Today, I am stating s series of 3 or more myths within the real estate industry today. To educated and inform the public as to the fundamental problems within the largest asset group of the US, real estate.
Myth # 1: There is enough public information available today to make smart real estate choices. A MYTH.
Most professionals have access to property and title data. But NO one has access to the critical data that affects the local block, or land prices. Below is an image of our new UI, which illustrates this fact and the first Myth.
In building our predictive models, or 36-month Census Block Group forecasts, I discovered that the most important data, current local economic and economic data is not online, nor available to the public or Realtors. And moreover, Local Growth Data is NOT available to the Real estate industry. This is why builders, developers, investors, and any asset holder or investors always gets burned when there are macro or local market declines, since they have no clue as to the critical data that affects price increases or decreasing, at the Block or Tract levels. Critical data and data is constantly changing inmost large cities within the USA. Critical data that affect land prices, opportunities, and risk.
Critical data like illustrated in our new UI image below. Below is a partial list of monthly and quarterly updated raw data and growth data that is missing today from the web and even off the web technology.
Many real estate agents just recommend investing in their local market, since they have no access to any of this type of data or information at any level, for any market…. This leads to another core problem a lack of trust. At least a partial reason why according to Gallop Poles, over 65% of Americans do not trust Realtors. Buying without knowing IS the iceberg.
Making BIG decisions based upon very limited and missing facts, is the classic definition of Risk.
As always, appreciate your feedback on this first myth – There is enough public information available today to make smart real estate choices.