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by Jace Stolfo
on Wednesday, July 2nd, 2008 at 3:47pm.
As of July 1, 2008 the Intermountain MLS which covers Southern Idaho and Eastern Oregon will enforce the disclosure of sold real estate prices. Previously, agents could enter a (0) “zero” sold price. This would sometimes occur if the buyer intended to “flip” the property or a new home builder did not want a low sales price to affect the sale of their next home. Over the last year, as home values softened, (0) “zero” sale prices were becoming more frequent and the MLS data was getting polluted. Overall, I think this is a good thing for the real estate industry. A homes value is determined by sold “comparables.” Agents, appraisers, and county assessors used sold comparables to determine value. Having accurate sale data will help these industries produce accurate results.