Incline Village real estate: Many sources for real estate information
Special to the Sun-Bonanza
Weekly real estate update
Statistics gathered from the Incline Village MLS on 1/28/17
Houses Condos PUDs
For Sale 102 43 17
Under $1 million 17 37 8
Median Price For Sale $2,095,000 $599,000 $1,099,000
YTD Sales 2017 9 17 0
YTD Sales 2016 10 10 1
New Listings 3
In Escrow 6
Closed Escrow 7
Range in Escrow $300,000 - $1,249,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of January 28, 2017
Buyers and sellers have many choices when it comes to gathering information about real estate. Whether you are buying or selling a tiny 600-square-foot condo or a spacious 20,000-square-foot mansion, it’s important to have an understanding of the current market conditions and the other properties that are available in your price range.
With the explosion of online searches and the plethora of websites providing information or misinformation as the case may be it is important to base your decisions upon the most accurate data and not the propaganda that is often found on the various types of media.
Watching real estate shows on television can be a great form of entertainment and provide you with some general ideas when it comes to remodeling, staging, pricing and marketing.
But every real estate market is different and what is working for someone on last week’s segment of HGTV in Houston Texas might have little to no relevance when it comes to a real estate transaction at Lake Tahoe.
The dominant Internet portals such as Realtor.com, Zillow, Trulia, and a handful of others try to position themselves as providers of both property information and general knowledge in the real estate world.
Realtor.com pulls information directly from the various MLS systems around the country and the property data that you find is generally reliable, subject of course to any inaccuracies that may have been input by the listing agent or their office.
While at one time Realtor.com was owned and controlled by the National Association of Realtors, this has not been the case for many years.
Many real estate websites are trying to position themselves between buyers, sellers and agents without really providing any significant value-added to the real estate marketplace. As purveyors of information they are suspect since oftentimes the information is outdated or just flat-out incorrect.
Also, the theoretical fair market values of properties portrayed on these websites (such as the Zillow “Zestimate”) are only accurate in areas where you have tract homes, not places where you have mostly custom homes such as the Lake Tahoe area.
The net result is that many people view the information found on these high profile websites as painting a true picture of the state of the market when the reality is you are getting a rather distorted view based on a computer algorithm.
The algorithm does not know that you have a better view, more welcoming floorplan and nicer upgrades than the house next-door which sold recently.
Even though you both may have the same square footage and similar lot sizes, the other tangible differences could translate to a fair market value difference of 20%, 30% or more.
Buyers and sellers who rely on price estimates gathered from Zillow, Trulia or any other web site are doing themselves a disservice and need to find a more reliable source of information.
So where do people go when they need accurate, up-to-date information on their local real estate market? You can consult with your psychic and ask them to look into their crystal ball but we recommend that buyers and sellers contact a knowledgeable and experienced real estate agent in their community.
Top-notch agents have their hand on the pulse of the market and can provide you not only with the raw data that you seek but also help you interpret the numbers into something meaningful on which you can make an informed decision.
It takes time to do a thorough market analysis so that you can fully understand the state of the market and all the factors that go into determining what is a fair and reasonable price for any particular property.
Don Kanare and Sabrina Belleci are the owners of RE/MAX North Lake. Read their blog and find weekly stats on their website at http://www.InsideIncline.com.