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The CMA my agent gave did show "days on market." But once again, that information only reflects the most recent listing of the house on the market up until when it sold. A realtor can pull up the history on a house to see all the data on when it was listed, price drops, etc.
I guess you could pay an appraiser to put together similar reports for you - might just be easier to find a realtor you trust (something I've not had a problem doing).
Yes, I know they can. As an appraiser I do it every day.
I should have been more specific.
When a house sits on the market for longer that the average time in the neighborhood, there is usually something wrong with it. It may be priced too high, there could be structural problems, etc etc etc.
So some crafty realators will change or omit a minor part of the address and re-list it. So when you ask for a History on that address, previous listings won't show up.
I run into this on a regular basis. Just something to keep an eye out for.
We are first time buyers and are working with a realtor but I am the type of person who likes to do some research on my own. Can anyone suggest some sites to check comps and especially to see how long a home has been on the market?
Thanks!
We aren't allowed to post websites, but I sent you a DM with a site that is good for looking up DOM's. Just follow up with your realtor to make sure it isn't a 2nd, 3rd or 4th listing etc.
Would you use a dentist or a doctor you did not trust? Why then would you use a Realtor you did not trust?
When I have a buyers agent contract with my buyers and I do a CMA for my buyers, the comps do include DOM. I only use the last six months worth of sales, anything past that is out of date not accurate data to reflect the current market. I provide all the comps that are accurate comps. Same size, same location, same style, etc.
Also I enclose copies of all the MLS data used so if my buyer wants to view all the detail that was used to create the CMA, they have that available.
If you are not happy with the CMA your agent put together and if they are not able to provide you with the raw data you want to see, get another Realtor.
Most of the information that is available to the public for home buyers and sellers often isn't complete or quite accurate, unfortunately. I am a resident of NJ and a real estate virtual assistant, so I am very familiar with the industry and practices all over the country.
Your best bet would be to directly ask the agent that you are working with to email you the MLS sheets for the properties that you are interested in. There are particular views of the MLS sheets that can be sent to prospective clients and other versions that must be kept confidential and only be seen by the real estate professionals who are members of that particular MLS.
Most agents have a website with the ability to search for homes and save your favorites in an online account that you create. If you were to go to the website of the agent that you are working with and search the homes that you are interested in, save them or email the MLS numbers to the agent, I'm sure the agent would be willing to email you the client view of those homes. This should give you the information you are looking for and allow you to remain loyal to the agent that you started to work with.
In addition, there are also MLS boards that will allow the public to view homes, I'm not certain which ones in NJ. You can search the internet and find those sites. I wouldn't suggest hopping from one agent site to another and requesting information on particular homes, unless you are also in the market for a new agent. They work very hard for the clients that they have and this would just be wasting their time, since they would consider you a prospect and put time into trying to earn your business.
Yes, I know they can. As an appraiser I do it every day.
I should have been more specific.
When a house sits on the market for longer that the average time in the neighborhood, there is usually something wrong with it. It may be priced too high, there could be structural problems, etc etc etc.
So some crafty realators will change or omit a minor part of the address and re-list it. So when you ask for a History on that address, previous listings won't show up.
I run into this on a regular basis. Just something to keep an eye out for.
We're in the same business! Nice to read a post I can REALLY relate to!
I agree that you can trust the "zestimates" but I believe that in disclosure states like Georgia or Oklahoma, you can view recent sales prices. In non disclosure states like Texas, it will show that a house recently sold but it will only list the county appraisal or the "zestimate" wich you can't go buy.
Quote:
Originally Posted by housewatcher
Very true ADLNC. My realtor has access to some back-end database in MLS/MRIS or whatever it is called and it has loads of information, including the subsidy offered. Very interesting and useful information.
I have found Zillow price estimates to be useless. I think many realtors and buyers agree. I think Sellers love the site estimated sale price....
Quote:
Originally Posted by bodeca30
I agree. I was perusing Zillow yesterday and the prices were quite inflated for where I live now so don't actually trust them for where I am going to. We are looking to relocate to NJ so I will see if the counties have any information listed.
Mine will - and not just active days on market, but cumulative days on market. The written report doesn't have all the details, but if a home is on the market for significantly longer than the average for its area, I can go into the history of the home, with the current listing and/or with a prior agent, and see if I can figure out what caused it to be on the market longer. It could be that they priced too high originally and took too long to come down, it could be that it's "hard to show" in that the seller has put restrictions on showing it that make it more likely to be passed over if there are sufficient other similar houses available that are easy to show, it could be the original agent didn't market it properly, and on and on. These are all things that i research when looking into a house that a buyer has decided they're interested in that is off average in any of the stats, looking for the elusive "why".
County records are a starting place, and I look at the tax records regularly (also to see how much above or below the tax appraisal the homes in that area are currently selling for, as part of the CMA process). But they lack a LOT of information that real estate agents have to hand and can use for the benefit of their clients.
I say this as someone who drives her family nuts researching everything, real estate related or not. I do as much as I can myself, but try to remain aware of my limitations in terms of the resources available to me. At that point, I hire a professional who does have access to all the resources and does that research on a daily basis and who I trust.
I guess you could pay an appraiser to put together similar reports for you - might just be easier to find a realtor you trust (something I've not had a problem doing).
Actually, the appraisal report is not "similar" to a CMA, but is much more detailed with additional research. Of course, an appraisal is not free. I remember my first appraiser class back in 1988, prior to licensing of appraisers, and the first question asked by the instructor: "How many of you are Realtors wanting to be Appraisers". A number of hands went up. Then the instructor said..."Well, all of you Realtors are going to have to check your hats at the door, because Realtors and Appraisers do not think alike, and you will have to change your whole way of thinking. This will be more difficult for you than for those never having sold real estate"
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Comps in New Jersey
We're in the same business! Nice to read a post I can REALLY relate to! 
