Looking back to 1984 MLS entry
With today's 3% or less interest rates when buying a home, let's take a look at a listing from July 1984. Searcy AR had started getting Multiple Listing Books every two weeks in the year 1982. How'd we do that? We had a California real estate agent move to Searcy and told us how the real world worked and we subscribed. It was wonderful!
Anyway, back to this listing. Notice the information that was included, especially the loan information. It told how much was owed on the house and at what interest rate and gave the equity in the home. This information was very important because of disastrous interest rates during the 1980's. To sell a house, we had to depend a lot on how a buyer could afford the home. VA and FHA loans were assumable without a credit check. There was a lot of owner financing. Also note how they gave the owner's name (I marked through it) which could now be considered a violation of privacy. This person's interest rate was 15% through a savings and loan and probably not assumable.
With our on-line MLS service now, with up to 40 pictures, things are so much better......but it doesn't hurt to go back and see how things were a few years ago.