusives-mls/(subscription required)

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