Home Buying in Santa Fe>Question Details

Cat, Home Buyer in Santa Fe, NM

Zillow.com and Santa Fe, NM

Asked by Cat, Santa Fe, NM Sun Oct 3, 2010

I already asked a question about this and got a couple of replies, but I don't know how to answer them! So I'm trying again. The listing prices in Santa Fe seem to be much higher (like 20-25% higher) than the estimates on Zillow. Trulia gives comps on listing prices but not on sold properties in Santa Fe so comparing prices to the listing prices of houses (many of which haven't sold despite being on the market 180 days) makes me wonder if the whole market is overinflated/stagnant. I will eventually contact a real estate agent prior to visiting Santa Fe, but for the time being I'd like to do any research I can on my own. Are the prices houses have actually sold for in Santa Fe (say in the past year) online somewhere? Thanks!

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BEST ANSWER
Hello again, Cat. Did your questions get answered adequately?
Are you able to see the sold listings now?
Marc
1 vote Thank Flag Link Mon Oct 4, 2010
I like what the Broker, Kevin Olson said..."You get what you pay for." That also goes for your services from a REALTOR. If you ask them to cut their fees, that is probably what you will get in service.
0 votes Thank Flag Link Sun Nov 14, 2010
Cat, throw zillow away, don't worry about it, and move on to other things. They cause so many problems, and are being sued by First American right now over their little "zestimate formula". They use county records, which include foreclosures, auctions... everything, and do not include things like concessions (which are HUGE). The same goes for these banks who use zillow to try to get an idea on market value, don't be lazy, contact a Realtor.

If you want an accurate picture, contact agents in the area. They won't make you sign a contract, they will be more than happy to send information to you in hopes of earning your future business. If you don't want them to contact you after a few days/weeks, just let them know. If you want correct no BS answers, contact a Realtor. They use the MLS, which you have to pay for. Zillow is free, to everyone, and they pull free information. You get what you pay for.
0 votes Thank Flag Link Sun Nov 14, 2010
Cat, I was told in a recent Social Media course that Zillow uses county records which in my county are based on assessed values that are lower than market price, usually. They said that the range of Zillow estimates can vary from 20% below to 20% above market value. Hope this helps.
0 votes Thank Flag Link Sun Nov 14, 2010
Hi Cat,

Technically New Mexico is a partial disclosure state as of January 1, 2004. Prior to that date, only Realtors and principals knew prices of what was bought and sold. Now, by law, the assessor is informed of sales by the title companies (except for commercial real estate which is still not reported to assessor), but it is true a member of the public cannot obtain this information. Sold prices are not available to you doing your own research.

I have found in the past that Zillow has been fairly accurate on occasion but wildly inaccurate just as often. I would never recommend them as valid guide to values here. A licensed Realtor is the only way to go. Our neighborhoods vary tremendously and the area so unique you need the expertise of of a Realtor. Hope this helps.
0 votes Thank Flag Link Mon Oct 4, 2010
New Mexico is a non disclosure state, so sold prices are are only known to Realtors and tax officials. You should contact a Realtor to gather information on market values in Santa Fe. Bascially home prices are way down in the Santa Fe area making it an excellent time to buy there. Demand is slow and prices have been coming down for the past two years.
0 votes Thank Flag Link Mon Oct 4, 2010
Hi Cat,
Good questions... I'd be happy to send you sold listings in Santa Fe. They will come automatically by email, and will tell you listed price vs. sales price. Easy....
You will get automatic, real time updates and can shut it off any time you want.
Email me or call me with your email address and I will set you up.
Thanks,
Marc

Marc Nussbaumer, AB, NAR ePro
Santa Fe Realty Partners
417 E Palace Ave
Santa Fe, NM 87501
(505)310.0253
nussbaumer@sfrp.com
0 votes Thank Flag Link Sun Oct 3, 2010
Dear Cat,
I'm an an associate broker with Prudential Santa Fe. Zillow prices are ONLY estimates given from afar, without any real time, actual knowledge of the local real estate market and trends. All real estate, like politics IS LOCAL. To access the most accurate Santa Fe Real Estate information (so you have the knowledge you need to make your OWN informed decsion) you can go to: http://www.sfar.com the website for the Santa fFe Association of Realtors.

There you can access all kinds of local statistics yourself and seardh the local Santa Fe MLS listings which, of course are the most complete and accurate.

Finally, a good, professional agent will be able to send you new listings, changed prices etc.on any one home or any you may be interested in. You may call any agent you see listed as a Realtor on that website, myself included.
I believe that "information is power" and you deserve the power to make your own best choices!

If you ever want more information feel free to email or call me at 505-660-5063 or nanceclark@aol.com.

Best wishes,
Nancy Clark
Associate Broker
0 votes Thank Flag Link Sun Oct 3, 2010
As the first replier mentioned, Zestimates simply don't work in non-disclosure states like New Mexico. An added challenge to comps in Santa Fe is that many areas of the city are so unique as to make standard comparisons less than useful.

Homes are indeed staying on the market for longer in Santa Fe - it's categorized as a buyer's market, and will be for some time. Above around $400,000 many of the purchases are made by people from elsewhere, so inevitably we are affected by those buyers' liquidity and ability to compete a transaction.

Most Santa Fe brokers are used to working with out of town buyers, and will be happy to work with you as you educate yourself on the market. It costs you nothing and it's a shortcut to getting the information you need!
0 votes Thank Flag Link Sun Oct 3, 2010
To begin with Zillow is notoriously inaccurate, and since New Mexico is a non-disclosure state, the only data that Zillow has to create their zestimates is the sales data that agents choose to provide. Most brokers don't choose to do that so there is insufficient data. Even Zillow admits their Zestimates are inaccurate. I went to a Zillow presentation this spring and the Zillow representative touted how Zestimates were on average within 11% of the actual value. That's a wide margin of error and that's probably the margin in disclosure states where they have sufficient data. From what I've seen the margin of error in NM is even greater.

Sold data is difficult to find here in our state. Even if you stumble upon a website or web form advertising closed sales data they are usually providing estimates since they don't have the real data. Our MLS does not feed that data to websites like it does the home for sale information.

The only way to get the closed sales data is to contact a real estate agent. Once you are ready to buy and have selected a real estate agent they will be able to provide you with information on sold comparables. Until then beware the inaccurate data that's out there.
0 votes Thank Flag Link Sun Oct 3, 2010
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