MLS
MLS
What is the MLS? The MLS (Multiple Listing Service) is an organization that collects the data for all residential properties listed by real estate brokerages in a specific geographical area. There are many different MLS’s, one for each area of the country. Although they all perform the same function, there are differences between them that are more apparent to the Realtors® who are members than to the public.
When a Realtor® lists a property for sale, they enter the listing (all the pertinent data about that property) into their local MLS, which notifies all of the other Realtor® members of that MLS that the property is available for sale. That listing Realtor® is required to keep all pertinent data about that property current in their MLS. In essence, the MLS data is the most accurate database available for properties that are for sale in that area.
Other Realtor® members of that MLS use the data on available properties to help buyers review and select properties they may wish to buy.
There is considerable data on each property and Realtors® have many ways to search and sort the available listings in order to zero in on the specifics that a buyer is looking for.
MLS organizations are particular about how their data is used and who they allow to use that data. They have strict guidelines, which they enforce. Their efforts result in high quality data that is not available on many property search web sites. Realtor® members of an MLS may provide the data to their client base, or the public, if they meet the requirements of their MLS.
The property search data available on www.BuyYourVilla.com is an example of that high quality data. The system automatically updates the data daily so that users do not spend their time looking at SOLD properties or those that are no longer available for sale.
Many large property search web sites do not have these high quality MLS feeds. Their data comes from different sources. Some charge Realtors® for the privilege of entering listings. Realtors® do so in an attempt to maximize exposure for their listings. There seldom is a requirement to keep the data current. Properties that have been on off the market for months or years may still show up on those sites.
Anyone seriously considering a purchase should be selective when choosing a property search web site. Sorting through useless data can be frustrating.
If you find a property that you feel may be worth a look, feel free to contact us at (916) 337-0658 (or text us) and we will be happy to review the property for you and, if necessary, arrange for a visit. Happy Searching!
BANK OWNED (FORECLOSURE) HOME SALES DATA FOR EL DORADO HILLS, CA – Dec 2011
BANK OWNED (FORECLOSURE) HOME SALES DATA FOR EL DORADO HILLS, CA – DECEMBER 2011
This is the latest monthly report of a four-year study of bank owned home sales in El Dorado Hills, CA. This report covers December 2011.
There were six bank owned homes sold in El Dorado Hills in December, down one from the
previous month. A low inventory is the primary reason.
The average days-on-market increased from 29 in November to 79 in December. One of the homes had been on the market for over 100 days. Some old inventory was cleared out. None of the homes that sold had been on the market for two weeks or less, which is very unusual.
The six bank owned homes that sold represent only 8% of ALL homes sold in El Dorado Hills this month. This is a much smaller segment than normal, despite the increase in inventory.
The available inventory of bank owned homes in El Dorado Hills spiked at a 2.4-month supply in December, the second highest inventory level in 2011… The available inventory for ALL homes available dropped from a 2.9-month supply the previous month to a 2.2-month supply in December, the lowest inventory level in 2011. Pundits advise that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills.
The average cost-per-square-foot for Bank Owned homes was $ 150 in December, up considerably from $ 126 in the previous month, and the highest in the past fifteen months. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in December remained $ 153 for the second month in a row.
The overall sales price for bank owned homes was 94.9% of the final asking price and 87% of the original asking price. Only one of the buyers paid the full asking price in December. The banks did not do a very good job of estimating the market value of their “toxic Assets” that sold in December.
Bank owned homebuyers paid 98% of the cost-per-square-foot for their REO home when compared with the cost-per-square-foot for ALL homes sold in December. That is only $ 3 pre-square-foot savings. When applied to a 2500 square foot home that represents a savings of $ 7,500, much less than usual.
If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows:
BANK OWNED (FORECLOSURE) HOME SALES DATA FOR FOLSOM, CA–DEC 2011
BANK OWNED (FORECLOSURE) HOME SALES DATA FOR FOLSOM, CA – DECEMBER 2011
This is the latest monthly report of a four-year study of bank owned (REO) home sales in Folsom, CA. This report covers December 2011.
There were 16 REO homes sold in Folsom this month, up from 12 the previous month.
The average days-on-market increased from 49 the previous month to 67 in December. Two of the homes had been on the market for over 200 days and two others had been on the market for over 100 days. Obviously, some of the old inventory was cleared out. However, 38% of the homes that sold were on the market for two weeks or less, proving once again that well priced homes in good condition sell quickly.
The 16 REO homes that sold represent 23% of all homes sold in Folsom this month. The very low bank owned home inventory is one reason for this statistic.
The available inventory of bank owned homes in Folsom dropped to a 7-month supply, the lowest inventory level of bank owned homes in the past 15 months. The inventory for bank owned homes in Folsom peaked at a 2.8-month supply in January and has steadily declined since. The available inventory for ALL homes available decreased to a 1.6-month supply, down from a 2-month supply the previous month. Pundits tell us that a 6-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.
The average cost-per-square-foot for bank owned homes was $ 141 in December, unchanged from November. The average cost-per-square-foot for ALL homes sold in Folsom in December was $ 157, up one dollar from the previous month. It has been moving within a narrow range for the past year.
The overall sales price for REO homes was 96.50% of the final asking price and 89.38% of the original asking price. Both of these numbers are lower than usual. The 89.38% number is a reflection of the banks ability to judge the true market value of their “toxic assets.” They did not do well on those homes sold in December. In addition, only 32% of the buyers paid the asking price, or more, for their bank owned homes in December. That too is lower than usual.
Based on the cost-per-square-foot statistic, bank owned homebuyers paid 10% less for their home than did buyers of non-bank owned homes in December. When we apply that to a 2500 square foot home, it represents a savings of $ 40,000: a considerable savings.
If you have any questions about purchasing a home in Folsom, a Folsom REO, or an REO anywhere in the area, feel free to give us a call (916) 337-0658.
The Data Follows:
Stunning Horse Property In The Foothills
We recently had the opportunity to create a slide show of this fantastic property. We included some of the many photos that are available on this web site. Feel free to view the slide show and view all of the other photos as well.
If you like the slide show, PLEASE select “LIKE” on the YouTube site. The more likes we get the more people are likely to see it. Enjoy!
THIS MONTH IN REAL ESTATE
THIS MONTH IN REAL ESTATE
Here is the latest This Month In Real Estate Video. This one, covering November, is designed to provide potential home buyers wil some information about the advantages of buying a home.