Understanding an MLS Listing

Understanding a MLS listing.

The Multiple Listing Service (MLS) is a database system that assigns a number to each property on the market. When you call up a property using its MLS number, you will see information pertaining to it. This information, when understood and used properly, can paint you a solid picture of the property. Also, trust your instincts when reading a listing. If the listing agent did not care enough about adding certain information, that aspect of the property is probably not a high point.

Instructions

1. View the basic information that is included in all MSL listings. This includes the address, number of rooms and bathrooms, and price. When determining whether you should be interested in a property, these factors are probably the most important.

2. Check out taxes, which will add to your mortgage payment each month. They are also a good barometer to use when comparing schools and services of one municipality to the next. For instance, if two municipalities have the same services and the same quality of schools, but one has significantly higher taxes, that should be a red flag.

3. Analyze the utilities, such as heat, electricity and water. The utilities section will list the cost of each utility and the utility options will list the type of utilities that are available. Remember when looking at the cost of each utility, you need to take into account the size of the property. You also need to keep these costs in mind when trying to figure out how much house you can afford.

4. Examine the square footage. This is the actual size of the property. This number should be weighed against the price, taxes and utilities. The actual square footage number does not mean much unless you understand how it plays a part in determining these costs.

5. View the longitude and latitude points if your system provides them. These are provide the actual coordinates of the property, and will help you determine your property lines and what you are actually getting in terms of land.

References

• Zillow: Understanding an MLS Listing Sheet