Washington MLS Service Making Innovative Changes

In an interesting move that can certainly help homebuyers in the buying process, the largest MLS in Washington has decided to start listing how long a property has been on the market. Armed with this information, homebuyers can better strategize when they make an offer and how much they offer to pay. In addition, it will make it possible for sellers to track the sales of homes that are located near to their homes. As a result, they can have a better idea of how long it will take to find a seller.

“Right now, there’s tremendous anxiety about what a property is really worth and what you should offer,” said Glenn Kelman, who is the chief executive of an online brokerage based in Seattle, in an interview with the Seattle Times. “It is a much more progressive MLS than almost any we deal with. Our hat is off to the NWMLS. Those guys have guts.”

By looking at the price history on a home, buyers can easily see whether or not the price has already been cut back and when the drop occurred. If it has not been dropped or if the house has been on the market for a very long time without a recent drop, it may indicate that the buyer is ready to accept a lower offer. A house that has recently been dropped, on the other hand, likely isn’t quite yet willing to accept an offer that is much lower than the current asking price.

The decision to make this information available on their site is not the first time the Northwest MLS stood at the cutting edge of real estate. In fact, it was the first MLS in the nation to allow its brokers to put their entire inventory on the site – a move the MLS made back in 1996.

Tom Hurdelbrink, who is the president and chief executive of the listing service, is taking all of the hubbub in stride. In fact, he told the Seattle Times that he was just taking “a natural step toward providing more thorough information to consumers.”

Hurdelbrink went on to say that the listing service is trying to help brokers better meet the needs of their customers while also helping them become a trusted resource among buyers and sellers. Kelman agrees with that assertion.

“We want our own sites to be the authoritative source for information about real estate,” he said. “That’s why you’re starting to see more progressive policies.”

What remains to be seen is whether or not other MLS services around the country will be making the same change and whether or not home sellers will appreciate the new transparency or if they would prefer to keep this type of information a little quieter.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.