The Washington Post reported that 90 percent of home searches are conducted online. Buyers searching for homes in Brevard County are faced with a number of different real estate information sites to choose from and not all of them are created equal.
Sites like Zillow have gained household name recognition, but are the results they provide accurate and regularly updated? Buyers have spent valuable time researching listings on some sites only to inquire about properties and find that they are no longer on the market. Valuable time is wasted on these endeavors and people often feel let down when they find out the home they were hoping to walk through has already been sold.
The availability of homes is not the only thing that sites like Zillow can get wrong. Home values and other important information may not be accurate either. The Washington Post reported last year that the leading site, Zillow, only provided an estimated home value within 5 percent of its actual market value half the time. Research showed that in March of last year, Zillow provided an estimated market value that was too low more than twice as often as it provided one that was too high.
This past February, the Los Angeles Times reported that Zillow’s median error rate nationwide is 8 percent. When buying or selling a home, a disparity of 8 cents on the dollar is an awfully wide margin that is likely to lead to frustration.
The Los Angeles Times reported that local median error rates were higher than nationwide disparities and led to pricing conflicts between buyers and sellers. The article quoted Zillow’s CEO, Spencer Rascoff, recommending that buyers researching estimated home values on the site, “look at them as no more than starting points in price discussions with the real authorities on local real estate values—experienced agents and appraisers.”
There is an alternative for real estate information sites that may or may not provide timely and accurate information. Tropical Realty offers a real estate search tool on its websites that is more accurate than those provided by the larger sites and the local MLS because it is closely monitored and updated daily.
In addition to this, Tropical Realty’s team of agents is constantly researching the Brevard County real estate market, which allows them to evaluate factors that directly impact the value of homes. Tropical Realty has this down to a science that it appears others have yet to perfect.