It is generally misunderstood that real estate agents and multi-agency services (MLS) available online provide the most reliable and timely information on the current state of any local real estate market. While it is true that members of the profession have a good understanding of overall sales trends and price movements, they rely on outdated information based on past trends in sales of comparable properties in the US. vast market areas. However, what is true for the office rental market (at the macro level) may not necessarily be for the small market (at the micro level). And usually that&39;s not it.
Factors that affect housing prices, such as employment and income growth, may differ significantly from one neighborhood to another in a larger housing market, which would have hence different impacts on future demand and housing value between larger markets and blocks.
As a result, real estate agents and web-based MSLs, such as RealtorTrack.com and Zillow.com, rely on market trends and use price reference prices to reflect speculative demand. other non-essential demand drivers, do not provide accurate information about the state of housing in a small local area. In addition, they can not offer any information on future price developments for a particular market, hyper local market or census group.
However, tools have been developed as an analytical tool providing reliable information about ongoing changes at the block (neighborhood) level. The Home Value Predictor is also the only online tool available providing information on future price movements in large real estate markets and housing markets at block level. It offers more reliable data than price information based on realtors because it relies on several variables, such as employment and disposable income, migration and other major factors of demand that determine price growth in a given block market. This is important because real estate is really a local market for which only price information based on variables specific to this particular micro level market can give a clear picture of current and future market trends.