How to read an MLS sheet
For those of you who are looking to buy a home, it’s most likely that your Realtor is providing you listings to view, either online or on paper With information from the Multiple Listing Service (MLS). On those listings, you’re able to see photos, address, bed and bath count, and numerous other information about the home. But for those who haven’t done it before, it’s very common for Realtors to use abbreviations as well as the MLS is known to shorten information. I thought this might be a good lesson in some of the more common uses on an MLS sheet. I am going to use the information from the Multiple Listing Service of Northern Illinois, now known as MRED (Midwest Real Estate Data). This is the MLS for the region where I work.
The first thing most buyers will look at is the bedroom and bathroom count, also abbreviated as BR and BA. Here’s the trick. Let’s say you see a home that lists its bathrooms as 2.1. You wonder why there’s two bathrooms and a tenth of another one. How it works is that the number before the decimal point is the amount of full baths. The number after the decimal is the amount of half baths (those without a shower or bath and just a toilet and sink). So that home would really have 2 1/2 baths. If you do see a listing as 2.5, it means there’s 2 full baths and 5 half baths, or someone made a mistake entering it.
HOA refers to the homeowners dues, where it will list an amount. If an amount is filled in, you’ll find out there’s a frequency, usually seen as A, M, V, meaning annual, monthly, voluntary (it’s not required). MAI stands for “Monthly assessment includes.” Now, if the frequency is A, it means “Annual assessment includes.” And what would be in this field are items like parking, water, etc. Whatever is included in the dues you pay to the homeowners association.
A new required field for this MLS is the source of square footage. You’ll most likely see a letter after the square footage is shown. That shows what the source is for that number. Whether it’s estimated, from a survey, or from an appraiser. You can ask your Realtor what that specific letter refers to.
Now I’ll give you a few abbreviations the Realtors use when writing remarks. They often have to shorten the description to fit everything in they want to say.
How to read an MLS sheet
When someone refers to a garage as 2.5 or 3.5, that does mean it fits 2 1/2 or 3 1/2 cars, or has the space for 2 cars plus room on both sides.
If you have more specific questions about how to read an MLS sheet or are ready to begin your home search, please visit me online.