The Sherlock Of Homes: What An MLS Ad Can Inadvertently Reveal About A House

Real Estate Blog

If you are looking for a house, an MLS is one of the easiest ways to find a number of options. Depending on the multiple listing service (MLS), you will be able to find homes in a variety of neighborhoods. You will also be able to filter to find the precise number of bedrooms, bathrooms, and amenities that you would prefer. Along with the number of rooms and the beautiful pictures, an MLS can inadvertently reveal a number of other characteristics about the home, if only you look close enough.

Offers versus sales

When a home goes under contract or has offers, most agents will update the MLS to display this fact. If you have been eyeing a home and it goes under contract a number of times, you should consider the reasons why. Buyers may drop out due to financing, but multiple offers on a home may be falling apart due to an issue found in the home itself. If you are interested in a home that has had more than one offer walk away, properly inspect the home and neighborhood to consider the reasons why.

Number of owners

While no MLS site or application will have an entire history of the home, many services will show you how many recent owners the home has gone through. If the home has had more than a handful of owners, then quick sales, you should talk this over with your real estate agent. The home may have been considered a flip investment with low work, but was later found to need a lot of construction and reform. If a condo has had a number of owners, it is possible that these owners were purchasing as a rental property. If you plan to occupy the condo, the amount of renters versus owners in the building can affect your personal investment. The issue could also be the neighbors or a bad overall neighborhood. Owners not staying in a home long is often cause for concern.

The practicality of the sellers

A number of price drops on a home is likely due to overpricing at the start. Many homeowners are emotionally attached to their home and some have unreasonable financial expectations of a home sale. Housing prices can fluctuate and it is possible that the return on investment in a home is low, especially in the early years or due to a downturn in the economy. The MLS will let you know how much the price has dropped and each time the price is dropped on a home. If a home has had a number of price drops, properly comb over the comparables with your real estate agent to determine just how much the property is worth in reality and act accordingly.

For additional info about looking through MLS listings and buying a home, work with a professional real estate agent.


7 October 2015

Shopping For The Right House

After my wife and I realized that we wanted to buy a house, we started saving like crazy. We skipped meals out with friends, wore older clothes for awhile, and put off family vacations. However, when we finally had enough money saved, we felt ready to buy the house of our dreams. However, finding that perfect paradise was a little more difficult than we anticipated. To help us to find the right place, we worked with a great real estate agent. This blog is about working with a broker to find a place you and your family will love forever.