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A new report from a San Antonio real estate investment company published on www.shebuyshousescash.com says that San Antonio home sellers are relying upon inaccurate information when selling their property.Reports from the San Antonio Board of Realtors (SABOR) show different data than Zillow, the big-data real estate technology giant.
The average consumer may make poor decisions as a result, especially when trying to sell a home fast.
In May 2014, SABOR submitted a press release touting a 4% increase in average home sold-prices (an “all time high” in San Antonio) and a 4% increase in total home sales over May 2013.
Zillow’s May 2014 San Antonio Real Estate Market Overview reported an average home sold-price $77,000 less than SABOR’s May 2014 findings, an average decrease in total home sales of -0.5% down from May 2013, and a -1.5% monthly change down over April 2014.
SABOR, unlike other similar real estate associations across Texas, has chosen not to share data with Zillow, who publishes data from many sources, including public records and real estate associations.
Kim Joppie of SheBuysHousesCash.com uncovered the discrepancy in the data while conducting research to buy property for her family’s business.
“Buyers and sellers in San Antonio rely upon this information to make huge investments in the local economy,” says Joppie.
Failing to release accurate data could make it harder to attract outside investors who bring in needed capital to San Antonio’s economy.
“We buy houses in San Antonio,” Joppie added, “because we believe in the value of our communities. But that’s not enough for everyone.”
“We work with lots of outside investors who demand concrete data to justify their purchasing decisions,” said Joppie. “When they can’t get it, they go elsewhere.”
Companies who buy houses often clean up the property, make repairs and put it back onto the market for sale. In most markets, investors rely upon published sale data to make purchasing decisions.
Some of the ‘We buy houses’ companies out there may not be willing to pay very much for a property if they don’t know how much it’s worth.
Jeff Lambert, a real estate attorney in West Texas, said:
“While I certainly understand the concern that services like Zillow may impact the influence of SABOR or local realtors, my personal belief is that this restriction negatively impacts the real estate market- especially for sellers.
It is a fundamental theory of economics that prices should include all information about the item being bought or sold. This is the reason that aggregators of information, such as Zillow, exist in the first place.?”
Mr. Lambert’s full commentary has been included in Ms. Joppie’s report.
For those who interested can download a free copy of Why You’re Probably Wrong About San Antonio’s Real Estate Market at www.shebuyshousescash.com/go/san-antonio
Contact Info:
Name: Kim Joppie
Email: Send Email
Organization: She Buys Houses Cash
Phone: (210) 254-4790
Website: http://www.shebuyshousescash.com/
Release ID: 55595
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