67°F
weather icon Clear

Realtor says Zillow, Trulia ‘way off’

Dear Expert:

“Why is it when I do property searches on the Web, the prices for our neighborhood are far off from the comparable lists we get from a local Realtor’s newsletter?”

Price Perplexed

 

Dear Perplexed:

Automated valuations are the cause for the discrepancies between Realtor newsletters and consumers searching property values on the Web.

In many cases, I find Trullia, Zillow, Redfin to be antiquated data and not updated. They can range from 3- to 6-month-old information, and that causes values to be way off.

As of April 7, the Las Vegas Multiple Listing Service cut off these sites, so they do not get instant values like they once did. Realtor newsletters come from up-to-date sources through our current MLS system and title companies.

Old data conflict with new, and hence we get a confused consumer that does not know what to believe. That is why it is always important to use a Realtor as we can identify communities that have “new build” and resale older homes.

Automated valuations do not take into consideration new homes vs. resale or upgraded houses in communities such as semicustom and track. Everything now is mixed, and you can have an apartment complex next to a new-build community, which throws values off. Realtor newsletters offer up-to-date trends and statistics that point out the facts and provides what the consumer genuinely needs and wants: up-to-date, true values.

Gianno Buonaguro

Sales executive, Vegas Dream Homes

702-528-2810 Cell

Don't miss the big stories. Like us on Facebook.
THE LATEST
Proposed bill could cause financial crisis for HOAs

Are you ready for a major financial crisis for your homeowners association? Well, Senate Bill 144 will make the Great Recession and the COVID-19 pandemic look like child’s play.

REAL ESTATE BRIEFS APRIL 10

The Howard Hughes Corp., developer of the Summerlin master-planned community, Downtown Summerlin, Las Vegas Ballpark and owner of the Las Vegas Aviators, the city’s professional baseball team of Triple-A West Minor League Baseball and affiliate of the Oakland Athletics, has announced the promotions of four executives.

Skye Canyon to host Chalk For Earth event April 16-22

In honor of Earth Day 2021, Skye Canyon will host its second annual, socially distant community event, Chalk For Earth on April 22. A sidewalk chalk challenge that invites residents to create an earth-themed chalk masterpiece on the sidewalk or in the driveway of their house, Chalk For Earth provides an opportunity to show community spirit and get creative.

Home prices spring forward amid tight supply

A recent Las Vegas Realtors report shows local home prices rising to another record and more homes being sold despite a tight housing supply.

Summerlin offers homes under $500,000 in more than a dozen neighborhoods

Summerlin has long been regarded as a premier place to live and a popular choice for the city’s influencers, professionals, captains of industry, celebrities and professional athletes. Yet, Summerlin is also a great place for first- and second-time homebuyers with dozens of floor plans priced under $500,000 now available in 13 neighborhoods throughout the community.

 
‘Palace in the Sky’ penthouse lists for $15M

The “Palace in the Sky” at Panorama Towers rises above Dean Martin Drive behind the Strip, showcasing sophisticated artistic expression through its intricate architectural detailing and extraordinary finishes.

HOA pool restrictions expected to relax in May

I expect changes concerning HOA pools to be announced on May 1. I think restrictions will be modified, allowing more use of the facilities by homeowners.

Trilogy Sunstone to hold second homesite release

On April 9 at 10 a.m., Pacific Standard Time, Trilogy Sunstone will host its second virtual homesite release to interested buyers on the VIP priority list. The first homesite release was successful, resulting in all available homesites being reserved by buyers. Interested buyers can call 877-221-3264 to schedule a virtual appointment with a community representative to register before the April 9 release. Only homebuyers on the VIP priority list will have the opportunity to purchase in the next release.