False Data Leads To False Conclusions!

Reblogger
Real Estate Agent with Jon Gosche Real Estate

This is a good article.  Worth Reblogging.  I don't think there is much more to add.  But to reblog requries 25 Words.  Sp four more words should be enough.

Original content by Liz and Bill Spear SAL.2002007747

Data provides options, but is it the BEST option for you?False Data Leads To False Conclusions!

There's data everywhere, even when we don't realize it, we're factoring it into our lives and making decisions. 

The temperature is this, but with wind chill feels like THAT.  Better put on a jacket.

Gas is $3.87 at this station and $3.79 at that station, but do I want to have to make a left turn across a busy street?  Is the savings worth the extra risk?

But sometimes the data is false, or if not false, at a minimum misleading.  You have to understand the source and the context of data before forming conclusions.

From a personal standpoint we're facing that right now.  We wrote last week about the semi putting the cab's lug nuts into the side of our Miata and shredding the door and fender.  And here's where the insurance company is making decisions with false data.  When Liz bought the Miata, it wasn't just any 1999 Miata, but a limited edition 10th anniversary edition Miata.  Only 7500 made WORLDWIDE and 3500 max sold in the U.S.  The valuation service thinks just because a car is labeled "10th Anniversary Edition" in the sales database, that the car IS a 10th Anniversary database.  It doesn't take long looking at cars.com and autotrader.com to determine that there are PLENTY of cars being labeled "10th Anniversary" that aren't.  Green cars, silver cars, black cars all with the label, when the TRUE 10th Anniversary cars are a unique blue color.  The end result?  A VERY low valuation by the insurance company because the data to form their conclusion is FALSE.  

We see the same issues with false or misleading data in real estate on a regular basis.  The phrase "garbage in, garbage out" applies.  Homes are inaccurately presented, sometimes unintentionally, sometimes maybe not so unintentionally. 

For instance, we routinely see in our MLS lot size listed as "0.00" acres.  Now unless that listing is for a condo, there IS land associated with the sale.  The net result is a consumer may think there are NO homes for sale that meet their criteria (assuming lot size is one of their criteria), because that home is INVISIBLE to any searcher that cares about lot size.

Along the same lines, you have to pay attention to zip codes and school systems.  Locally we have a subdivision that is MASON schools but has the LEBANON zip code.  And we have developments that have a Mason mailing address, but Kings Schools. 

So if you make the assumption that ALL 45040 zip code homes are in Mason schools, or that ALL Mason school homes are in 45040, well in each case the data in front of you might lead to a false conclusion.

So it pays to understand data.  Is it GOOD data, or BAD data?  And in real estate, having a team that can tell the difference between the two can lead to you saving tens of thousands of dollars.  Hire the real estate team that has an engineer on staff!  A quick call to The Liz Spear Team of RE/MAX Elite and we can be crunching the numbers for you!

Serving Warren County's home buyers and sellers,

Liz and Bill aka BLiz

REALTORS(S) Serving Warren County Ohio & Adjacent Areas

The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Liz direct:  513-265-3004
Bill direct: 513-520-5305     
Fax: 866-302-8418

MailTo:  LizSpear@Go-Concepts.com

Our Website:  www.LizTour.com

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Comments (2)

Liz and Bill Spear
RE/MAX Alliance 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Alliance Cincinnati & Dayton suburbs

Jon, Thanks for the reblog!  I'm still battling with two insurance companies about their use of false data.  We'll get there! :)

Mar 28, 2014 04:49 AM
Jon Gosche
Jon Gosche Real Estate - Boise, ID

You are very welcome.  This doesn't only apply to real estate does it?.  It is live in general.

Mar 28, 2014 05:33 AM