NAR Overestimated …

I am sure you have heard about how NAR (the National Association of Realtors®) made a mistake in their calculations. The headlines NAR overestimated real estate sales by 14% have been splashed around a lot.  Funny how the bad news grabs so much press isn’t it?

I am not here to defend or condemn NAR’s mistake.  I do want to let you know however that according to reliable sources they have corrected the error in their formula and that it was in no way meant to mislead the public.  A brief article in the imanNews explains what happened and its correction.

That type mistake can not happen with the statistics we publish for you.  We do not use anyone else’s compilation of data.  Our information is taken directly from the MLS on an address by address basis.  Duplications will most likely not occur, and would be obvious if they did.  You can read our weekly stats on Over the Back Fence (click here or the link below).

If anything, our stats are a bit LOW!  That is because we do NOT include sales not recorded in our MLS.  Thess would include FSBOs (owner sold), homes sold by a Realtor® outside our MLS (Multiple Listing Service), foreclosures taken back by the bank or sold on the courthouse steps, among others.

While including these sales (as NAR tries to do) would make our numbers truer to reality, collecting that information in a timely manner, and/or checking its reliability is problematic.  We prefer to stay on the conservative side.  We like feeling confident in our statements knowing you rely on us.

Another bit of good news:  Key consumer confidence index up for fourth straight month.  This is from an article publish in today’s Los Angeles Times (read it here).  Talking to local store owners/managers it seems that our area is pretty much in step with this report.

Questions about YOUR best action? Contact us today for your free, no obligation consultation. Call or text 530 315-2808. Email (Encore Real Estate Services).

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