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Real Estate Market Statistics-Consider The Source!

Today I was all over the net...looking for sources of statistics on the housing market...not just in my area but across the nation.

In truth it seems anywhere you turn...housing market stat's are readily available!

As I read...I noticed something very common...

Many blogs offered real estate market statistics...and it made me think nothing more than media....

why?

Statistics without a source! Where did you get your stat's from?

Are you credible and a responsible professional?

Kind of reminds me of the tabloids, you know the one you can't resist while waiting in line!

"Alien Family Buys New Home, HOA Throws Them Out! Aliens Are Suing!"

a close source reveals...really? Do your blogs read this way?

I am a statistic person...because in most cases I need proof...and as a statistic person...I don't always believe what I read...As a Consumer..I would be digging as a deep as I can...and as a professional I would dig even further.

When sharing statistics doesn't it make sense to reveal your source? To be viewed as the go to person for pertinent information? To have credible information that the general public can rely on?

Are we media or are we professionals?

Let this be a warning...

When reading market statistics...consider the source and professionals while writing..I would too! One day..someone might just call you out...and want to know where you got those numbers from!

Disclaimer: The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Midori Miller AKA Daytona Beach Real Estate Trainer and /or CENTURY 21 Sundance Realty. Midori Miller and CENTURY 21 Sundance Realty are not responsible for the accuracy or content provided by The Community.

Posted by Florida Real Estate Trainer | Daytona Beach After School Training | Midori on 01/16/2009 09:14 PM

Comments (38)

Reliable Market Statistics in the Training Channel

real estate market statistics, consider the source, reveal your source, credibility, midori miller, daytona beach real estate trainer

Originally posted at: Daytona Real Estate Training: Real Estate Market Statistics-Consider The Source!

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38 Comments on Real Estate Market Statistics-Consider The Source!

JAN

You are right. It shouldn't be a secret where the data comes from because that would be the first question I would ask as well. I always disclose that I get mine from our MLS system, and I'm even considering to disclose the date because the numbers could change the very next day due to late updates.

I don't read or use those reports Midori, you never know who the person is who is compiling the information and in more situations than not, they are not Realtors.

I go with my gut and I go with what I perceive on a daily basis. That is what I relay to my customers.

Midori, very good point about quoting the source. That way things can be checked. We need in this area to be like good journalists.

I do hyper local quarterly reports on my new blog (thewestchesterview) Its town by town. But even within municipalities the market can vary dramatically. Around here it can be just a few blocks. We are having a correction, but prices haven't tanked and I pretty much doubt that they will crash through the floor. You can't predict the future - but use what has happened in the past as a guide. The one thing I have learned from all of that is that real estate is a very local business.

I always cite my source for my market stats (our MLS), but since it is dependent upon agents and secretaries inputting the info, it certainly can be skewed. I learned that the hard way doing the end of year report for a particular community and my running total was way out of whack due to late reporting of sales. I had to offer a mea culpa on my blog along with the corrected numbers. How embarrassing.

Silvia-Its not just the market reports...I see where others quote market conditions...but with no reference...meaning...8th in the state for the most foreclosures or 5th highest property taxes in the state..where did that information come from? And if you put it out there..you better have the data to back it up..our written words influence buyers and sellers!

Gary-you said it best..journalist..get the truth the whole truth and then back it up! :)

Karen-Believe it or not...I did not read any blogs from activerain..I was googling all kinds of info for myself. I was really looking for some factual numbers..with referenced sources! Even in large publications...sometimes sources...surveys...market research...are missing a key element the info is there but where did they get it from?

Ruthmarie-great point and in our area it is no different! Property value varies from city to city...from community to community!

Lisa-retractions stink don't they? But it's the right thing to do and it definitely shows character and that you are very human just as the readers of your blog. Retractions are so embarrassing and I admit I've had to make a few...and everytime I see the post with the lines through it......I just shake my head...and cridge but it happens...the stat's are only as reliable as the person inputting them! I just looked at our stat's from our Board of REALTORS and they are skewd already..not because of inputting but lack of inputting..I can see that already...and that will be a post in itself..its a whole different issue!

Midori,

Very true. This is why r.e. pros will win the "hyperlocal" internet scene everytime. They are the only ones who will take the time and care to prepare accurate market reports, among other things.

Midori..So true and something all bloggers should be careful of when posting anything that is not our material. Thanks!

When I use stats on my blog, I always cite the source. It's funny how the source can still take their numers and manipulate them to shock and awe as they please, though.

Yikes. I post a lot of statistical reports. Of course I'm using the MLS, and I usually state that, but I know I don't always remember. Thanks for the reminder!

I'm afraid I've gotten very jade about the stats that I see precisely because the source of the data is not disclosed or, almost as often, the stats are tweaked to say something that they don't.

And the NAR should stop running the commercial that says that homes double in value every ten years. That might be accurate for a short time frame but if you run the stats from 1940 to 2000, the average is closer to 6.5 percent.

Once the bubble finishes deflating, the return will be closer to the historic average rather than the hyper-appreciation we saw through 2005-6.

I agree wholeheartedly! I always list the source of my information to validate what I've written.

Your words are priceless. I believe statistics is important, yet while important there is too much room to manipulate data/numbers to prove your personal point of view.

JAN

I don't post stats all the time but I pull live data from the MLS and create my own charts or else I use a service and it is credited on the blogs and my website. I have only received positive feedback from people who use my site, as not many agents in this area don't make statistics their priority. My buyers are the nerdy kind who like to see number/figures/graphs!!

A simple rule applies here and that is "always be the source of the source". Not only will that keep one out of trouble but it also addresses the issue you raise.

Hi Midori - Guilty on not citing where my numbers come from on my market reports. I have no reason other than it's not something I even think about. I will now, though! I spend so much time pulling that info together, I guess I'm just happy to get into my posts and then I'm done. I'll be trying to remember to do this going forward - thanks for the tip.

Ann

My Market reports only show data directly from our MLS....if it's not accurate then the MLS reported it wrong...I input all the info manually.

Good morning everyone! WOW..lots of conversation!

Rebecca-you are so correct! Hyper local!

Barb-so right again!

Maggie- Hi Girlfriend! Yes I agree with you there as well...its just like pulling comp's..sometimes they are not accurate..some pick and choose properties...that may not be suitable!

Lisa Hill-NO one does stat's like you..brat! :) It really isn't just the board stat's...its internet usage stat's..its nationwide foreclosure stat's..its highest this or lowest that......stat's maybe some reads and reposts and then...there is no source revealed! It's like gossip or spreading a words that may or may not be true and the public relies on us..for information...accurate information!

Paul-I read a variety of sources..and obtain stat's from a variety of places..and nothing burns me more..when I see something extremely negative stat wise and the source is not revealed! As far as NAR..they are not always right...and neither is anyone else for that matter! To me real estate is and always will run in cycles....7 year cycles....look at us now!

Joddie-That's awesome and its the right thing to do!

GULF ATLANTIC FUNDING GROUP-In most cases when I use stat's I don't present as most..you can be creative but it doesn't necessarily mean you are manipulating anything but again...some do!

Rama-Rock on! Being creative with such logical tools is a good thing!

Richard-Love it!

Ann-the only reason why I noticed it..is because I am a statistics person..and I love reading them..and using them in a manner that is not always so statistical.

I read that the City of Orlando was ranked 7th in the state for foreclosures and I wanted to see the source...NO source!

I read in some cities foreclosures are up 83%...no source!

I read 83...84...and 90% of buyers start their search online....no source!

Important stat's..that would cause a wide interest and generate many readers...and no source!

Neal-its the bigger stat's that really get me going.

What a very good point Midori :o)

I recently heard an agent quote a statistic higher for a buyer (because it helped his case) then downplayed it and quoted a lower stat on the same subject because it was better for the seller to think lower of the subject ! Many tend to throw out stats with no tangible backup, and some will get called out on it and fall flat on their face !

Great reminder, we all should take note :o)

PS: I finally completed the last MeMe ! Thanks for the tag ! Have a great weekend !!! :o)

I've also seen Realtors blogs out there just posting, "Click here to see recent solds" and linking to data right from the MLS with no explanation or comments. I guess they think this is a way to blog without having to say anything. Someone at Active Rain said (Can't remember who), that we as bloggers should be adding to the conversation or elevating the conversation. By posting a link to a MLS page of solds, is not adding anything.

Hi Midori. I try to publish the Martin County market update monthly and have it on one of my web sites. But I clearly spell out that the information comes from our local Realtor board.

I thought I was the only one who worries about someone calling me out on my source someday! But with all the conflicting advice people get from us professionals, I want to be able to prove what I've said, so I save a copy of the source too.

Midori, I totally agree and am outraged by stats with no source! Even when I get an email from someone about some amazing story, I email them back to find out the source before I pass it on (also check snopes) and 100% of the time the person doesn't know the source! I am starting to post hyperlocal market reports and of course have it referenced that the info came from the MLS. I like Silvia's idea about disclosing the date - after all it's a Market Snapshot, isn't it?

Midori,

I learned a long time ago to always give a source for your information and do that everytime I give stats to the public or in any written article.

My feeling is that we need to place ourselves above the media and disclose our source.

Konnichi-wa!

Our local paper is a great source of bad real estate statistics and worse interpretation of them. We had one local developer who loved to rip apart their numbers.

When you read my blog, you will notice lots of links. You want to know where the number comes from? It's this article or that economist. I also tend to go into the MLS for my figures. When I say there's over 800 condos and 1900 single family homes priced under $100,000 available, it's because I looked it up myself. Furthermore, any Realtor can duplicate those figures by looking it up herself, and I can demonstrate it to any client by opening up my computer or cell phone and duplicating the search. Naturally this data is time sensitive, but there you are.

I've got a good one on this topic...

I put market stats on my blog and always cite the source (the MLS) and the time frame. This past fall, I had a call from a reporter who had found my site and statistics. I was not in a position to talk at that moment, so I offered to return his call. I tried several times and he never returned my call.

Imagine my surprise when I saw my chart in the newspaper the next week. He did attribute the chart to me - but did not cite the original source and the time frame. (Darn, he didn't include my URL!)

A couple of days later the Executive Director of our MLS called to find out where I got my numbers - because they didn't quite "jive" with hers. When I told her the dates I checked the MLS, that explained the discrepency. I also told her about the call I got and that I never had a chance to explain anything to the reporter. I also referred her to my blog so that she could see my disclaimer and attribution text.

It always pays to CYA!

Figures can be easily manipulated to show anything you want to show. Look at Enron.

Remember... 43 percent of statistics are made up on the spot........ oops, now it's 44% :-)

Thrive, y'all

Lynn-the internet is making them smarter..and I would rather see them pointed to true hard data..than see some of the things written that has no backup!

Gabe-right on!

Joetta-very smart..we can save searches in our mls..I like print screen and I like using stats and explaining what they are for and why they are important. I even admit if I hear something..which I really don't like to use..then I am doing the same thing..

Sharon-Depending how quickly you can get the data out...we have the date and time on our posts..but I like to reference date..and sometimes...time..data of members online at a certain time or +/-

Don-yes I agree 100%

Bridgett-that is why I love our mls..same thing!

Betty-market expert vs. media..not cool! I would write a letter to the editor! To me that is a perfect example on how you can educate your local market and throw in a little marketing too! :)

Ron-yes..stat's can be manipulated and so can comp's thats why I do lots and lots of research and dig deeper than you think!

Actually I just removed some data that I had previously posted because afterward while during a current market review, I realized those numbers were wrong! So I posted an apology picture and removed the graph. From now on I am going to double check everything! If we present the info WE BETTER know it's right!

Guilty... I fail to mention my source in my market reports ALL of the time. I'll take the hit.

Hi Midori...Glad this one was in the newsletter. It deserved to be.

Yes, we have to be able to back up what we tell our readers. If not, they will not feel confident that we know what we are talking about.

Good post. Thanks,

Kate

Super good point! I publish market updates but feel I need to click away quickly and see if I referenced that I obtained the data from the MLS and on what date....always learning here...it's awesome!

JAN

Great point about quoting the source. I'll have to make sure of that. What to quote and where to put it I'm still not sure.

JAN

When I write...if there are $#$ number of listings available today in the Daytona Beach Area Association of REaLTORS or at the end of your post...statistics obtained through the Daytona Beach Area Assocation of REALTORS...whereever you quote stat's you should also quote the source! Hope that helps and thanks for the awesome feedback on this post!

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