MLS is the Multiple Listing Service. This is a very robust network of real estate listings, with an extensive list of options to filter property searches by. This is where agents, representing sellers, will upload details, including photo’s, for the property being sold. Agents, representing buyers, will search the MLS, using detailed criteria that a buyer is looking for in a property purchase.
Virtually all of the consumer focused real estate search sites, pull the information found on the site, from an MLS.While the various sites are great for people doing their own searches, MLS has much more detailed information that helps Realtors on both the buying and selling side, communicate and determine information, like realistic comparable sales data to help guide their clients decisions with.
While the information on consumer focused real estate sites pull the data they share from the MLS, only licensed REALTORS have direct access to the MLS. Information can be shared with buyers and sellers by their Realtor, from the MLS and it’s very common for people to do their own search from sites that they can access, which they share with their Realtor to look further into, using the MLS.
Most of those we work with want to start with how much they can potentially get for their property. While this is, undoubtedly, important, it isn’t the only item to consider and, in some cases, not even the first priority. Understanding a clients motivation for selling is the first step that we look to take together. From here, our team can use data from comparable property sales, including Days on Market, overall current market conditions and what our client needs from selling their property, to present a clearer picture of how we can best focus the marketing process to get to the end result that best serves those we’re working with.
Days on Market/ Cumulative Days on Market refers to how long a sale has been actively marketed. The number shown is commonly the same for both items, but not always. Days on Market, specifically refers to the amount of days that a current property listing has been marketed, where Cumulative Days on Market goes back to any marketing of the same property, where more than 90 days have not passed with the property being off market. Example is a home sale being active for 20 days, removed from the MLS for a month and then listed again. Seven days into the current listing would show 7/27 with the 27 being Cumulative Days on Market.