Mobile Realtoreality

I haven't mentioned this subject before today, but it has to be a concern to most everyone. A couple of months ago, I visited a link from a well know and widely used internet portal, clicking on the link promising to quote the current value of our home. Needless to say, I was slightly disturbed by the dollar amount appearing on the screen in front of me.  Not knowing the how or where the data was extracted, I quietly dismissed it.

Today while perusing other real estate blogs, interestly enough, I came across an article addressing this same issue. Teresa Boardman posted on the St. Paul Real Estate -- If you read it on the internet, it must be true.

"....seller is very concerned that potential buyers like her co-worker will see the low valuation and decide not to buy the home, because it will be listed for a higher amount.  Buyers who look up the value of that property, on a web site that has home values, may believe what they see, because it is what they want to see, and because it is on the internet.  Home owners like my client are justified in being worried about the low value.

I don't have an answer for this one but think that there should be some kind of a rule or law against giving bad property valuations to the general public.   There isn't such a law. The web sites have disclaimers on them and they operate under the same rules as this blog does, freedom of speech.  Unfortunately some consumers believe what they read on the home valuation sites.  Most some of the sites are actually "lead capture" systems, and seller information is sold to Realtors and the promise of an on-line home valuation is just bait."

This article relieved my fears to a degree, but I can completely agree that buyers look at these sites and don't see making an offer at the true market value for a home in any given area. It's enough that the real estate market in general is perceived in the national news to be in a downward spiral everywhere, when that statement is just not true. And locally, the Mobile market is down somewhat, but only slightly compared to other parts of the U.S.

The only way to derive the true list price of a home is to look at a comparable market analysis (CMA)otherwise, what similiar homes in the same local area have recently sold for or are currently listed. Sellers may also wish to seek an appraisal from a qualified and reputable appraiser before listing property.

The real estate market is tough enough without these "tools" available on numerous reputable web sites providing false data.