The MLS in Louisville, KY is a powerful tool used by both real estate industry professionals and the general public as a centralized location for information about homes available for sale. The abbreviation MLS stands for “multiple listing service” and the modern version is maintained as an electronic database with extensive search capabilities.
For example, the MLS system used in Louisville, KY contains over 100 different data input points that can be searched by a member of the Greater Louisville Association of Realtors, or by the general public through free MLS search sites. Typically, a person will search for a home based on price, location, number of bedrooms and bathrooms, and whether or not there is a basement or garage. In addition, by using a real estate agent who has access to the MLS system you can define all available search terms and narrow your search results to find exactly what home you desire.
The Louisville, KY MLS receives its data from real estate agents who list homes for sale in the local area and who want to ensure that each home receives maximum market exposure. Since there is no other resource that provides such exposure, the MLS is usually the primary marketing tool used by Realtors to showcase their listings. As such, it is therefore the primary tool a prospective home buyer should use when searching for a new home.
In my opinion, the best way to use the MLS system is to first determine your buying power by locating a suitable mortgage broker and getting pre-approved, then defining your wants and needs in a home (three bedrooms would be a “need” and a pool is a “want”), and finally begin searching for a home using the Louisville MLS system.
I suggest keeping the search parameters very general at first and to keep the price range 2-3% wider than you initially think (negotiations come into play). Take a look at the resulting homes that show up by clicking on the pictures for interior views and the address to get a Google Map, and then start refining your search based upon what you learn. Once you have a general idea of what the market has to offer, then you can contact your real estate agent and use their expertise to further refine the search results. Some may even get more benefit out of the system by involving their Realtor from the beginning.
Once you get the hang of using the MLS in Louisville you will find that it dramatically reduces your time spent searching for a new home, plus you will naturally become educated about the local market as a consequence and be in a much better position to plan for negotiations. It is a very powerful tool and taking the time to become familiar will also improve communications with your Realtor, plus… It’s just a lot of fun to look for a new home!