Real estate is one of those businesses where everyone thinks they are an expert. I have heard that the advertising business has a similar problem. If you own a home and follow the activity in your neighborhood, you may consider yourself qualified to predict the current value of your home. Transferees who move often may rightfully think of themselves as more knowledgeable than most people when buying or selling real estate.
The fact of the matter is that no one knows value better than Realtors. Appraisers and assessors rely on the information provided by Realtors when evaluating real estate.
Multiple Listing has the current facts.
Multiple listing services (MLS) provide Realtors with the latest, up- to-date market data including homes recently sold, price reductions and newly listed properties now for sale. The accuracy of this information provides Realtors with a reliable source available from computers and hand held Internet devices. Those home owners who rely on their neighbors and the Internet search engines like Zillow and Trulia for information are sometimes misled by the inaccuracy of facts. Where the information available from the Internet search engines is derived from the MLS, it is typically not up to date and consequently unreliable.
Nothing beats being there.
Realtors are seeing homes on a regular basis. They show homes currently for sale to their buyers and they know what they eventually sell for. Presenting and negotiating offers enables them to learn the difference between what people ask for a house and the actual selling price. Even an appraiser who subscribes to the MLS service only uses properties that have sold and closed and typically has never entered the properties that they are comparing the subject property to because they have closed and not accessible.
ADVICE: The sale of your home is probably the largest financial transaction you will ever have. Because of its importance and magnitude, it is best to rely on a professional who can separate rumor from fact. Work with your local Realtor. He or she knows the market.
