This article will provide helpful tips on how to report an accurate Age on a new listing. The Age of a Home contains important values that SWMLS REALTORS®, Appraisers, and their clients rely on, and currently, contain a high number of incorrect values. Since the Year Built is not required the Age is the best way on a listing to determine how old it is.
Reporting an accurate AGE
- Applicable to Residential and Residential Income listings
- Estimated to be incorrect on 19.9% of all Active listings (from a snapshot of Active listings on 8/26/19.)
The AGE field asks that you report that Age of the dwelling by selecting from a list of ranges like ‘1-3’, ‘4-6’, etc. If the Year Built is known, then the Age can easily be identified by using our built-in Age Table. The Age Table is found directly in the FLEX input form by clicking the Red Question mark next to Age.
Some examples illustrating how to use the Age Table:
- If the Year Built is 1963, then the Age should be 51-60.
- If the Year Built is 2008, then the Age should be 10-15.
What if you don’t know the Year Built?
FLEX will still require you select the correct Age Range. Year Built is often included with County Assessor data and could be a resource to locate the correct Age. Other sources for the Year Built may include:
- Original ownership documents
- Design/Architectural style can help narrow down the years
- Original Toilet tank cover
- Historical society if an older home
- Subdivision/Builder to narrow down the years
What do the SWMLS rules say about Age?
Section 8 of the SWMLS requires that a listing broker report accurate information on a listing. An incorrect Age reported on the listing is eligible to receive warning notices from the MLS Compliance Dept., with a starting fine of $50 for an Age value not corrected in a timely manner.