How is the Nashville MLS managed? (Franklin: flat fee, for sale by owner, real estate)

[sliverbox]

I use the Nashville MLS to sort of keep a pulse on the housing scene. That said, I'm not finding it to be exactly accurate or updated regularly. On a day-to-day basis, the amount of homes can go up and down dramatically. I've noticed that sometimes a few weeks goes by and either the supply builds very slowly upwards, or it goes down. Recently it went down enormously in just a few days, then slowed down only to jump back up by more than 2,500 in a single day. The additions and subtractions seem random. Does anyone have an insider's view of this?

I actually stopped using it for awhile and reverted to using Craigslist, which seems to have a very slow, gradual building of supply. Not as many on there, but the supply seems to grow at around 1.5-2% per week. It was 1215 ( in my price range) last week. Today it is 1261.

[cncguy2000]

I used nashvillehomesurfing - nice site, but don't click send to realtor.
that suspends your acct. I did this and was told rather directly to use my own realtors website.

- you have been warned!

[sliverbox]

Sort of a vague question, I know. But one thing I've noticed is that the Nashville MLS seems very... erratic. I've been looking at it every few days as a sort of pulse on the market. For a few months it was fairly regularly maintained. Then one day I come on and kaboom- 3,000 less homes. Sort of crazy to think that many homes sold in one weekend. I figured there must have been a fluke. Sure enough, a few days later there's 2,650 more homes and an additional 2,000 other properties like condos and townhouses.The numbers a month ago were like 19,000. Now they're close to 23,000. Honestly, it almost appears that it is updated on a non-regular basis.

I almost quit using it and instead used Craigslist as a pulse-o-meter. It shows a very slow, but gradual increase. 1215 ( my price range) one week, with 1261 a week later. That's kind of consistent with the reports I've read lately but would have never have guessed with the MLS.

So... anyone in the know? Is the Nashville MLS purely private? Is it centrally controlled? Is there any method to it being updated?

[wellkids]

You must be a licensed real estate agent in order to enter a listing in the MLS. As licensed agents, we are required to have accurate and updated information posted in the MLS. We are not even suppose to place a sign in the yard that says "for sale" unless we have the information posted in the MLS first. New listings, or status changes, are entered into the system within 24 hours. The only exception to that would be changes or new listings that occur over the weekend are sometimes entered on Monday, which would be the first business day. The MLS reflects listings that are listed through real estate agents and does not reflect private sales or for sale by owners (other than those using flat fee services in which case they are technically not for sale by owner.) The MLS is the most accurate and up to date source for the housing market. It changes daily, minute by minute. I pull hot sheets multiple times a day to see what is going on with the market. Almost all of the other home search systems that you will find available on the internet, including Realtor.com, actually pull their information and data from the MLS. If it isn't on the MLS then it won't be found on Realtor.com or any other MLS driven home search system. Other sites are also slower to update the information so they are less accurate than the MLS. Realtor.com updates within 24 hours, but a new listing can be found on the MLS but not necessarily Realtor.com. The difference is some home search programs make it much easier for consumers to find the information and even save that information into personal files for viewing at a later time. But, the data itself is all pulled from the MLS.

Craigslist has nothing to do with the MLS. Anyone can post absolutely anything on Craigslist. It has no credibility or accuracy standards. There is no regulation and no requirement to update or change information once it is posted like with the MLS. Some real estate agents do use it to repost their listings which are already posted on the MLS, but very few do. It is mostly compromised of FSBO homes and a few listed homes by agents wanting to give their listings extra internet exposure. It can be a good marketing tool but I would never rely on it as my home search source. It is not an accurate, nor reliable source, for tracking the housing market.

[sliverbox]

Thanks for the info regarding the MLS. To my understanding, the MLS is shared between RE agents, but isn't always with the general public. I wasn't using a Realtor.com site which might have been a reason. I So I guess what I was trying to figure out was if the MLS in Nashville as publically accessible to the general public as it is to realtors?Is the realtors site the only universally available MLS? By the way, I checked out the Realtors site. Pretty nice site and you can pinpoint properties pretty easily. LOTS of stuff for sale.

In regards to Craigslist, I agree that it isn't as accurate as the MLS, but the general growth in listings seems to match what is happening in miniature to general home sales.So I find it a real loose way of adding it to my list of references.Again- I realize it will not be as accurate.Lastly, have you had much luck with Craigslist? The reason I ask is because many of us who live in places like LA, NYC, Boston, etc etc use it religiously. If we're looking for ANYTHING, it is the first site we'll use. Houses included. It isn't as big in Nashville yet, but it is in most major metros.Most people trust it. So for Realtors I think it could be a promising tool. That and with so many out-of-staters doing looky-loos on Craigslist, you might snag a few.

[wellkids]

The MLS in Middle TN is shared with the public through websites like my own, realtracs, and Realtor.com. However, there is a section that is private for Realtors only and comments and information in this section is not visible to the public. I am also able to search much easier than the consumer and put a lot more restrictions on my search parameters that the public cannot. For instance, I can run a quick search for homes in a particular subdivision that only have inground pools. The consumer can't get this specific. But, for an overall home search for a general area, the consumer has free access to the MLS system in Middle TN. There are some MLS systems in other areas that are not shared with the public so it depends on which area you are searching in.

[wellkids]

I usually post all of my listings on Craigslist because I am a big believer in extensive internet exposure. However, I've never sold anything or worked with any buyers as a result of those posts. Most of the calls I've received from Craigslist seem to be from investors just fishing for real bargains in the market and are not from typical home buyers. But, it's free so why not use it!

[sliverbox]

I am a big believer in extensive internet exposure.

Web 2.0 is the way to go. Give people more tools to research and they'll come biting.

I think there are good and bad things about the web. The good is that consumers will have more knowledge and can come armed with extensive details they are looking for. The bad is that people seem to like trends and rumors. So it seems like certain cities and states become "the hot place" to go. NC and TX seem to have that distinction, and from people who've probably never even been there... but read online or heard from others who visited a site that it is so great.That even goes for areas inside a city. Franklin seems "hot" for Nashville even though it's really expensive. I sometimes wonder is the advent of the internet is a reason why there seems to be sudden flare-ups in certain areas in regards to over appreciation and speculation.

[redsalmon]

You might be surprised at what Craiglist can do even for normal buyers. I just bought a house in Nashville and used both a realtor and Craigslist (and several other sites). There were times when I see a house on realtor.com or from my realtor that didn't seem to be what I wanted, but if the seller included more information on Craigslist, I got more interested. Many houses on Craiglist include the MLS number, so I would just contact the seller's agent through that, rather than use the email link on Craigslist.

I also am from a city where Craigslist is the first place you go when you want to buy something. I hope to buy some gently used appliances and furniture for my new house there.