Many people have heard of the MLS® or Multiple Listing Service, which is in most areas, nationwide. The MLS® is a central listing of real estate that is listed for sale with real estate companies. Individuals that are trying to sell their own home don't have the advantages that real estate agents do, belonging to the MLS®. When it comes to buyers and sellers, there are many advantages to MLS®.
For sellers, it means that your house information will be available to all of the agents in the MLS® system, giving you the most exposure to buyers. When real estate agents are looking for a certain price range or certain features that a buyer is interested in, the information on your home will be available, increasing the chances of finding the perfect buyer.
As a buyer, the MLS® helps to narrow down your house-hunting to those that fit your particular needs. A real estate agent can search homes by area, price ranges, number of bedrooms or bathrooms, how much land comes with a house or the school district, just to name a few. Anything that is listed about a house can be searched and the list can be narrowed down to the homes that are best suited.
The MLS® system is not available to individual buyers and sellers. Only real estate agents and brokers that belong to MLS® can access the system and list homes they are selling. For a seller that is trying to save a real estate commission, they have to consider the wide-reaching range of MLS® in finding the right buyer for their home.
If sellers have to advertise their home in newspaper classifieds, post signs on street corners and try other means of reaching the right buyer, it can be like finding a needle in a haystack. MLS® reaches thousands of buyers, through the real estate agent network, which is well worth any commission paid, if you need to sell your home quickly.
For buyers, you can easily compare pricing on homes in particular neighborhoods and real estate agents will tend to have their sellers price homes according to the CMA or Comparative Market Analysis, which is based on homes that are listed in MLS® or have recently sold. This helps a buyer know that home prices are fairly priced and comparable, so they don't feel they are over-paying for a home.
The MLS® is the most widely accepted tool for buyers and sellers, alike. Real estate agents depend on the MLS® to find listings that all REALTORS® have available, which makes it easy for buyers to stick with an agent they like, but still be able to see any homes that are listed by all REALTORS® in the area.
For sellers, it gives them thousands of agents at their disposal, trying to sell their home to qualified buyers. This increases the chances of your home selling for a good price. If you have not heard of the MLS® or multiple listing service, we will be happy to demonstrate it to you. Check it out so that you can make the best decisions, whether you are buying or selling a home.