Sizing up Housing Web Sites

We found this recent article in Smart Money magazine and thought we would include a few excerpts that we found particularly interesting. Housing sites are a helpful resource to buyers and sellers but are not always accurate and reliable.

Inaccurate Public Data: "Data used by home evaluation sites are often wrong. They're really at the mercy of public record, and public record is flawed." These sites have no actual knowledge of interior condition, recent improvements, upgrades or local nuances such as how one neighborhood may differ from another.

Local Knowledge: "With homes in many markets lingering unsold for months, recent sales of neighboring properties are hardly the accurate indicator they once were. And in areas where the majority of recent sales are foreclosures snatched at atttractive discounts, potential buyers often get the wrong idea of just how of a low-ball they can convince an owner to accept." Just because one neighbor fell upon hard times does not equate to a neighborhood in distress! However, one must must be aware that an appraiser will take a holistic approach to valuing your home and will make note of short sales, foreclosures, third-party REOs,etc.

Consult a Professional: "There are too many things you just can't know -- and the only way to know them is to talk to a real estate agent."