Price range for active listing on MLS

[valuecommando]

Hi,
I have been going through the MLS and seeing the active listings have been stated as price ranges instead of a single number amount, for example: 1234 Aardvark Street $500,000 - $550,000. Most listings are closing at or above listing price. What is technically the listing price and why? What proof could I give a reviewer that the listing price in the sales comparison grid that the listing price is that price? The more technical and objective the answer, the better. Please tell me your thoughts.

 

[J Grant]

I usually don't put an active listing on the grid - may I ask why you are doing that? Makes more sense to mention them in the narrative if relevant -

I might put a contract pending sale on the grid. It;s personal of course but using an active - I don;t know what to say if they list them as a range. Maybe put the higher number in and then explain in the arrival that it was a range.

 

[Dublin ohio]

I usually don't put an active listing on the grid - may I ask why you are doing that? Makes more sense to mention them in the narrative if relevant -

I might put a contract pending sale on the grid. It;s personal of course but using an active - I don;t know what to say if they list them as a range. Maybe put the higher number in and then explain in the arrival that it was a range.

But what happens when that listing becomes a purchase. If it has to be in UAD format how would you enter the list price in UAD

 

[Terrel L. Shields]

Hi,
I have been going through the MLS and seeing the active listings have been stated as price ranges instead of a single number amount, for example: 1234 Aardvark Street $500,000 - $550,000. Most listings are closing at or above listing price. What is technically the listing price and why? What proof could I give a reviewer that the listing price in the sales comparison grid that the listing price is that price? The more technical and objective the answer, the better. Please tell me your thoughts.

Is that the public version of the MLS or the membership version? I find it surprising that most CA listings are selling at or above asking. Those days have been gone for 2 years here.

 

[valuecommando]

It's a lender requirement to place an active listing or pending comparable in the sales comparison grid. The MLS is a member version and it's confusing for the agents to enter their one listing as $500,000 - $550,000.

 

[J Grant]

It's a lender requirement to place an active listing or pending comparable in the sales comparison grid. The MLS is a member version and it's confusing for the agents to enter their one listing as $500,000 - $550,000.

Idk, pick the middle of the range for a listing and explain.

 

[alebrewer]

Do you have an example address? I'd be interested to know whether those show as a range in Zillow/Redfin, etc., as those sites are pulling directly from MLS...

 

[alebrewer]

Also - I think it's a great idea to include actives/pendings in the grid. Aside from being a requirement by FHA for changing markets, it provides the reader with an idea of what alternative comparable properties could be purchased for - principle of substitution and all...

 

[CGinMN]

Are these new construction or existing? Provide addresses.

 

[valuecommando]

An example address and how it will display in MLS is: 1234 Aardvark Street, Timbuktu, for sale, active #500,000 - $550,000. A website such as Zillow or real estate sales website will always pick the higher range number such as $550,000 as the listing price.