Is the Way We Buy and Sell Homes Changing? What Buyers and Sellers Should Know About Zillow, Compass, and the MLS

 

How the internet transformed real estate, what you may not know about online home searches, and why the next big industry shift could benefit homeowners.

Remember when buying a home meant calling a real estate agent, explaining what you were looking for, and having that agent find homes for you?

Today, you can sit on the couch in your pajamas, scroll through 50 houses, check their estimated values, look at the schools, and request a showing, all before breakfast.

Pretty amazing, right?

Well, yes. But somewhere along the way, the internet changed more than just how we search for homes. It changed how real estate businesses operate, how consumers connect with agents, and even how people perceive the value of professional representation.

And now, nearly 20 years after Zillow changed the way Americans search for real estate, the industry may be heading toward another major transformation.

Let's talk about how we got here, what's happening now, and what it could mean for you.

🕰️ First, a Little History: Before Zillow, There Was the MLS

Long before the internet, real estate brokerages developed a system to share information about homes for sale.

It's called the Multiple Listing Service (MLS).

The concept dates back to the late 1800s, when competing brokers began sharing property information to help one another find buyers.

The idea was simple: I'll help sell your listings, and you help sell mine.

Eventually, that cooperation developed into the local MLS databases that agents still use today.

For homeowners, it meant their property could be marketed by more than just the brokerage they hired.

For buyers, it meant their agent could help them find homes listed by many different companies.

It was a system built around cooperation rather than forcing buyers to visit every real estate office in town.

And for more than a century, that concept has played an important role in our industry.

💻 Then Came the Internet... and Everything Changed

Here's a quick look at how we got to where we are today.

1990s: Home searching goes online.

Websites like Realtor.com brought property listings to consumers' computers. Buyers no longer had to rely entirely on printed listing sheets, newspaper advertisements, and phone calls.

2006: Zillow enters the picture.

Zillow launched with something that immediately caught America's attention: estimated property values available at the click of a button.

Suddenly, you could look up your home's estimated value, or your neighbor's!

2008 to 2015: Online real estate becomes big business.

Zillow introduced its Premier Agent advertising program, launched mobile search tools, and eventually acquired Trulia.

Real estate websites became more than places to browse homes. They became major platforms connecting consumers with agents, lenders, and other services.

2020s: Consumers have more information than ever.

Virtual tours, automated valuations, instant notifications, and online showing requests have made home searching incredibly convenient.

But all that convenience also created a new question:

Do consumers always understand what's happening behind the scenes when they click those buttons?

🏡 What Really Happens When You Click "Request a Tour"?

Let's use Zillow as an example, since it's one of the most recognizable real estate websites.

You're browsing homes and find one you love.

You click "Contact Agent" or "Request a Tour."

Naturally, you might assume you're contacting the agent who listed the property.

But that's not necessarily what happens.

Zillow operates an advertising program called Premier Agent. Depending on the particular listing, button, and service available in your area, your inquiry may be directed to a participating buyer's agent rather than the property's listing agent.

That agent may be paying Zillow for advertising opportunities to connect with buyers in that market.

Is that automatically a bad thing? No!

Many excellent agents participate in these programs, and connecting buyers with knowledgeable professionals can be helpful.

But here's what consumers should understand:

The person you're connected with online isn't necessarily the person who listed the home, works for the seller, or has firsthand knowledge of the property.

And clicking a showing button doesn't necessarily mean the appointment has been confirmed.

Before sharing your information or agreeing to work with someone, it's perfectly reasonable to ask:

• Are you the listing agent or a buyer's agent?

• Which brokerage do you work for?

• Who would you represent in this transaction?

• Is this showing actually confirmed?

These are simple questions that every homebuyer should feel comfortable asking.

💰 What About Those Zestimates?

We've all done it.

You look up your house online, see an estimated value, and think, Really? That's what my house is worth?

Zillow calls its automated home value estimate a Zestimate.

And to be fair, automated valuations can be useful starting points.

But they're not appraisals, and they're not substitutes for an experienced real estate professional evaluating your property.

In fact, Zillow publishes its own accuracy statistics, which show that estimates for homes not currently listed for sale tend to be less accurate than estimates for homes actively on the market.

For perspective, even a 7% difference on a $400,000 property represents $28,000.

A computer can't always tell whether a home has a beautifully renovated kitchen, outdated mechanical systems, significant water damage, or a location that makes it more desirable than the house down the street.

That's where local market knowledge matters.

For sellers: An inaccurate estimate can create unrealistic expectations about pricing.

For buyers: An online estimate shouldn't be the sole reason you believe a house is overpriced or decide what to offer.

A home's market value depends on many factors, including comparable sales, condition, location, and buyer demand, not simply what an algorithm displays.

🤔 So Why Are Real Estate Companies Pushing Back?

Here's something most consumers probably don't think about.

The homes you see advertised on large real estate websites generally originate with homeowners and the real estate professionals they've hired.

Agents spend time and money earning listings, preparing properties for sale, marketing homes, communicating with buyers, negotiating contracts, and navigating the legal and financial details of a transaction.

Their brokerages provide oversight, licensing supervision, insurance, training, technology, and support.

Third-party websites can then receive listing information through authorized data feeds and other arrangements, attract consumers using that information, and generate revenue through advertising and related services.

In other words, the companies providing real estate services and the websites attracting consumers aren't always the same businesses.

This arrangement has benefits. Sellers receive broad exposure, buyers can easily find homes, and agents can connect with new clients.

But it also raises a reasonable question:

Should a brokerage have more control over how and when the properties it represents are advertised?

That's one of the major questions now being debated across the country.

⚖️ What's Happening in Real Estate Right Now?

In November 2026, Compass, one of the nation's largest real estate brokerage companies, filed 15 federal antitrust lawsuits against MLS organizations across eight states.

Compass is challenging rules that generally require brokers to submit publicly marketed properties to the MLS within a short period of time.

The company argues that sellers and their agents should have more flexibility to decide when and where their homes are marketed.

MLS organizations, meanwhile, argue that shared listing systems help ensure buyers have broad access to available properties and sellers receive exposure to the largest possible audience.

Neither side's position is without merit.

There are genuine benefits to having one cooperative database. There are also legitimate reasons a homeowner might want a more gradual or selective marketing strategy.

And this debate isn't just happening in court.

The National Association of REALTORS® introduced additional MLS marketing options in 2025. Local MLS organizations are also exploring ways to share upcoming properties among real estate professionals while allowing sellers greater control over public advertising.

Our local MLS, Realcomp, has been reviewing and developing additional listing options as the industry evolves.

The goal should be to give homeowners meaningful choices without losing the benefits of cooperation between real estate professionals.

🔑 What Could This Mean if You're Selling a Home?

Potentially, more options.

Traditionally, placing your property on the MLS gives it widespread exposure through participating brokerages and consumer websites.

For many sellers, that's still an excellent strategy.

But not every homeowner has the same circumstances.

Imagine you're planning to sell your home but still need a few weeks to prepare for professional photography, finish renovations, or coordinate your next move.

A more flexible marketing system could allow your agent to introduce the property to other agents or potential buyers before the full public launch.

Some sellers might prefer a period of limited exposure for privacy or convenience.

Others may want maximum exposure from day one.

Neither strategy is automatically right for everyone.

The important thing is understanding the potential benefits and tradeoffs.

More limited marketing may offer greater privacy and flexibility, but it can also mean fewer potential buyers see the home, which could affect competition and the final sale price.

A good listing agent should explain those options and help you decide what makes sense for your situation.

After all, it's your home.

🔍 What Could This Mean if You're Buying a Home?

Here's where things get interesting.

Imagine you're shopping for a specific vehicle.

You may visit several dealership websites because not every dealership's inventory appears in one convenient place.

Real estate could become a little more like that.

Today, buyers can usually find most publicly listed properties through a handful of major websites.

But if more brokerages begin marketing properties through their own websites or professional networks before entering them into the MLS, you might not see every available opportunity on your favorite home-search app.

That doesn't mean you'd have to work with the brokerage listing the property.

In fact, Compass recently formalized a policy requiring its agents to share listing information and cooperate with outside agents, including on certain properties marketed outside the MLS, unless sellers instruct otherwise.

But it could mean your own agent needs to do more than set up an automated home search.

An experienced agent might be contacting other brokerages, tracking upcoming listings, networking with local professionals, and identifying properties that haven't appeared on the major websites yet.

And suddenly, the value of having a well-connected real estate agent becomes much more apparent.

Yes, searching independently may become a little less convenient.

But a great buyer's agent brings something much more valuable than access to a website: knowledge, relationships, negotiation skills, and someone who is looking out for your interests.

❤️ "But Aren't Real Estate Agents Just Overpaid Door Openers?"

It's a fair question to ask what you're paying for when hiring any professional.

Especially when the internet makes so much information available for free.

But there's a difference between finding a home and successfully buying or selling one.

Think about it this way: You can research legal questions online, but that doesn't mean you'd necessarily want to represent yourself in a major lawsuit.

You can look up medical information, but that doesn't mean you'd want to perform your own surgery.

And you can find a home online, but that doesn't mean you're automatically prepared to evaluate its price, negotiate the contract, understand contingencies, manage inspection issues, navigate financing concerns, or protect yourself when something unexpected happens.

A good real estate professional does far more than open doors.

And a good brokerage provides another layer of support behind that professional.

When something goes wrong during a transaction, having an accessible, experienced broker who can step in matters.

Technology is an incredible tool. But there's no substitute for professional accountability, communication, and someone who takes responsibility when a transaction gets complicated.

🌟 Maybe This Next Chapter Is Exactly What Real Estate Needs

The real estate industry has changed dramatically over the last few decades.

Some changes have made buying and selling homes easier, faster, and more transparent.

Others have raised questions about how listing information is shared, how consumers connect with agents, and whether the people doing the work have enough say in how their services are marketed.

Now the industry is entering another period of change.

Compass, which acquired Anywhere Real Estate in January 2026, bringing brands including Coldwell Banker into the same corporate family, is among the companies pushing for greater flexibility in how listings are marketed.

Lawsuits, policy changes, and new technology will continue shaping what happens next.

No one can say with certainty how these disputes will be resolved or exactly what home searching will look like in five years.

But perhaps the biggest opportunity is to create an industry that combines the best of both worlds:

The convenience and transparency of modern technology with the relationships, expertise, cooperation, and accountability of professional real estate representation.

Because at the end of the day, buying or selling a home isn't just an online transaction.

For most people, it's one of the biggest financial and personal decisions they'll ever make.

And having the right people in your corner still matters.

About Coldwell Banker Town & Country Real Estate

At Coldwell Banker Town & Country Real Estate, we believe technology should empower consumers and real estate professionals, not replace the personal service, local knowledge, and experienced guidance that make a difference in every transaction.

Our agents are backed by experienced, accessible brokerage leadership and the resources of one of the most recognized names in real estate.

Whether you're buying, selling, or simply curious about what's happening in the market, we're here to help you navigate the changes with confidence.

Disclaimer: This article is intended for general informational and educational purposes and reflects industry observations and opinions as of November 2026. It is not intended to criticize or misrepresent any individual, company, or organization. References to third-party companies, products, and services are based on publicly available information, which may change over time. Discussions of potential industry changes and their effects are speculative and should not be interpreted as established outcomes. This article was prepared with the assistance of artificial intelligence and reviewed by Coldwell Banker Town & Country Real Estate. Nothing in this article constitutes legal, financial, or professional real estate advice specific to an individual transaction.