Monday, April 4, 2016

Researching the Florida Real Estate Market - Results Only as Good as Source.

The resource one chooses for information has a tremendous impact on the usefulness (or even safety) of the information.   This is especially true for consumers who research real estate.

What is the most current source of real estate information?  The obvious answer is a local knowledgeable real estate agent.

The next best source of real estate information?  The local multiple listing service (MLS) database.  The public searchable BrevardMLS is available here  - #BrevardMLS

What are some of the other resources available? 

Everyone has heard of all the mega websites that offer real estate searches (including for sale by owner) as well as estimates of value.  But sites like Zillow and Trulia are not as current as the local MLS system.  Values determined by these mega-sites use some algorithm developed by a computer guy some place.

Even Zillow admits "the Zestimate's accuracy depends on location and availability of data in an area."

So the computer programmer does not have any idea about the current local market or the availability, timeliness or even the validity of local information.

So the question is does a prospective seller or buyer rely upon old, possibly inaccurate, information or current data?

But this post is not about bashing the mega websites.    It is about helping buyers and sellers find the best resource when it comes to real estate.

Aside from the mega-sites there are other sources of dated information.

If one is researching recent sold properties the local property appraiser office reports sold data.  But that information may not be completely current.

I recently had  a buyer researching sold properties in a neighborhood we had just contracted  a property.  He called me with concern he was paying to much.  The buyer had been researching sales on the property appraiser office.

I researched the neighborhood on the MLS for recent sales.   Over the past few months similar (and some inferior) properties had sold for 95-100% of our contracted price.  A search of the public MLS website would reveal these sales as well.

Considering Brevard  County, Florida home prices had been increasing steadily over the past twelve months and the lag from closing to recording.  I am not bashing the property appraiser office as their site had undergone an upgrade recently as well which interfered with the process I am sure.

The point... when researching real estate contact a local Realtor (member of the realtor Association) who has access to the most current information.

Ready to buy a home in Viera, Florida?  Call or text me at 321-693-3850.