Do You Find SOLD Information In Your MLS Helpful?? I Surely Do.
STATISTICAL INFORMATION HELPS BUYERS AGENTS and LISTING AGENTS. It's always interesting to see actual statistics that are verifiable by the information in our Multiple List Service reports. Is the information in the MLS always accurate. No. However, it shows an accurate reflection of individual agent reports for List Price, Sold Price, Seller Incentive paid (if reported by the listing agent), Days on the Market, and more.
Thanks to the "institutional memory" of our MLS, subscribers can research, compile data, transform it into reports, statistics and stay on top of the activity of individual real estate markets.
MLSs ARE LOCAL. One of the wonderful features of the data available in our individual MLSs is the objectivity of the data. Also helpful is the fact that we can "drill down" to the specific area, county, city and subdivision. In fact, we can even drill down to information to compile more local information such as lot sizes, square feet of homes, home types and styles, tax records, and more. Tax records are particularly helpful because it provides actual taxable square feet recorded by the appraisers and we don't have to rely on agent's estimates. No, it's not always complete, but for experienced agents, this information provides a useful source of information to help listing agents and buyer's agents to compare the subject property with recent past closed sales and active competing listings.
This is why the statistics published by the national reporting sources is rarely helpful. It's far to general and covers disparate raw information.
EXAMPLE: In routine research this a.m., I pulled the SOLD information for a local county and easily determined the average list price, average SOLD price, seller incentives paid, days on the market and much, much more. From the reports designed, I got a reasonable handle on information to compare:
The number of properties SOLD November 2012 compared with November 2013.
The average list price November 2012 compared with November 2013.
The average SOLD price November 2012 compared with November 2013.
The average days on the market November 2012 compared with November 2013.
HOW IS THIS INFORMATION HELPFUL?
When speaking with prospective home buyers, I have the information to help them understand our market for year over year and not just a snap shot for today. Over the years, I've been complimented on my market knowledge, which for relocating home buyers also includes helpful commuting comparisons.
WHEN A CONSUMER BELIEVES THAT YOU KNOW WHAT YOU'RE DOING, their confidence in your ability to help them with their search needs will create a buyer loyalty that is indispensable.
STUDY YOUR MLS DATABASES AND YOU'LL BE PLEASED HOW THE INFORMATION WILL HELP!
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, serving home buyers in Loudoun County VA.
"Martha, have you found an agent in the D.C area to help with your relocation yet??"
"Not yet, but I spoke with one today that really knows her area. I'm sure we'll go with her. She's
sending some information by e-mail later today. I'm very confident."