I propose a rebuilding of a new database that objectively tracks homes and is maintained by an unbiased party, or even the open-source community. As it stands right now, the MLS in my opinion is a far from perfect resource for objective, reliable data.
I propose creating a database that gives each home one and only one unique ID, whether it is relisted or not…and stores a standard set of measurable home attribute data that can be compared from one home to the next. I am not sure how the MLS is set up, but I believe it is a database for LISTINGS, not HOMES. So when a home is listed as ID #1 and doesn’t sell, it is pulled off and relisted as ID#5, with a new time clock. This is tantamount to fraud, IMHO, because it distorts the quality of the data which is used by homesellers to gain a more favorable price/position in the transaction.
Another issue with the MLS is that it is not uniform or universal from one realtor to the next. One person or group might have info on one set of homes in an area, while another might not. Since comparable home prices are a factor in determining price, why use a hand-picked sample set of data rather than on that is truly open to the market?
I am going to start a new thread devoted to replacing the MLS with a new database.
