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Market Conditions
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David:
I hate to belabor this, but what I'm really saying is that we have seen far too many inaccuracies on the internet with regard to real estate data. And who knows where all the data comes from for google base? Probably many duplications. Add one new regional source and suddenly everything is skewed. Case in point ... Look at the absurd inaccuracies contained within sites such as RealtyTrac and Zillow.
The data on realtor.com and remax.com is coming directly from the various MLS databases around the nation, which establishes the basis for just about everything else on the web. I do not believe that there is much property data out there that is not already on one of those sites.
Jan 30, 2009 at 5:31 PM
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If you really want to get a true picture you should be looking for a broker and you should be asking for examples of detailed market analysis, market trend data for the past several years and projected market data for the next few years, as well as an example of a sellers costs to close at the low, mid and high ranges. It would also benefit them to ask about the agent’s ability to do financial calculations.
I would trust a Broker that does the math and analysis not google, zillow, tuilia, or the NAR, which the former spokes person just admitted that he was not tell the whole truth.
Jan 30, 2009 at 5:16 PM
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Very True...
And it's completely cool if you don't like it. But since people are submitting to increase their advertising and exposure to their properties, I am siding with thought people wont screw up their listings. And most of the bigger sites integrate with google base via APIs.
Most sites do so transparently so every listing they have just gets updated to google base.
Which is why I think, it may not be a down to the number accurate service, but it more than generally tells the trend that is most likely accurate.
However "[you] are at the mercy of whomever it may be that submits the data" - Is pretty much true of everything once you step on to the internet.
Jan 30, 2009 at 4:02 PM
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However, they are at the mercy of whomever it may be that submits the data ... Any glitch or change in submission guidelines or procedures could easily cause anmolies in the reported statistics.
Jan 30, 2009 at 3:51 PM
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Google base is complied from Realtor.com, Homes.com, Trulia.com, etc... all these sites agents submit their links too, aggregate those links to google base in order to gain publicity.
Which is why I feel google base is such a great overview tool.
Not only do the major sites submit listings to google base, but many small to medium listing services... you can find listings even from individual brokers posted into google base.
Jan 30, 2009 at 3:33 PM
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I would consider something from Realtor.com to be much more reliable. I have no idea how the google base info is compiled.
Jan 30, 2009 at 3:30 PM
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Ed and Terri,
Here is the Market Trend for just Florida:
http://propertyqube.com/MarketStats/Flor...eRange=YTD
The numbers and stats come from just the total available listings through google base. Which I know won't be 100% accurate, but I also know that so much of the industry uses Google base either indirectly or directly that it is a solid indicator of the market.
Jan 30, 2009 at 1:53 PM
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I do not know how the figures that you mentioned are compiled. However, here in NW Florida, along the Emerald Coast specifically, the inventory levels are actually higher than last month.
Most of the state is now seeing an increase in the number of closed sales transactions. That does not necessarily mean that the inventory levels will subside though. It is entirely possible that the increase in sales activity will cause inventory levels to rise. Many sellers who had previously given up may decide to get back in the race!
Jan 30, 2009 at 1:36 PM
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there are a few things going on.
1. some are being sold
2. some are being rented
3. some are being foreclosed
4. some are being taken off to be refreshed.
5. some are just giving up
snap shots are a tool that need to used a just a moment in time there are bigger movements that can be distorted in a short term trend like the stock market.
Jan 30, 2009 at 12:20 PM
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9 responses
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