One very useful step you can take as you prepare for your offer is to research the home's MLS listing history. The MLS listing history includes a lot of great information that can help you answer a number of questions about the home. For example:
- 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 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 3/7/07 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. Feel free to contact us if you would like to discuss how a buyer agent can assist you with the purchase of your home. We'll be happy to learn more about your goals and offer our suggestions.
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This information is provided courtesy of Dan Miller, Shawn Kriewaldt, and Chris Venden, of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact:
Don't forget: if you're buying or selling, whether your timeline is 3 months or 3 years, we can help.
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