But the Internet Said My House is Worth...

By
Real Estate Agent with BHGRE - Metro Brokers
https://activerain.com/droplet/4mNQ

 

This morning, once again, I have several articles flooding my email inbox about the status of the housing market.  And as usual, each article conflicts with another.  Well, hello Confusion!   I feel so bad for the home buyer and seller these days with all the various media outlets constantly spewing information which hardly ever seems to agree from one source to another.

 

Housing is up, no it’s down; building is up, no building is down – up/down, up/down; well, you get the drift.  I even read a recent article calling 2004 through 2014 the “lost decade” stating that prices have remained unchanged.  What!   Not in my market area – we saw a notable difference in home pricesHousing Datastarting in 2007 that still exist today and not only that, but there are still plenty of homeowners under water.  Prices changed, oh, yes they did both locally and nationally.

Even major real estate internet sites estimate home values that can be so far off, it’s embarrassing.  I know it’s not intentional but it just proves that there’s more to determining a list price and/or offer price than finding a stat online.

 

But, most should know by now, that all markets are not the same and real estate is local – not national!  For example: the Atlanta market seems to be improving very well but does that mean all areas ofHousing Information Atlanta?  What about metro counties and outlying areas.  I can tell you, it can all be very different even just one county over.

 

 

If you are thinking about buying or selling in the North Georgia market area, contact a local and experienced Realtor located in the market area of interest to you and get the real sales data right down to the neighborhood of interest to you.  Real estate internet sites are great for getting started, but for the real “skinny” you are better served to consult with a local real estate professional.

 

Donna Yates
REMAX Town and Country
Agent "always" on duty for you! 

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Rainmaker
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Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

Donna, I agree but the internet can be very convincing to the general public, sadly.

Sep 03, 2014 12:30 AM #1
Rainmaker
1,763,474
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Often the internet sites are lower than MV. I use this to sober up sellers who just aren't being realistic.

Our Re/Max RELO message -  http://actvra.in/4jHG

Sep 03, 2014 12:33 AM #2
Rainmaker
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David Saks
Memphis, TN

Another fine post with lots of great information. Have a terrific day ahead.

Sep 03, 2014 07:06 PM #3
Rainmaker
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Donna Yates
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains

SybiL:  That's where our expertise and knowledge becomes very valuable to the consumer but it is difficult when a buyer's expectation of price based on their research on the internet is way out of line and you have to help them see reality. Strikes me odd, though how some buyers believe the internet pricing over an actual experienced local Realtor until they finally see enough properties to convince them.  

 

Michael:  Good point.  But sometimes, even that estimate is not even close either.  Maybe I experience that more often than others because I am in a second home/vacation market in the rural mountains.  I will give some sites credit for rating themselves low in terms of their accuracy for certain market areas but that information is buried so deep within the website, most consumers are not going to see it.

David:  Thank you.  This was just a quick post that crossed my mind the other morning when I was working on comps and ran into this very situtation. (Not the first time, I've had to deal with inaccurate estimates due to internet sites whether I am dealing with a seller or buyer).  Nothing can beat the actual sales data that any experienced and knowledgeable Realtor will have at the ready.

Sep 05, 2014 11:48 PM #4
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Tracy Santrock
Fonville Morisey/Santrock Realty Group, Inc. - Cary, NC
Raleigh - Cary Realtor/Broker In Charge

Hi Donna,

 

In my market when the houses are similiar the prices seem to be fairly accurate.  However, markets that have distinctly different types of houses all in the same area there can be a huge difference.  I once had a $2M listing in a gated community in Durham and the zestimate was $500k...a little off.  They paid more for the lot than $500k.

Jun 10, 2017 02:01 PM #5
Rainmaker
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Donna Yates
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains

Hi Tracy; so nice to hear from you. We know real estate is local and nothing beats an experienced, knowledgeable local Realtor!

Jul 18, 2017 07:35 AM #6
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Donna Yates

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