This post comes from Shawn Kriewaldt of Keller Williams Realty and DaneCountyMarket.com.
We recently covered how either you or your buyer agent can research a seller's mortgage and check for delinquent property taxes as you prepare to make your offer. Another step you can take in preparation for your offer is to research the home's MLS listing history.
- How long has the home been on the market?
- What was the original listing price, and how many times has the price been reduced?
- Has the property undergone any expired listings?
- What is the expiration date of the current listing?
The answers to these questions can provide some good insight into the seller's frame of reference when it comes time to negotiate. As an example, take a look at the listing history for this Mount Horeb property.
Moving chronologically through the listing history (from bottom to top) we know the following about this home:
- It was originally listed on 9/10/06 for a price of $324,750. This listing expired on 3/7/2007 without an accepted offer.
- The seller re-listed the home on 3/14/07 for a price of $309,900. This second listing expired on 5/14/07.
- The seller re-listed again on 5/17/07 for a price of $299,900. On 9/28/07, the seller lowered the price to $284,900. The home ended up selling on 12/3/07 for a price of $282,500.
The listing history is available to MLS members only, so you will need to ask a real estate agent for this information if you are not already working with one.
1 comment:
Hello all,
The listing history provides realtors with important information. Most commonly, the listing history will reflect the starting price of a property when first placed on the market, any price reductions and any prior offers that might have fallen through for one reason or another. This information helps the realtor evaluate how motivated the sellers of a property might be to come down on their price even more, or how quickly they will be willing to accept a good offer. Thanks a lot.....
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