But At Some Point, You Have To Be Right
May 3rd, 2008 categories: Entertainment, Market Trends
One of my simple pleasures is Sports Radio. Just yesterday, I caught ESPN’s Mike Tarico already discussing some of the rumors about coaching changes in the National Basketball Association (NBA), now that the regular season is over. Tarico, who took over ESPN Radio’s time slot from Dan Patrick, who now can be found at rival Sports Illustrated, mentioned the coaching change rumors were rampid this time of year. According to Tarico, with the web’s blogosphere, “You can say anything you want, but at some point, you have to be right.” 
I suppose he’s correct. We know that everybody’s got an opinion. But, how much stock do we put in the information we consume, whether it’s a coaching change, a restaurant review, or a real estate agent’s advice? More importantly, do we care if they’re right? Or, do we simply assume the material we consume, whether it’s a T.V. commercial, a recommendation, or the free and abundant variety found on the internet, is correct? I can’t begin to relate the # of conspiracy theories my son has asked me about the past couple of years. You guessed it - stuff he found on the web. Whether it’s the existence of alien life, the JFK assasination, Area 51, or the American Airlines Flight 77 crashing into the Pentagon on Sept. 11th, he’s convinced that there’s more than meets the eye. Unfortuntely, he’s not alone. Many of us, instead of verifying information, take what we hear, or see, as true. And, undoubtedly, much of it is. But, when it comes to significant decisions, in any matter, it’s always good to do the necessary research before taking the plunge!
The importance of the right information is extremely important when you’re making large purchases. And, there aren’t many more costly than a home purchase. Just who are you relying on for your information? The internet? The agent you just met over the phone via a cold call? Perhaps you called that number that was plastered on the rear window of the car in front of you in this morning’s rush hour. Do you ever wonder how those people see through that stuff?
Whether buying or selling a home, the best agent is the one who can accomplish the mission. And, what, per se, is the mission? We’ll, as any trained agent can testify, if you’re selling, their job is to get you the best price for your property, in the shortest amount of time, and, if you’re buying……hmmm…to get you the best price for your property in the shortest amount of time. Actually, there are some other considerations to take into account, but, you get the picture. In either case, you need an expert, one who knows the market, especially the local market, who is able identify overpriced homes, negotiate with confidence, and can find you a bargain. Today’s online resources, for buyers or sellers can be a proverbial two-edged sword. While there are loads of places to go to educate yourself on the world of real estate, ensure that the information you’re putting your faith in is accurate. During the past few years three specific websites have been used by home buyers and sellers, more and more, for information on the market. Realtor.com (the current 800 pound gorilla of online/open source ”homes for sale” website), and two newer members to the online housing business, Zillow.com, and Trulia.com. If you haven’t, when you get a minute, take a look at each and see what you think. The latter two are the New Age version of their predecessor, Realtor.com
While Realtor.com’s traditional mission was listing homes for sale, it now also offers other features like current mortgage rates, provides assistance with finding movers, reports on local market conditions, and will provide information on determining the value of your home. Zillow.com takes this last tool a bit further by providing what they call a ‘Zestimate” of your home’s value. In other words, this Zestimate is what Zillow thinks your home is worth. Zillow is honest enough to admit that their estimate is simply a starting point when valueing a home. The problem is, many homeowners mistake this starting point for the bottom line.
Like Zillow, Trulia.com provides buyers and sellers another resource for real estate information. Like the other websites, you’ll find homes listed for sale here also. You’ll also find a discussion forum where you can get your questions about homes, buying or selling, or communities, answered by simply posting your questions. But, beware, those answers can come from anywhere, including left field. 
For homeowners, or those looking for homes, the internet provides you more information than you need to make intelligent decisions on buying and selling. But, much of that information is unfiltered. In many cases, it needs to be aggregated, analyzed and accepted for what it is - simply data. How valuable and pertinent it is, may be another matter entirely. So, before you begin making desisions on how to proceed, sit down with your local area housing expert, your Realtor, and look over that data to ensure it is accurate. Much of the information each of these websites use to determine home values is open source information. Simply put, it isn’t the whole story. For instance, modifications in any property is sometimes not recorded in the public record. Most of these are property improvements of one kind or another that essentially raises the value of the home. Another may be local market conditions that affect a home’s value, adversely or positively. Things like these are left unrecorded as well. These are shortcomings of both of these new online home buying or selling resources that don’t tell the whole. And, left alone, will lead to inaccurate conclusions.
At the end of the day, these online resources provide consumers with more information to consider when making house/home valuations. While this data can be immensely helpful, if not effectively “scrubbed”, it may lead to mistaken assumptions. On the other hand, used properly, these tools can aid you and your Realtor in successfully, and more efficiently handling your transaction.
