Tuesday, May 22, 2007

Looking for reliable data on house values or homes on the market? Look no further.

Wouldn't it be great if you could get all of the information you need to buy and sell your home on one free Web site?
Don't get me wrong -- there's a lot more useful real-estate-listing information floating around in cyberspace than there was even two years ago. But much of it is controlled by Realtors, who, as you have pointed out, seemingly don't want anything but "happy news" getting out -- and don't really want consumers to be empowered.
At first glance, it looks like there are dozens of multiple-listing services advertising on the Web. But most of these sites are thinly disguised referral tools for real-estate agents. For instance, go to MLS.com and click on your state, and you'll be transferred to HomeGain.com; try Multiplelisting.com and you'll be sent to HomeRoute.com. Both of these sites won't give you the information you seek outright without sending you to a real-estate agent. Same with other Web sites that purport to give home-price indexes or valuations, including TheHomeValueCenter.com, PriceAHomeOnline, and HomeInsight.com.
Getting an agent's name can be helpful if you want information like inventory levels and the number of days homes are on the market, and the comparative market analysis these sites advertise. You need direct access to a multiple-listing service to know these statistics, and until this information becomes public (and hell starts offering ice-skating lessons), or your local newspaper happens to include it in a business story, that's about the only way most people can get it.
Meanwhile, the best Web site available to get pricing information is Zilllow.com. Using public records, the site shows you recorded nearby sales superimposed on aerial or street maps, so you can see just how far away the homes are from the one you want to buy or sell. The problem with Zillow, however, is that public records are often wrong -- my house was shown to have two and a half baths, for instance, when it actually has three and a half. You can correct such information for the house you want to buy or sell using a "refine this estimate" tool, but you really can't be sure if the data on comparable properties is correct or not, too. (On the other hand, unless real-estate agents are very familiar with the homes they've included in their comparative market analysis, they'll probably have the same errors in their reports, too.)
So what to do? My suggestion is to use Internet Web sites like Realtor.com, Owners.com and ForSaleByOwner.com to find houses you'd like to buy. Take the virtual tours to see which ones really turn you on. Interview real-estate agents, and select one as your buyer's agent if you're not comfortable going it alone. Once you have narrowed your choices to three or four professionals, get the agents' comparable market analyses, read the local newspapers, and check area master plans and zoning.
And then…go to the neighborhood and walk around, preferably right around the time school is let out for the day. Talk with the neighbors standing on the corners waiting for their kids. Tell them you're thinking about buying in the neighborhood, and ask them about any recent home sales. Were the homes fixed up? Did the properties have any recent additions or improvements? Did the sales price seem reasonable or wacky? What are the good and bad aspects of living in the community? Do any of the neighbors act as if they belong on "Desperate Housewives?"
No statistic, no Web site can replace the personal touch your Realtor can provide. Drop me a line via email or comment here and I'd be happy to assist you in making your buying/selling experience a reality.

3 comments:

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