I just posted an article on this and now it is time to dig even deeper into the differences of some of the online consumer portals.
When I went to Cyberhomes, they had a link called "About our data". When I clicked it, I got this message:
I was not able to do a specific valuation on the home but they did use "heat maps" and ranges of data.
On Homes.com, their disclaimer says it all:
"The home values presented above are based on public record sources where available, or �calculated estimates� based on available information for non-disclosure states, and do not comprise an appraisal or Competitive Market Analysis (CMA). The data presented above may be more than six months old and may not include all properties sold in the area. This information should not be used in whole or part to replace real estate professionals who are skilled in determining the price of a property."
The MLS in our area is the most comprehensive source of data since it has all the properties listed for sale, data on properties through the MLS, and tax data. However, you need to work with a Realtor that is a member of the local MLS to have access to the data.
Realtor.com does not provide any type of AVM's in Idaho at this time. However, they will be providing range values in the near future via their new partnership with the IMLS.
Trulia was the worst of the portals because of their statement "The median sales price for homes in Kuna ID for Feb 10 to Apr 10 was $231,330. This represents an increase of 79.7%, or $102,630, compared to the prior quarter and an increase of 73% compared to the prior year. Sales prices have appreciated 170.6% over the last 5 years in Kuna." If you looked at the sales in the Intermountain MLS for Kuna during the same period (Feb 10 - Apr 10, 2010) there were actually at a median of $117,250 or almost half what that site said!
Zillow at least appears to have recognized that they don't have enough data to provide a Zestimate. Their median list price is right on with the MLS at $131,000.
The moral to this story is to know what your consumers are looking at so that you know how to deal with their mind set. Since NAR says 93% of buyers and sellers are going on line to get real estate information, you had better go their first to know what they "think" they are learning!
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