It's a new year and we are constantly hearing about how things are going to be different in 2010 as well as what went wrong in 2009.  The media generalizes the real estate market by saturating us with stats from who knows where.

Recently I read an article about Zillow.  Zillow has slowly become a one-stop shop for real estate information.  This is understandable, it is user-friendly and very interactive, however the site's main drawback is its sales data.  Consumers should beware when accessing this information.  Nationwide, one third of the price "zestimates" provided by Zillow aren't within 20% of the actual sales price.  In Texas alonemore than half of all homes' zestimates fall outside the 20% range.  Unfortunately though, it's presented so concise it comes across as fact.  Buyers and sellers should beware when reviewing this info.  This makes it even more imparative for buyers and sellers to use the knowledge from a qualified real estate expert.

The internet is a great tool for us now and days, but you also have to know how to filter what is fact and what is fiction.  According to the National Association of Realtors, 80% of consumers did online research before they bought their last home, with Internet consumers spending an average of 5.8 weeks researching online.  This can be dangerous or a great thing. With that being said, consumers must research where their source of information is coming from and recognize whether it is a trustworthy source or not.  I think we are going to continue to see more and more stats, reports, opinions, studies, etc. done on the conditions of our real estate market.  Always remember the source of your information needs to be local.  Your best source of info will be your local real estate information provider, which boils down to a knowledgeable agent or local realtor's association.  They can provide you with the most accurate and up to date information about your area.