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A few weeks ago I blogged about the sales price of a home not being the best tool to use to determine comparable value of other homes. This is because the sales price doesn’t reflect how much commission was paid or if there were any other credits given back to the Buyer at close of escrow. My suggestion was that the MLSs add a value to the MLS listing called “Sellers Net” which would be a lot more accurate figure to use for comparable value. It looks like a major MLS in the Bay Area has taken a step backwards by allowing agents to not put in the actual sales price when closed. They can leave in the asking price if the Buyer or Seller asks to. Even though the property price gets recorded at the County office and becomes public knowledge, the theory is that this can take 90 days or longer and some people don’t want others to know what they paid for a home (for the first 90 days I guess). The Realtors aren’t required to go back in and update the “sales price” after it is available from the County Recorder either. Guess it’s going to be harder for Bay Area homeowners to determine what the value of their home really is because not all the info in the MLS will be correct. If counties get better in recording property sales in a more timely manner, the worth of a MLS will be much less than it is today.

Written by Keith Byrd - Go to Keith's Website/Profile