When I first got into real estate back in 2003, things were simple. Home buyers and sellers would come into my office, sit down, and we would look at all the homes available on the MLS, give them an overview of the market, and send them on their way. Now, things have completely changed.
The internet has made real estate even more of a consumer market. There is so much information out there to digest, but not all of it is accurate. I wanted to go through all the different data sources out there, and tell you which ones you should be looking at and which ones you should avoid.
Let’s start with Zillow. Did you know that the CEO of Zillow recently sold his house for 40% less than its Zestimate? If the value of the CEO’s home is off by that much, you can imagine how many more homes are off by at least that much.
Another popular source is Los Altos research reports. Similar to Zillow, it will give you an automatic valuation. This source scrapes all their info off of Realtor.com. Now, Realtor.com is a source of active homes. That means if a home falls off, you don’t know if it’s sold, cancelled, expired, or just temporarily off the market.
Fannie Mae and Freddie Mac are great places for accurate information, but only for homes that have sold with loans from Fannie Mae or Freddie Mac.
Case-Shiller isn’t a bad option, however the data is generally about six months old. In a fast moving market like the one we have today, that just won’t cut it. The data from the National Association of Realtors is accurate on a big picture basis, but because the market is so localized, it’s hard to be accurate.
Where is the best place to get real estate information in Scottsdale? That would be The Cromford Report. It’s compiled by Mike Orr, and it’s very accurate. On a daily basis, we can track and see where home prices are going by zip code, state, price range, and more. He tracks employment trends and job growth as well. Any good agent in the area should be using this report.
If you have any questions about accessing this data or anything else real estate-related, give me a call or send me an email. I would love to hear from you!
Let’s talk real estate! We can help you sell your home or buy your dream home.