Posted by Mark (AK) on November 19, 2004 at 12:23:41:
In most areas, the local Board of Realtors puts out all that information on an annual basis.
How can MLS be used to find this information? - Posted by REISouth
Posted by REISouth on November 19, 2004 at 10:38:37:
How can MLS be used to find out the turnover rate for a particular neighborhood/area for the past 1,2,5 and 10 years?
How can MLS be used to find out the average trend of property values in an area over 2,5 and 10 year periods? It would be extremely beneficial to know that the average price of a house “Rolling Oaks” has a yearly average increase of 6% over the past 10 years but an average increase of 8% for the last 5 and 12% for the past 2. I’m looking for data that would indicate that “Rolling Oaks” is “hot” other that just my gut instinct.
How can MLS be used to find underpriced houses in a paticular area?
What ways have you found to utilize MLS to see market trends?
Re: How can MLS be used to find this information? - Posted by wai
Posted by wai on November 21, 2004 at 23:55:24:
i found some of the variables have been useful to me:
- average Date on Market (DOM)
- price per sq ft
- affordability
- appreciation rate (local Board of Realtor)
- foreclosure rate (default notice, etc)
if you have the access to the MLS, try to use the search function to look up some keywords: “motivated”, “moving”, “Will Carry”…etc…
doesn’t mean that you guarantee to have a great deal, but you are very likely facing somebody who plays fair…
Re: How can MLS be used to find this information? - Posted by wai
Posted by wai on November 21, 2004 at 23:51:39:
i found some of the variables have been useful to me:
- market date (average Day on Market (DOM))
- spreadsheet of dollar per sq ft
- local Board of Realtor in terms of getting appreciation rate
- affordability
- foreclosure trends…
if you are looking for underpriced house and you have the access to the MLS, try to search keywords that indicates motivation, such as “motivated”, “moving”, “foreclosures”…
it doesn’t guarantee any good deals, but it shows that you may be able to deal with somebody who plays fair…
Re: How can MLS be used to find this information? - Posted by Carmen_FL
Posted by Carmen_FL on November 20, 2004 at 11:21:27:
If you are handy with a spreadsheet or a database, doing a “data dump” of the MLS data and/or the Tax records and playing with the data would give you all the information you need. Tax rolls would actually be more useful, since they give you all the FSBOs, too. Our tax rolls show the past 4 or 5 sales, so going back a few years to find sale prices would be easy. Then you have to pick out the “weird” ones so your statistics and averages don’t get messed up (all the inter-family transfers, foreclosures, etc.)
I have used the MLS and tax download options that we have in our area to get a lot of statistics; I’m also starting to do them to figure out good rental areas. But it is a lot of “data fishing” and database management, since most Boards of Realtors or other government organizations don’t get down to the detail that you are asking about.
If you are not a “techie”, hiring the services of such a one would be helpful. Do you already have access to the MLS? If so, you’re way ahead. Otherwise, you may need to work with someone who does to get the data. If you don’t want to go through the MLS, though, in my county for $50 I can get a full database file on CD of the entire tax rolls, and that will give me about the same information - including the past 5 or so sales.
My thought is to have certain neighborhoods “pegged” so that I absolutely KNOW when a good deal hits the MLS (I can send myself automatic notifications) in a particular area. I also send myself notifications to every house under a certain price range; and ones with certain words in the remarks (pre-foreclosure, beat the bank, owner motivated, etc.). It’s also good to go through the Expireds and see what those people are willing to do. Many of the Expireds were actually withdrawn from the MLS, or for some other reason the owners were not that eager to sell in the first place. But the ones you find that just didn’t sell that had to … may be very eager to deal. Especially if they are facing financial difficulties, which realtors rarely can solve or help with.