Home Buying in Duluth>Question Details

Pandy39, Home Buyer in La Grange, IL

Was wondering why Truilia was lower than than regular prices, I'm at 612 N. 43rd Ave W

Asked by Pandy39, La Grange, IL Fri Nov 16, 2012

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To repeat a well used phrase, "Figures don't lie, figure-ers do!" Such is the case when statistical data is imposed when judgement is required.

As Nick, Elizabeth and Ron explained, the data gathered is just data, nearly irrelevant data. Real estate is a LOCAL affair which requires a real comparison. Comparison requires judgement. As long as sales volume continue at the 1% mobility level, aggregate sites CAN NOT provide actionable data but they do provide ENTERTAINMENT. Aggregate websites will ALWAYS lag the real market.

This same situation allows lenders to suppress market values. With mobility at 1% there simply are insufficient sales in most communities to reach anything other than a 'below market' appraisal. The lender can impose rules on the appraiser that will predictably result in such a discrepancy.

As long as you understand, websites with no accountability for their data, that use words like 'value, ' estimate' Just market value, Zestimate or other misleading terms exist for entertainment purposes for the citizen and advertising purposes for professionals. You should resist adding the perceptions of additional value...it's an illusion.

But it is fun and entertaining.
0 votes Thank Flag Link Mon Nov 19, 2012
Trulia gathers their sold information on real estate through websites that are open to the public and not through a local Multiple Listing Service. The information is then compiled via a computer program. This method allows for discrepancies between "actual value" and their "estimates". For example, if the sold information being gathered by Trulia only includes houses that have sold in a 6 block radius, within the last 6 months, and only two houses sold in that criteria and both of those houses were foreclosures that sold for below market value Trulia's program will not take that into consideration. Your house just got discounted, the program won't take into consideration the condition of the house, curb appeal, landscaping, location, updates etc. It will only factor in data it can retrieve from an outside website, square footage, year built, general neighborhood, often times giving you and inaccurate price. If you are looking to find a more accurate value on a house you should talk to a Realtor, someone who knows the market place and the area your interested in. I'm 3 miles from this house, if you wanted more info on it or a value I would be happy to help. Nick 218-591-9987
0 votes Thank Flag Link Mon Nov 19, 2012
Trulia - like all these sights, including Zillow and RealtyTrac - have less than accurate data due to the way they gather it, and how it is possible to use it. I am nowhere near La Grange, but I am familiar with the systems in Minneapolis, the rest of MN and the surrounding states. You need to get a realtor to represent you, to provide you with the information and the education on the current market realities in real estate. It seems like the realtor from your area would be your best bet. Look in the area near to your home; walk around and see what realtors have "sold" signs and then call, interview them, ask for their statistics on types of properties sold, number of days from listing to closing, etc. Have this realtor do a comparative market analysis abd oriceed from there. Remember a phone interview is a good start, but you want to meet several realtors face to face because you need to know your goal and needs are understood and that you feel the person you choose will represent you fully. You are hiring the realtor and just like hiring an attorney, a doctor or any other professional, it is important to know you can communicate very well and feel understood in all ways. Liz, 612-986-4105
0 votes Thank Flag Link Fri Nov 16, 2012
The information is inaccurate. You need someone locally to do a Comparative Market Analysis (CMA). Contact Rick Hauser at 847-809-6867.

Ron Jensrud
100% for Home Buyers - 100% of the Time!
0 votes Thank Flag Link Fri Nov 16, 2012
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