Understanding an MLS Listing Sheet
MLS is also known as Multiple Listing Service. It is basically a service where all Realtors from different companies, franchises, and cities can come to share information about their properties for sale.
As a consumer – and, prior to the Internet – you had to talk to a real estate agent to get any information about properties. Luckily with the technology we have today, a consumer can get loads of information about homes and the neighborhood before they even drive by.
When looking at any MLS listing sheet – buyers need to zero in on several things that give you the most information about the property.
Price.
Taxes. This is vitally important in not only figuring your monthly payment but also your debt to income ratio which factors into what loans and interest rates you will ultimately be able to afford. Make sure the semi tax isn’t out of your budget.
Utilities. some MLS systems allow for the actual averages of gas, water, and electric bills. Others do not. Scan down and find out the companies because high gas or electric bills could indicate other problems down the road.
Utility Options. Depending on the system that is used (and they aren’t all the same) typically lists what is available as in high speed internet, cable, etc. If you work from home – this is vital to your productivity.
Square footage. Everyone gets hung up on square footage. Truth be told – it’s not as important as the amenity value in relation to it.
Many systems are now implementing a longitude /latitude value of which you can map yourself right to the front door. This is an invaluable service especially if you are considering any purchase that involves acreage or waterfront. Don’t trust the landscaping or the mowing lines – these are oftentimes wrong.
There is a great deal of valuable information on an MLS sheet so be sure and check it over carefully for each home you are considering.
