How the San Antonio MLS works
How does the San Antonio MLS work? This is a very popular question with sellers and even buyers. Since most sellers and buyers start their research on line these days. The most popular places for them to start are online portals. We will discuss what you will find there and the advantages of using the San Antonio MLS. I’ll break this down into three main areas of discussion; San Antonio MLS as a historical archive, syndication tool and collaboration tool.
San Antinio MLS as a historical archive
Fist and foremost historical data is gold. Over the years I’ve met many sellers that have listed their homes and couldn’t sell. Unfortunately the seller not going over the actual historical data for their neighborhood keeps coming up. Ouch! This data includes and is not limited to; final sales price of comparable homes, seller contributions towards buyer’s closing cost, the most popular types of home loans used in the neighborhood, seller disclosure forms, Avg days on market before a home goes(Active Option, Pending or Sold). More categories of data are available. But we will focus on these.
Seller contributions towards home buyer closing cost
Seller contributions is a big one many seller forget about or never hear about until an offer comes in. Either way it can total in to the thousands of dollars. San Antonio has a diverse mix of neighborhoods but even in the upper price ranges seller contributions towards buyer closing cost are common. Even in a ‘hot market’. Remember just because the market’s hot it doesn’t mean this situation won’t come up. I can suggest a few strategies to mitigate this but that’s another post. When comparing other San Antonio neighborhood properties to your own, check the bottom of the page or column of the market analysis for ‘seller contributions’. This will give you an idea of what you might expect buyers to ask for.
Popular types of loans in a neighborhood
Popular types of loans in a neighborhood can indicate to a seller the most likely amount of cost and net they might see when offers are received. A conventional loan has the least amount of cost for a seller, followed by an FHA loan and then a VA loan. VA loans are the most expensive type of financing a seller can accept. It’s not that you don’t want to do this necessarily but it should be discussed up front before you market the property. We have a lot of veterans and military families here in San Antonio so chances are high for this type of offer. Offering to accept offers with VA financing can help bring multiple offers with the right house but may not be a good idea on others.
Seller disclosure forms
Seller disclosure forms offer a wide variety of information you might not otherwise glean from other sources on line. Things like settling issues in the foundation, plumbing, roof, electrical, permits occupancy status and many more. All these issues can impact the marketability of a home and ultimately the final sales price of a home. When comparing other San Antonio neighborhood homes that sold to your own. Always check the additional information tab in your MLS account for key disclosure that may shed some lite on the final sales pricing.
Average days on market for San Antonio homes
The average days on market for San Antonio homes varies for every area and price range. Homes that have easy access and are priced with in reason of market trends tend to have the least number of market days on avg. On the other hand when access to a property is hard to obtain or pricing is well above market averages days on market tend to go much higher. This can lead to stagnation and lower than normal closing prices when a contract is finally obtained. When planning on the price of your home take into consideration the average of comparable homes sold in your area that fit your properties condition. This will tell you how quickly you may need to make adjustments to bring in offers.
San Antonio MLS listing Syndication
San Antonio MLS listing Syndication is a topic I discus all the time with clients. Many clients come to me confused as to how the listings get published. The simple answer is through the San Antonio MLS system. This system is where thousands of agents here in San Antonio publish new listings every day. After the listing is published thousands of online portals such as Zillow, Trulia, Individual broker sites and others pick up the feed. Not all the sites publish instantly some make take days or even longer to publish a new listing. And hold on to your seat but not all listings published to the San Antonio MLS get published to the portal sites. Some times the seller doesn’t wish the home to be published online. Only the brokers are allowed to share it with their clients. On the flip side of this portals will often have a select list of homes (for sale by owner, coming soon, pre foreclosure). For this reason never completely ignore portals. Instead use the portals in conjunction with the MLS for research purchases.
The San Antonio MLS as a collaboration tool
The San Antonio MLS as a collaboration tool is one of my favorite uses of the system. Along with the archived data stored in the MLS system there are also several group functions as well. Clients can track multiple properties. They can save notes viewable by the real estate professional on the other side. In addition they can send messages about individual properties directly to their agent from the listing. When time counts and real time updates are needed ask your agent to activate a real-time search. This is a feature most portals have and is now available for MLS subscribers and their clients.
Conclusion about The San Antonio MLS
In conclusion. The San Antonio MLS works as a powerful and convenient resource for seller, buyers and agents. The availability of real time information, data and tools make it a great place to plan and measure deals 24 hours a day 7 days week. While online portals will continue to impact the business and provide an enjoyable browsing experience. Adding MLS access to a clients arsenal is a game changing move.