Saved Searches on MLS
How many people are watching a listing?
And why does it matter?
If a listing isn’t selling, one of the tools Realtors have to gauge interest today is how many prospective Buyers have “saved” the property on MLS; the more people who’ve save the property, the logic goes, the more likely there’s a floor under the home’s eventual selling price. See also, “Nurse, I Need a Price Reduction, Stat!!”
So, if a property isn’t selling, but a dozen (or more) Buyers are all watching it, you know that: a) the issue is likely price; and b) a smaller price reduction is indicated.
Scrutinizing the Showing Feedback
But what if only a few people — or none — have saved the listing?
It could mean that the listing is signficantly overpriced.
When that’s the case, there’s usually other, corroborative feedback — like scant first showings, and zero second showings.
However, sometimes it’s simply the case that a given property is relatively unique, and appeals to a small(er) range of Buyers.
Another possibility: the home attracts an older demographic (e.g., a condo in a Seniors-only building).
While I know plenty of grandparents who tweet, Skype, etc. (when did those things all become verbs?), in general, the type of Buyer who is setting up MLS searches, saving properties, setting up notifications and alerts, etc. is younger.