Home Buying in Breckenridge>Question Details

edsilkysulli…, Home Buyer in Breckenridge, CO

Why don't home values show in Breckenridge, CO like all other cities? They don't show in Zillow either??

Asked by edsilkysullivan, Breckenridge, CO Wed Sep 5, 2012

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Ed, I agree! I have limited trust in Trulia for detailed information specific to our area and they've been challenged to get partial/full ownership and up-to-date, accurate pricing, let alone Zestimates. But then again, I'm a real estate broker, so I have access to the MLS and can look up the info. One thing that may help is the Summit County assessor's office has current values online (http://www.co.summit.co.us/index.aspx?NID=354). This won't show you trends for a 10 year period, but at least gives a baseline.

Our market is rather unique as well as we have very small pockets of properties with wide ranges in pricing. Companies like Trulia and Zillow have a very difficult time trying to apply algorithms to these areas and just don't have the personal knowledge to sort through the "location, location, location" impacts to sales prices in resort areas!

For more analysis, I'd recommend getting in touch with a real estate professional who has access to property historical data and the knowledge to do some comparisons and analysis to help you with your search. Certainly, especially when purchasing a home, a professional can be of great value in assisting with the entire process. A good agent doesn't just find you a home, they provide assistance throughout the entire transaction, from contract through closing and in many cases - even beyond that as a resource of information in the area. And, as a buyer's specialist, I've never had the buyer pay for my services as real estate fees are paid for on the seller's side.

Trulia is an awesome tool for what it is, but in the end, having a person who can assist you with this very important transaction may be of benefit to you. I personally use it for a general idea of what is available and list prices (great phone apps for this!), but will dig into the market using additional resources.

Hope this helps!

Thanks,
Patty
0 votes Thank Flag Link Thu Apr 11, 2013
Hi Patty
I rechecked Trulia and they still don't list assessed values or "Zestimates" of all homes.
To calculate these "Zestimates", they claim that they have algorithms that tract area prices and according to the WSJ, typically come with 8%.
As you read other responses, multiple folks claim that is rubbish and certainly not all are accurate.
However, to be able to see a trend line for a particular home over a 10 hr period along with sales data and assessed values is quite valuable when one is canvasing certain areas for purchase.
Ed
0 votes Thank Flag Link Thu Apr 11, 2013
Seems this is getting better. I'd say about 80% of the homes I've previewed this past week made it (correctly!) into Trulia. I think it just takes time to collect all the info. Good news is that there are many website (mine included - http://www.ColoradoMountainRealEstate.com) that have direct access to the Summit County MLS, so you can go to the source and there is no question as to accuracy of information.
0 votes Thank Flag Link Thu Apr 11, 2013
Sean - good answer - in fact I now notice that perhaps the local MLS does share information with Zillow and Trulia as homes for sale are shown. However there are no Zestimates or purchase prices or assessed values so it might just be local municipality is the problem.

Is that not public information? Can they deny that information to Zillow?

I'm not claiming that 8% accuracy is good enough to purchase a home but it sure is handy to go to a website, see all recent sales and estimated valuation at any time without having to call someone, meet with them, request specific information etc.

Ed
0 votes Thank Flag Link Tue Sep 11, 2012
Just to mention to you, edsilkysullivan, I wouldn't worry so much about what information is shared or not shared, but I would worry about how inaccurate Zillow and Trulia are. 8% is nothing to sneeze at for an inacccuracy - in fact, when you're talking about an average $800,000 home in Breck, that means that either website could be off by as much as $64,000 either way, or up to $128,000. To me, that's a lot.

That being said, in my market, just on the properties that I own, Zillow has been, at the same time, up to 12% high on one, and 8% low on another. That is unacceptable. This is why we recommend that you talk with a local professional, who is looking out for your benefit, and get the advice that you can benefit from. Besides, if you're worried about being taken for a ride by a Realtor, don't forget that if he/she does not do their job well, you do have recourse.

Now, as for why the MLS doesn't share sold data, it could be simply that they have paid a lot of money for their systems, and do not want to share. I will say that Zillow and Trulia also take their data from Public Records in all municipalities, so there may be another reason why they're not showing data.

Best of luck to you!
0 votes Thank Flag Link Mon Sep 10, 2012
Hello Amy Nakos - thank you for an honest answer.
But I still don't understand why our MLS does not supply sold data with Zillow and Trulia??
From most responses I received, they point out the inaccuracies and errors etc in the data of Zillow and Trulia - but according to a WSJ report, they are typically accurate within 8%.
To get trend data of cities and areas within cities, that is pretty valuable stuff.
Is the Summit Count MLS afraid they will lose customers to Zillow and Trulia?
If so, I'm disappointed that our local real estate folks don't understand that buyers love to get different types of information and that they should not be afraid to let area buyers get excited about real estate when using online websites. In fact, I think they should promote it.
0 votes Thank Flag Link Thu Sep 6, 2012
Our MLS does not share sold data with syndicators like Zillow and Trulia.
0 votes Thank Flag Link Thu Sep 6, 2012
Folks are obsessed with numbers. Even when they know these number are incorrect they want them.
Zillow SWAGS, for instance, are known to be fabrications of the most heinous sort, but folks apparently WANT to be lied to.

That may be why both conventions, in FL and NC, were so well followed, folks wanted to choose who they wanted to lie to them.

To protect the consumer from this false security, many MLS are electing to NOT syndicate to irresponsible aggregate websites. For instance, it is reported that 40% of real estate for sale in Cincinnati Ohio, will not appear on these sites. This is a GIGANTIC step in the right direction and prevents much of the erroneous data being attached to the property of home owners. These sites still operate irresponsibly and with impunity, but such actions as that in Cincinnati provides some protection to active home sellers.

Unfortunately, the 'whisper of sweet nothings' appeals to many and the facts/truth becomes the first casualty. 'Where are the fake values?"

If you want to know real values in Breckenrigdg Co, any real estate professional can provide you access to the local MLS and a link to the Property Appraisers website. That's where the real data resides, not fabricated 'sweet nothings."

IF you are serious. contact any of the Breckenridge agents who have resonded.
No, don't use that 'Contact' link.
No, don't use Trulia email.
If you are serious, go old school and call.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Thu Sep 6, 2012
Don't simply rely on online valuations as some are inaccurate, nor updated; rather ask any agent for comps, recently sold similar properties in the immediate area; the information is generally provided free of charge.
0 votes Thank Flag Link Thu Sep 6, 2012
I don't know why, edsilkysulllivan. I am, however, not concerned. I will confirm that I couldn't find any zestimates - not on Zillow, nor anything similar on Trulia for Breckenridge.

There are a number of people who might agree with me that is not a bad thing. Maybe you can enlighten me on what purpose these so-called valuations serve.

A statistician once said statistics lie. That person was correct and this is the best example: According to statistics, every human on Earth has one testicle.

Can you explain why people give credence to this system that apparently samples values in a neighborhood. In a glaring example of how wrong Zillow's estimates are, look at street where there are homes that are fronted by water on one side and the homes across the street that are not. Zestimates value homes on both sides, giving lower values to the actual value of watefront properties and higher values to the homes on the opposite side of the street. For zestimates, that's fine. For anyone buying or selling real estate, the information is wrong.

Please, if anyone can tell me why we need zestimates, I'm all ears.
0 votes Thank Flag Link Wed Sep 5, 2012
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