There are many great real estate search tools available on the Internet now. A question of their accuracy comes into play when buyers are looking for properties.
There are two primary parts to the question I'm asking in how accurate are the on-line search tools. One is how accurate is the data about the listings (status, price, etc.). The second part is how much trust can be put into the estimated value of a property that some sites try to predict.
In regard to the first part, the websites are pulling data from another primary source, like the Multiple Listing Service (MLS) that Realtors use to list property. The MLS has a local governing body to monitor accuracy, as well as self-policing from other licensed agents. Sometimes, when data is pulled from the MLS to another site, issues occur (I've seen examples like contact information or the last sold date being inaccurate). That doesn't mean that the sites are bad, it is just a forewarning to proceed with caution.
In regard to the second part, there have been efforts in the past to automate what appraisers do in valuing property, but it has never come to fruition. The simplest reason is because no two properties are ever the same (even new construction of the same style can be on a different size/type of lot). It takes human intervention to try to assess market value of a property.
The sites have their merit and place. However, one of the biggest reasons I tell buyers to use the MLS as the primary search tool over the other sites is timing. I can set up a search that will notify buyers immediately when a new listing comes onto the market. I have never seen the other sites get the information into the hands of the buyers so quickly.
If you have any real estate questions or needs, please give me a call.
Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582
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