10 things real-estate listing sites won’t say
By AnnaMaria Andriotis
1. “The homes you’re looking at have already sold.”
Once upon a time, house hunting meant perusing local newspapers and being led through properties by a real-estate agent. Nowadays, most home buyers head straight to their computers: A record 90% searched online this year, up from 65% a decade ago, according to the National Association of Realtors. Trouble is, homes listed for sale online aren’t always actually available.
More than a third of home listings that are labeled as “active” on third-party listing sites Trulia and Zillow are no longer for sale, according to a 2012 study by consulting firm WAV Group that was sponsored by online brokerage Redfin (which also lists properties for sale). For their part, Trulia and Zillow say such outdated posts can be the result of real-estate agents inputting information incorrectly or forgetting to make updates. Walter Molony, a spokesman for the National Association of Realtors, says both parties — the sites and the agents — are sometimes responsible for outdated listings. Either way, some buyers are wasting their time reviewing homes that have already sold.
In some cases, agents intentionally leave listings up after they’ve sold, in an effort to generate future leads, says Leonard Baron, principal of real-estate consulting firm LPB Services and a lecturer at San Diego State University. Buyers who are interested in the property will reach out to the listing agent, and the agent will tell them the home has sold but that they have other properties with similar features, he says. Of course, the other properties may not meet the buyer’s criteria, says Baron, calling the strategy a “bait and switch.”
https://www.marketwatch.com/story/10-things-real-estate-listing-sites-wont-say-2012-12-07