If you are thinking about selling or buying a home, but are not quite sure how to go about it, consider using the Multiple Listing Service® (MLS®)—a system among real estate brokers that uses various private databases in order to share listing details. Through MLS®, brokers are assisted in finding a buyer for their client’s home.
In Canada, the use of the MLS® system has particularly grown in popularity. Indeed, the number of homes listed over the MLS® system grew by 2.2 percent month-over-month as of December 2016. At the same time, the MLS® Home Price Index or HPI was also up impressively in December, posting a year-over-year growth of 14.2 percent. It is clear that more people are seeing the advantages of utilizing MLS®.
If you are curious to know about the MLS® system, following are some interesting facts to note.
Buyers Can Know their Fees without Asking Anyone
When using the MLS® system to buy a home, you gain the benefit of knowing the fees outright, well before asking anyone. The MLS® website tells you exactly how much you should be expecting to pay for a particular property drawing your interest. The site indicates how much you should expect to allot for mortgage payments and real estate taxes.
You Can Peruse Beyond Price Range and Location
With the help of MLS®, you can easily scan for homes that come with a big yard for your kids, ones in a particular school district, or ones near public transportation or your workplace.
If selling, you gain broader exposure without risking your privacy
While information about the home you are selling will be made available to a wider network of real estate brokers, the data about you that can never be publicly accessed includes your contact information as well as the times that the home is vacant for showing.
It is okay to work with just one broker
Even if you only have one broker selling your house, the MLS® system will make sure your sale becomes known to other brokers who may have clients looking for a home just like yours. This can quicken your sale without the hassle of dealing with more sellers.
If you live in Kelowna, BC and are curious to know more about the MLS® system, contact a participating real estate broker in your area for further information.
Multiple Listing Service (MLS): What Is It/National Association of Realtors
National Statistics/The Canadian Real Estate Association
How Multiple Listing Services Works/HOWSTUFFWORKS