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Research Advice

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medinaappraisal

Thread Starter
Freshman Member
Joined
Dec 15, 2007
Professional Status
Licensed Appraiser
State
Texas
I work in the Greater Houston Area and have noticed that sales across the board have become stagnant. Lenders, as I am sure you know, have become more strict on the parameters of comparable sales. I primarily rely on HAR MLS. Does anyone have any recommendations of other sources of credible sales data. I have tried the free trial version of SiteX but have found it to be not very user freindly and lacks facts of the sale transaction like price!!!!

-Best Regards
 

Mike Plumlee

Junior Member
Joined
Feb 21, 2007
Professional Status
Certified Residential Appraiser
State
Texas
MLS is the primary data source ... period. There are some frustrations with the data in MLS sometimes because some agents are going to do the very minimum to get by with their requirements on what they must enter.

I think my favorite complaint with MLS is an agent that uses the same exterior picture six times, and that's it. Without interior photos it's worthless as a potential comp.

If SiteX doesn't offer sales price - then it's totally useless.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
I work in the Greater Houston Area and have noticed that sales across the board have become stagnant. Lenders, as I am sure you know, have become more strict on the parameters of comparable sales. I primarily rely on HAR MLS. Does anyone have any recommendations of other sources of credible sales data. I have tried the free trial version of SiteX but have found it to be not very user friendly and lacks facts of the sale transaction like price!!!!

-Best Regards
Not True, need to to do more due diligence and understand with what market you are working with. HAR MLS is the best Source, there is no other. Have you gone back at least 1-3 years to analyze the market, researched the listings and pending and pulled up their activities to see if they have been any price reductions and also analyzed foreclosures or unusually odd sales? What MLS area/neighborhood/market area/county are you trying to research.

How you research is very critical. I call it zooming in and zooming out. Focus on the subject market, understanding, then go out and understand it's competition. If it is a very unique with low sales, then go out with similar neighborhoods, call Realtors and the old and recent listings if possible, listen, do not be critical with them at this point. I have learned so much from what Realtors tell me and them to do additional research and give some of my best work because of it.

It's all about how good you are about to gut-out all the resources of MLS, not just pick certain parameters.

Contact me. I'm might give you some pointers.
 
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