It’s not a great time to put a listing on the market, but some homeowners may need to do just that. Unexpected life or financial changes sometimes propel a home sale. If you’re about to take the plunge during the shelter in place (SIP), it’s important that you understand the Multiple Listing Service (MLS) options so you can decide the best way to market your home or handle any complications that may arise during what are very uncertain times.
Here’s a breakdown of the different types of MLS listings so you can figure out what strategy will be best for your property:
Active: When an agent inputs a property in the MLS, it typically becomes an “active” listing and is also published to syndicated sites such as Redfin, Zillow, Realtor.com and others. However, this may not be the best route to go during the SIP. An active listing immediately starts the clock ticking on an important metric—“days on market” (DOM). Agents and buyers consider the DOM when they’re discussing how much to offer. A home with a long DOM indicates a lack of interest, and discourages buyers from offering more over asking (or even list price). Of course, DOM during a SIP has more to do with the interruption in the normal course of business than a lack of interest. But be aware that there are currently more than 400 active residential listings in the MLS, and many of them are gathering dust. Continue Reading