The internet offers a vast array of information about the real estate market. Some of it is accurate and helpful, and some not so much. Depending on your location and current market, what you dig up could not apply or be mis-information for your situation.
Knowing the best places to research and find property online for your area can be a big advantage when starting your real estate search. Tapping into the best online resources will help you familiarize yourself with what is happening on the ground in your current local and regional market. Also, you are more likely to achieve success in your real estate goals as you become a more informed buyer or seller.
Once you’ve done the legwork and educated yourself using online resources, our experienced team at Adirondack Premier Properties always suggests talking to a local full time real estate agent to do some fact checking. By bouncing ideas off a seasoned professional, you can confirm that the research you’ve done is on target for your market.
Some common things that are often off the mark or overlooked during internet searches are new regulations affecting the target area, recent tax increases, and estimated market prices. Using internet resources to get a birds’ eye view of your market or identify some properties of interest is smart, but always be sure to verify your findings and use good sources. To get started on your online real estate search, read our expert guide below.
Expert Advice – 3 Best Places to Research and Find Property Online
1. National/ International Real Estate Websites and Apps
Many of the national and international real estate websites pull information from local multiple listing services (MLS). These sites offer a solid starting point for buyers and sellers looking to research and find property online. The most common sites that are used are Zillow and Homes.com.
While these sites pull directly from the local MLS, there can be errors that continue to go uncorrected once detected. If MLS information is entered into these large clearinghouse sites incorrectly, beware that there can be a 48 hour lag time on site edits. Also depending on when the listing was added, you could also be accessing outdated information in the context of current market conditions.
Zillow is the most commonly used site to research and find property online as it has been around the longest, since 2006. Over nearly 2 decades, Zillow has grown substantially to provide a variety of tools for buyers, sellers and renters. While they have significantly expanded their services, some of the information shared on their site can be wrong. This is most notable in the Zestimates area of the site.
This tool does not register current trends or regulations in local U.S. real estate markets, so the estimates can be way off on the homes. Lately, this has been more noticeable in the Tri-Lakes region of the Adirondacks. Here, new short term rental regulations have been put into place causing significant fluctuations in home values.
Typically, the more regulations in place, the bigger effect on property values. For example, in the Hillcrest neighborhood of Lake Placid before current regulations, a home at the height of the market could sell for well over $500,000 and sell reasonably quickly. Now, after regulation, many properties listed over $500,000 in that neighborhood sit on the market longer with routine price reductions needed to attract interest to the property.
Zillow’s Zestimates average previous sales in the area to compute the estimate on a property. Recent changes in regulations are not taken into consideration which land properties at a higher price than what the current market is actually delivering. This is why Zillow is a good general starting point for understanding the local market, but additional research should be done.
Homes.com has been recently pushing to compete with Zillow in the digital real estate space, making them another ideal source. While Zillow is still the top used company, Zillow’s vastness can lead to poor or infrequent information upgrades, and mis-information guiding buyers and sellers in the wrong direction. Homes.com has a narrower focus by solely highlighting homes and real estate. At ADKPP, we’ve noticed that Homes.com seems to stay on top of information to make sure things are correct on their site.
Another benefit of using Homes.com is their emphasis on adding more localized information. Increased items sourced from the local market, including featured properties, real estate news and even localized stories involving real estate, give the site better accuracy and credibility. Sharing these articles provides a better picture of the current condition of the real estate market throughout any particular region.
While national and international real estate sites can be great resources to research and find property online, proceed with caution. Use them as the starting point for your research and remember the example of the Lake Placid market. Realize that these sites may not capture the most current market trends or changes.
2. Local Real Estate Websites
Once you have completed your first step to research and find property online on the national and international real estate sites, start narrowing down your search. Shift your focus towards more local real estate websites hosted by local real estate agencies or organizations.
Most local real estate websites provide better insight on current happenings in the localized area. You can also find additional information that lets you dig deeper into the character and happenings of the region. Local sites often highlight community events and other items of local interest. If you are deliberating between a few communities, this extra depth of information can give additional insight to help narrow down in which community you’d like to buy.
One thing to look for on a local real estate website is a blog area or frequently asked questions (FAQ). These content areas can provide some of the best additional information. Generally, this content will focus on current local events, restrictions or common questions that local brokers or agents receive. Gleaning what you can from these resources can provide really useful and specific details on a region where you are interested in buying or selling.
Finally, local real estate websites should also have the most accurate information when looking to research and find a property online. While the national sites pull from an IDX or a large pool of information sent out periodically, local sites get their information right from the local source. National websites can be delayed on refreshing their information from an IDX dump. This can lead to a delay in important information updates that could affect your search. Price changes or foreclosure status inaccuracies are common errors you may encounter on these sites.
3. Local Newspapers And Magazines
You have now completed two steps to research and find property online. Now that you have narrowed down a few potential relevant properties, it’s time to dig into local newspapers or magazines to learn more specifics. These publications are goldmines of information about local community interests, organizations, events, schools, businesses and policies that may affect your real estate interests.
As stated above if you planned on short-term renting in Lake Placid while away from your second home, recent regulations put into could affect the pricing and may change potential properties you are interested in. An educated buyer is a smart buyer, so don’t shy away from spending time on your local publication research. Worst case scenario, you become more knowledgeable about the area and decide not to buy, and best case, you find an area nearby that better matches your needs.
Here are some local media resources we suggest to research and find property online in the Adirondack region:
- Adirondack Daily Enterprise & Lake Placid News – Local Newspapers – Adirondack Daily Enterprise is a daily, while Lake Placid News is a weekly for the Tri-Lakes Region.
- Press Republican – Local Newspaper – Daily newspaper that covers the Lake Champlain regions.
- Adirondack Explorer – News organization that covers Northern New York.
- Adirondack Life – Magazine – Covers everything happening in the Adirondacks with photos, essays and editorials about Adirondack communities, as well as historical and contemporary content.
BONUS – Final Thoughts On Where To Research and Find Property Online
The final and likely most powerful asset in your quest to research and find property online is actually a local real estate agent. While this technically steps out from finding properties solely online, communicating with local agents can give you a head start on some properties. Our current Flex MLS (multiple listing system) system allows real estate agents to set up automatic emails for properties that fit your specifications. This allows you to know about listings seconds after they are listed.
Additionally, a qualified real estate agent with feet on the ground in the local market can give you a heads up if they hear about a property coming to market or an in-house/ pocket listing that will not be added to the MLS, but is still open to sell. Local agents can also be handy to answer any questions that come up during your research process. For example, at ADKPP, we often field calls from prospective buyers looking for clarification on new short-term rental and other regulations affecting individual communities.
With information so accessible on the internet, it’s wise to get online and dig up what you can when starting to research and find property online. As you learn more about your target market, be sure to reach out to a local real estate agent to verify your findings and get help on understanding the nuances of your market. At Berkshire Hathaway HomeServices Adirondack Premier Properties, our expert team is here to help you reach your Adirondack real estate goals. Contact us today at 518-523-3333!