Home Buying in Orem>Question Details

Hilary Kamore, Other/Just Looking in

Unrealistic price representation

Asked by Hilary Kamore, Mon Jun 6, 2011

My friends tell me after researching the listed homes, the price on trulia was approx 25k - 35k lower than the actual price. Are the price details listed here accurate?

0 votes Share Flag Home Buying in Orem

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Great question. As you have discovered, information can be (and often is) manipulated. It is very important to consider the source of home sale information. Utah is a "non-disclosure" State, meaning the Utah County Recorder's office does not publish the sold prices of properties. As a result, the most accurate source and frequently the only source of home sale data is the Realtor Multiple Listing Service (MLS) database.

The only way to access this data is through a Realtor. A local Orem Realtor will also be able to give you his/her best advice based on seeing and selling many homes in Orem. Accurately pricing a home is a matter of facts, figures, and gut feelings. A buyer will not pay more for a house than he/she can purchase a similar home for.

As a buyer, there is no cost to use an Orem Realtor and obtain all the experience and market knowledge of that person. You can visit a site like http://www.SoldByDenise.com and browse all Realtor listings with the most up-to-date prices and availability pulled directly from the Realtor MLS.
Web Reference: http://www.SoldByDenise.com
0 votes Thank Flag Link Mon Jun 6, 2011
You Friends may be just repeating bad information or they are thinking that home prices offered on Zillow and other websites like it seem to say your house is worth less than what a Realtor would tell you it is worth for fair market value. All homes listed on here are actual price as seen on our MLS so I do not understand what your Friends are basing their information on!
0 votes Thank Flag Link Mon Jun 6, 2011
I'm not sure what your question really is.

The prices for properties listed on Trulia should be the same prices that are listed with the local MLS. There shouldn't be any difference at all. If you (not your friends--you) find discrepancies, definitely bring them to Trulia's attention.
0 votes Thank Flag Link Mon Jun 6, 2011
Don Tepper, Real Estate Pro in Burke, VA
As Adam Harward stated, the only way to find out the true value of homes in a certain area is to enlist the services of a Real Estate professional. They will pull a CMA to find a reasonable value. In addition to that you may want to look at realdealutah.com. It is a local group that are using local data to retrieve valuations.
Web Reference: http://realdealutah.com
0 votes Thank Flag Link Mon Jun 6, 2011
Don't solely rely on any online price comparisons as some may be inaccurate nor updated; for a realistic picture of your local area market, consult with any local agent(s) and ask for a cma--comparative market analysis, then go from there...
0 votes Thank Flag Link Mon Jun 6, 2011

I have no idea what your friends are talking about and I don't think they know what they are talking about, either. If they are comparing list prices of homes shown on Trulia. com to final sales prices shown on other sites or to real estate valuation sits like Zillow they are making apples and oranges comparisons. Have them back up their statements by showing you the data that they are using.

If you want accurate data talk to a local real estate professional who can provide the facts.

If you are buying or selling a house you should give much greater value to the advice of professionals than to that of well-meaning friends.
0 votes Thank Flag Link Mon Jun 6, 2011

The best way to evaluate pricing on homes is to involve a professional Realtor. He/She can pull comparables to give you a price breakdown of homes sold as well as homes listed. This will be the most accurate information.

Adam Harward
Harward Real Estate
0 votes Thank Flag Link Mon Jun 6, 2011
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