If you have ever searched the web for real estate…you have probably heard the names Zillow and Trulia.  These are independent (private) websites with no direct affiliation with a local Realtor, firm, or real estate board.  There are actually hundreds of these private sites.

First, here is how it works.  Like with most areas…the local Realtor adds a listing to the local Multiple List System or MLS.  The MLS is a database that all participating agents use to view their company’s listings as well as all other local or regional listings.  In our local area…the MLS covers Virginia’s Eastern Shore and is managed by the Eastern Shore Association of Realtors.  It is from this database that Zillow, Trulia, and others get the listing information.  They “data-mine” or upload this data from the MLS database to their data base.

The reason they do this is to make money…they will then reach out to the Realtor or firm and solicit them for a fee so the agent can have their name attached with their own listing.  If they don’t, other agents’ names can be attached to the listing.  So in the case of the Eastern Shore of Virginia…you could have a Charlottesville, Richmond, or Northern Virginia agent listed as a contact point for a listing, rather than connecting the buyer with a local agent or the listing agent.  These long distance agents have no intention of driving 3+ hours to show property on the Eastern Shore.

The next issue is accuracy.  These sites are quick to upload new listings.  Usually within 72 hours.  But they are very slow and updating listings.  If a price change is made or the listing is sold…it can sometimes still show for months after the fact…or maybe worse…show at an old price or inaccurate information.  Both is not good for the buyer or the seller.  Since the local Realtor is not directly involved in this…the information either sits out there incorrect or the agent needs to jump through A LOT of hoops to get the information corrected.  And once it is corrected…any update to the website could cause the information to revert to the wrong information again.

Now for the worse issue for the buyer and seller and the biggest reason not to depend on these sites.  If your a seller…your hardest decision is the determine your asking price.  And as a buyer…the biggest concern is determining if a house you are looking at is worth the asking price.  If you have been on Zillow…you have heard of the term “Zestimate”.  Each of these websites will give you a figure about what they feel the property you are currently viewing is worth.  This figure is almost always WAY off.  For the most part…these websites use an equation to figure out the value of the home you are viewing on their site.   The problem is that the equation they use does not take into account things like waterview, condition, etc.  They claim it does take into account number of bedrooms and square footage…but personally, I can’t see how that is the case sometimes.

So, what is the moral of the story.  If you decide your going to move to a new area these sites might be okay to get a vague understanding of asking prices.  But always find a local Realtor to work with you.  Realtors are held to a high standard and most take pride in what they do.  They are in it for more than the commission check and want to see you happy with the purchase.  And if your a seller…you want to have a local Realtor to be your advocate.  In either case, the Realtor you are working with will give you accurate, up to the minute, information about the market you’re concerned with and can guide you whether you are a buyer or a seller.

If you are looking to buy on Chincoteague Island, the community of Trails End, or anywhere in Accomack County in Virginia…I ask that you give me a call at 757-894-1479 or online at http://www.chincoteaguehomes.net.  And if your a seller in these area, call me to find out why Dockside Properties is the leader in sales for these markets year after year!