What is OLP? In South Minneapolis, we know it as Our Lady Of Peace, a church and school. But OLP in the real estate sense stands for Original List Price. The quick definition of Original List Price (OLP) is the price that a home is listed at when it is offered for sale. This price may differe from List Price (LP), when a house is reduced. An example is when a house is listed at $299,900, then reduced to $289,900, and again to $279,900. The Original List Price is $299,900, while the current list price is $279,900.
Here is a more complex example. Let's say the house is listed at $299,900, then reduced to $289,900. For some reason, the house was taken off the market for a few months. At that point, it was relisted for sale at a price of $279,900. In this specific example, the current MLS information wouhd show $279,900 as the Original List Price as well as the current list price. Digging further, an agent can look to see if the house was listed before, and what the real Original List Price was, in this case, $299,900.
Knowing the Original List Price can be helpful in making your offer. If you would like to know the Original List Price of any specific houses, please feel free to e-mail or call.