TMI, Real Estate Data, Too Much InformationTMI.  Too Much Information!

It’s great that there is sooooo much information available on the internet today.  Buyers have easy access to find out details about who owns the property, purchase date and price.

Unfortunately, it seems that having too much information is the same as having no information. 

Buyers who think knowing the previous purchase price will give them an edge may be misinformed.  What the current owner paid for the property really doesn’t impact current market values.  The public usually doesn’t have access to all the details of the purchase.  Was it an estate or short sale?  Were the sellers looking for a fast sale?  How much time and money has the current owner invested?

The details of home and condo sales prices can be found on auditor websites serving the Greater Cincinnati area.  But even the auditor sites often lack critical details about permits for improvements.  Or the seller never applied for a permit prior to upgrading the property.  The county auditors have a unique way of evaluating value.  Buyers using these sites as their only tool to gauge value won’t be happy with results.

Try this test.  Look at the estimated property value the auditor site, Zillow, and and draw your own conclusions.

Your Realtor® has access to the local Multiple Listing System and can “run” the numbers for you.  Reviewing recent sales, the number of homes on the market and market trends for the neighborhood are the best way to determine what to offer when making a purchase.  Remember, the final decision maker is the appraiser hired by your lender.  Their job is to review all the data available and determine the real value of the home or condo. 

Appraisers are trained to sort through the TMI available on the internet today.