Have you ever used sites like Zillow to look for a new home, or to see estimated property values, only to discover that the listings are out of date or wrong? You’re not alone! Sites like
this are insanely popular, but have some inaccuracies that can leave you feeling frustrated.
You may be tempted to shop around on sites like Zillow, but your agent and your local Multiple Listing Service (MLS) will provide much more accurate information. What’s that, you ask? Read on to find out everything about the MLS, and why it’s more accurate than sites like Zillow.
What’s going on in today’s real estate market anyway? Check out my post on the DMV area’s market here to find out.
What is the MLS?
The multiple listing service is a database that has all Coming Soon, Active and Under Contract property listings in an area, used by cooperating real estate agents and brokers. Think of it like a matchmaking service, where your agents work together to find a buyer and a home that will fit perfectly together.
How Does the MLS Work?
Each MLS is locally made by real estate software professionals, and they typically abide by similar rules and guidelines. The system can only be accessed by brokers and agents, who typically pay a membership or subscription fee for access.
The listings are updated instantaneously, meaning that all the information is fresh and up to date. Listing agents conduct a comparative marketing analysis using data from the MLS, and make a fair selling price. Buyer agents use the MLS to find all the homes within their clients’ price range. With Coming Soon listings, agents can see listings before the ‘For Sale’ sign pops up, which gives you the jump on your competitors and gets the ball rolling faster.
What Are the Benefits of an MLS?
Most accurate information – The MLS is made for real estate professionals, so there won’t be any out of date listings. Your agent will use the MLS to help you buy or sell your home for the best price possible.
More exposure and options – Unlike Zillow, every available listing is on the MLS, even if the property isn’t officially on the market yet. Once your home is on the MLS, all the agents who have access can see it. Alternatively, your agent can also see all the options available and show you the ones that suit your needs.
Where Are the Most Accurate Listings?
If you want to see available listings in your desired area that are sure to be accurate in terms of status and listing price, just check out your agent’s site; many agents have search tools that you can use freely. The listings on my site are updated automatically whenever the MLS changes. Check out my guide on how to use the real estate search feature to find current listings, and you’ll never miss a new home again.
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