Redfin and Zillow (home, buyer, schools)

[PrimusPilus]

Originally Posted by austin-steve

What info are you talking about, specifically?
Price history is in the MLS, so it's not that. Which info exclusive to RF saved you from making a big mistake?

As I noted in my last post it's free and easy access to past price history. I'm sure my realtor would have eventually provided that info but was unable/hesitant to do so at the showing. (I'm not sure why!) It was 4 PM and we had to put in an offer because the sellers said they had multiple offers(probably bogus) and were not taking any more offers after 5 PM. No problem - I was able to access it then and there using my smartphone.

[scm53]

Originally Posted by PrimusPilus

I meant this. Past sale prices make an impact on new sale prices and Redfin allows free and easy access to these values.

I can see you have NEVER sold a house. What I bought one for, once I made the decision to sell, had ZERO to do with what I was willing to take. I wanted EVERY penny the market would bear, and I knew I wouldn't make a cent more. And when I rejected an offer, it was because I was confident the market would produce another. But when there wasn't that expectation, then I accepted the offer. Not because I bought it for X or Y.

You might think you are in the driver's seat. And if interest rates keep going up, in six months, you may be. But right now, an obsession with knowing what something sold for in the past, will produce a series of lost purchases - bought by people that found fair value in the negotiated price.

[PrimusPilus]

Originally Posted by scm53

And when I rejected an offer, it was because I was confident the market would produce another. But when there wasn't that expectation, then I accepted the offer.

Not all sellers are as smart as you. What makes you think every seller/buyer gets the best deal always? If you remove emotion from the process, what is the difference between selling a house and any other commodity?

[scm53]

Originally Posted by PrimusPilus

What makes you think every seller/buyer gets the best deal always? If you remove emotion from the process, what is the difference between selling a house and any other commodity?

Because the "best" deal, is the one they both agree to. You seemingly want to measure the seller's profits to determine if you get "the best deal". In this market, that obsession will cost you.

Again - what have you ever sold where the purchase price drove what you were willing to accept?

[PrimusPilus]

Originally Posted by scm53

Because the "best" deal, is the one they both agree to. You seemingly want to measure the seller's profits to determine if you get "the best deal". In this market, that obsession will cost you.
Again - what have you ever sold where the purchase price drove what you were willing to accept?

Not necessarily. With your knowledge of real estate, it's strange to know that you're assuming that every real estate deal is perfect. There are many gullible buyers out there. And bad agents as well. After all, there is a difference between two buyers looking at the same home. If you think knowledge of prior sales prices is useless, then good for you. End of discussion. I have sold one home and yes, the purchase price did play a factor in the final deal I was willing to accept.

[austin-steve]

Originally Posted by PrimusPilus

As I noted in my last post it's free and easy access to past price history. I'm sure my realtor would have eventually provided that info but was unable/hesitant to do so at the showing. (I'm not sure why!) It was 4 PM and we had to put in an offer because the sellers said they had multiple offers(probably bogus) and were not taking any more offers after 5 PM. No problem - I was able to access it then and there using my smartphone.

Well, knowing the past sales price of a home with multiple offers is 100% useless. Completely, entirely a worthless piece of data.

Sorry, this is a perfect example of too much data in the hands of consumers who don't know how to use it. Data and information alone doesn't make you a smarter buyer. Just the opposite in many cases, as it induces analysis paralysis and spreadsheet tunnel vision .

A good Realtor would have told you to stop worrying about the previous sales price because its irrelevant. I've actually fired buyers who can't stay focused on what's important, because they usually don't end up actually buying, and they drive me crazy. Instead you should focus on your level of motivation for that particular home, how disappointed you might be to lose it, and what your walk-away threshold is. Then that helps you determine a good offer price.

[Pulzar]

Originally Posted by austin-steve

Well, knowing the past sales price of a home with multiple offers is 100% useless. Completely, entirely a worthless piece of data.

It clearly was useful in some way if it made him avoid an offer on the house that has since been twice reduced and on the market for 70 days. You can argue that his agent should've done that for him, but not every agent has perfect insight either. If you go by the logic brought up earlier that every sale price is what the market will bear, then having the history of sales in the area plus the past sales of a particular home can give you a reasonable estimate in a market that isn't swinging wildly.

In the end, it's a good thing we all have lots of choices. Buyers who want more data aren't right for every realtor, and realtor who considers many sources of data 100% useless isn't for every buyer.

[CarnivalGal]

Originally Posted by PrimusPilus

I meant this. Past sale prices make an impact on new sale prices and Redfin allows free and easy access to these values. Not every buyer has easy access to MLS and all the data available on MLS.

While I agree with you that past sales price MAY help the buyer in a few instances - usually not, but maybe in a some - Redfin is not the place to get that info. The only accurate way to get that information is from the MLS, which only a Realtor can access. As I mentioned in an earlier post, Redfin can be wildly inaccurate. If you were buying my house, for example, and relied on Redfin, the price we paid for it is wrong, the square footage is wrong, and even the number of bathrooms my house has is wrong.

[Kosmonaut]

Originally Posted by PrimusPilus

As I noted in my last post it's free and easy access to past price history. I'm sure my realtor would have eventually provided that info but was unable/hesitant to do so at the showing. (I'm not sure why!) It was 4 PM and we had to put in an offer because the sellers said they had multiple offers(probably bogus) and were not taking any more offers after 5 PM. No problem - I was able to access it then and there using my smartphone.

Today's *pushy* home selling environment smacks of 2006. It sounds like people are expecting the downturn, and are trying to cash out while their realtors chase the commission. I bet the people who cashed out in 2006 are the same ones cashing out now - the west coast people who drove up the price of RE on the west side of town, are trying to dodge the bullet again.

We won't see the huge sudden downturn, but a gradual one. The slow inexorable rise in rates to be drawn out over the next 5-10 years. Prices stagnating at best, but most likely going lower. People unwilling to move because they can't get the 3% mortgage anymore and are unwilling to swallow a 6% note that costs twice as much interest each month.

The fed threw a low-interest lifeline out to the nations homeowners, so that they could pay off their homes and deleverage, and like the greedy society we are, we took it as an excuse to upgrade and take on more debt with the low rates as an excuse. Some did the smart thing and will pay off houses faster, while others will slowly see their energy-hog houses go underwater with a painfully long 30-year note.

[PrimusPilus]

Originally Posted by Pulzar

In the end, it's a good thing we all have lots of choices. Buyers who want more data aren't right for every realtor, and realtor who considers many sources of data 100% useless isn't for every buyer.

There you go. Many ways to skin the proverbial cat.