State Real Estate Group Overvalued Chicago Home Prices

If you're in the market for a home you probably surf through the Zillow.com listings and study the sale sheets from realtors for homes in your price range and think, "That house isn't worth what they're asking."

Turns out, you may be right. The Tribune, acting on a tip, reviewed median home listings from the Illinois Association of Realtors and found the information they were overreporting the median price of condos and detached single-family homes in the area. The group met with the company that provides them the data, Midwest Real Estate Data, to see how the error occurred and for how long they may have been overreporting the housing prices. It's suspected that the errors could go back over three years. The data from may said the median price of an existing condo sold in Chicago for $299,000, compared with $271,150 recorded in May 2010, when the median price was actually $243,000.

Just as quickly as the IAR acknowledged the mistake they quickly added that individual realtors pay little attention to the data anyway, since the prices they're concerned about are block-specific.

Contact the author of this article or email tips@chicagoist.com with further questions, comments or tips.

By Chuck Sudo in News on July 14, 2011 2:10 PM

Comments [rss]

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That's how the market goes, its a trend nowadays! Thanks for sharing..

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Great post right there! Thanks for sharing..

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That's how real estate goes. You should be cautious when buying a property..

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That's how the real estate goes. Properties are really expensive as we know it, thanks for posting..

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That's how the real estate agents goes, It's an opportunity for them..

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That's how real estate goes, it's a deal or no deal..

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Hopefully errors likes this won't happen again so things like this will be avoided..

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Everyone makes mistakes every once in a while.. But when you're in a real estate you must sure that every information that you put in is accurate because a single mislead information has a huge affect..

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Would there be a big advantage in zillow, better house now versus 5 years from now? We would be both selling our current house and buying a new one in a better neighborhood with better schools.

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Yes zillow is
one best site for home sellers and home buyers, one of their choices. Good for
marketing strategy.

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