In my recent blog post, I went on to explain how helpful the MLS is to Boerne Buyer’s and Seller’s, but I didn’t mention how useful MLS is to Boerne Realtors as well. This blog is to better explain MLS and its uses so that those interested can better understand its importance.
Having access to MLS provides Boerne Realtors with many different tools in order to better serve their clients. The most popular tool is generally the Comparative Market Analysis of the MLS which is better known as a CMA report. The CMA report allows Realtors to help a Boerne seller determine what they should list their house for, or even help a Boerne buyer decide if a house of interest is priced accordingly which in return will lead to further action. In a Comparative Market Analysis, the Realtor compares the subject property (home of interest) to other Boerne homes of similar features in the neighborhood that have recently sold. This will provide feedback to not only Boerne sellers to keep them from over or under pricing their home, but also to buyer’s to prevent them from buying a Boerne home that is priced above Market value. Due to these reasons, a CMA report from the MLS is used frequently in the world of Real Estate and it is important that buyer and sellers to be aware of this.
Another tool used in MLS is the Market Survey. Realtor’s mostly use this to determine the average sold price or average days on market of Boerne homes in a particular neighborhood/area. This is good to know for those that plan on relocating to a certain Boerne area because it gives them an idea of what to expect. Market Survey reports of the MLS also include average listing price of Boerne homes in the area as well as the mode, median, ‘minimum, and maximum sold prices. Generally using the average sold price is recommended, but I prefer using the modal sold price for it tends to be more accurate because it gives you the most occurring sold price of a Boerne area rather than the mean. I will touch base more on the importance of knowing the difference between mean, median, and mode when dealing with prices of homes in a later blog.
The CMA and Market Survey reports are just two small examples of what the MLS is capable of doing. Of course there is plenty more to learn about the MLS so I will include more blogs regarding those topics at a later time. So until then feel free to search the links below to find out more on the Multiple Listing Service (MLS).