For a Realtor or Appraiser to effectively do their job and value a property they must use a local database called an MLS or Multiple Listing Service. Using the Multiple Listing Service for Comparables is necessary because without it a true value for what the property could be sold for would be extremely difficult. It’s possible to pull comps by other means like title reports but having a MLS with a database of all properties currently listed, under contract and that have sold makes the process much easier and more accurate. Some major websites like Zillow and RedFin offer their value of the property on each property profile page but beware these sites don’t take into account many necessary items like adjustments and differences in each property.
Using the Multiple Listing Service for Comparables
One great resource to browse homes for sale is either on our website by clicking the Property Search link or by using Realtor.com. Realtor.com provides updated listings of all properties and is updated every 15 minutes. Although this is a great resource to browse homes for sale in the areas we cover like the Conejo Valley including Thousand Oaks, Newbury Park, Moorpark, Simi Valley and Bakersfield CA, it’s not the best option to pull comparable sold property “Comps”.
When a property is sold the agent goes into the local “database” the MLS and changes the listing status to “Sold”. This change triggers other systems like Zillow, Realtor.com, Trulia, etc that feed from the local database to update their records. This pull is not done in real-time so sold properties may be displaying improperly for a while until all systems are updated. A good rule of thumb is 24 hours for all systems to update. This is definitely why it’s best to trust a local Realtor to handle your real estate search for you instead of entrusting another website with old information. Using a local agent to buy or sell a home will ensure your being properly represented as well.