Thank you, Kathy Streib and Debe Maxwell, CRS for the August 2024 blog challenge about RPR (Realtors Property Resource).
While I use RPR, I don't always find the valuations to be accurate, even though it pulls data from our MLS.
I decided to run a report on a home that I could potentially be listing in the near future. I had already run a CMA for the owner prior to this, I have seen the home and the homes nearby, and feel I have a good understanding of the value range of this home. I figured this would be a good test to see how RPR's "RVM" valuation compared.
A neighboring house, only a few houses down, was not used as a comparison. This house is currently active in the MLS. I checked the parameters in RPR and it *should* be there. Going into the search function, it came up - but I cannot figure out why it wasn't used in the first place. (Interestingly, RPR starred that it WAS used in the "RVM" valuation, however, I went back and checked, and it was NOT used.)
When adding that home in, and weighing the comparable sales, the updated "valuation" changed dramatically.
I decided then to run an RPR report on a home I just sold less than two weeks ago.
I thought this one should be more accurate since it *just closed,* which I would have thought would assign an actual value of the sold price.
It was off. Not by as much as the other report I ran, but $8,000 is a lot in this price range. Even the top end of the RVM range is lower than the actual sales price. The homes used in comparison? They were not really applicable to this home - the location is very different, as are the amenities. The only things they have in common are the zip code and that they are all the same type of home.
So, how would I use RPR in this situation? I would use it, along with other "valuation" sites, to show my seller that these online "valuation tools" are not always accurate.
RPR's automated tools used homes that are not truly comparable - just because the type of home - "townhouse" "condo" or "detached" may be the same, and they are located nearby - this does not mean they are actual comparable home sales.
RPR can help show part of the value that I can bring to the table - that just looking at data without understanding the nuances of the data generally may not always helpful.
For any real estate needs in Towson, Maryland or around the Baltimore Metropolitan area,
THINK MARNEY IN MARYLAND!
Marney Kirk
Cummings & Co. Realtors
108 W. Timonium Road, Suite 100, Timonium, MD 21093
E-mail: marney@realtormarney.com
Website: www.realtormarney.com
Office: 410-823-0033 Cell: 410-493-4884
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