I have the mother of all spread sheets. Seriously – it goes to column “BO”. Sixteen years of data. I like tracking the market. I like it because I want to know how my property value has changed. Isn’t that what Zillow purports to do with their inaccurate Zestimates ? You know why they are so inaccurate? Because Zillow pulls data from public sources, like the tax records and then uses a “propriety formula”, a fancy name for an algorithm, to come up with the value of your home. Problem is, the algorithm contains sales of houses and not just condos. So in an urban area like Hoboken, they are especially poor predictors.
As a realtor, I have the advantage of being able to access the MLS and get the actual closed sales data from the MLS. Granted, agents make mistakes in entering the data but its pretty close to correct. I then crunch those real closed sales figures and prepare my quarterly chart. It’s loaded with great info and for you financial types who like studying spreadsheets and manipulating the numbers, you’d love it. I’m not going to give it away. I’ll share it with you if you would kindly do something for me. Go to Facebook and “like” HobokenRealEstateNews. I’ll then message you the spread sheet. Believe me, it’ll be worth it. You may even enjoy the feed – Howie posts great real estate jokes.
In the meantime – here is a teaser. I find the visual more compelling than a chart. The story is so clear. If you have any inkling of selling your Hoboken condo, now would be a really good time and if you contact me, I’d be so happy to do that for you. Yes, we are extremely good at what we do. But that’s another post. Smart people debate if median matter more than average so I’ll give you both. Enjoy.