What is an MLS?

MLS stands for "Multiple Listing Service," which is usually a computerized listing of all homes that are for sale in a specific area.

When a REALTOR lists your property for sale, he or she pays a fee and your home is placed on the MLS system. The big advantage to sellers is that the MLS is the NO. 1 resource used by buyers (and sales professionals) to locate homes. Properties that are not listed (usually those being sold by their owners) are not on the MLS, thus there are many buyers and sales professionals who will not be exposed to the homes.

The MLS has become such a standard in real estate that no serious broker would think of trying to sell real estate without it. It would be like an accountant trying to work without a calculator. About the only residential brokers who might not use the MLS are those who exclusively handle foreclosed properties or high-end homes owned by celebrities and the like.

The MLS provides a surprising amount of detail and may include the location by (ZIP code); size of the home (square footage); size of the lot; number of bedrooms; extra rooms, such as a den, family room, formal dining room, or enclosed patio; amenities, such as a backyard, fireplace, hot tub, pool, kitchen features, new carpet and drapes; capacity of garage; age of home; and, of course, the selling price and terms.

Buyers can narrow their house-hunting searches dramatically by using the MLS. For instance, their sales professionals can do a computer search and ask for a listing of all homes within a certain location and price range that have two or three bedrooms and that are not more than 10 years old. Not only will this request generate a brief list of viable possibilities, it also helps buyers gauge, roughly, what they can expect to get for their money and to compare the value of the homes listed.

Thus, the MLS is more than a system that lists properties. It's an aid to both buyers and sellers and is a definite asset to consumers when it comes to real estate.

THIS INFORMATION IS PROVIDED TO YOU BY GEORGE P. IRISH
RE/MAX OF LAKE WALLENPAUPACK-NORTH