Value is related to accuracy
When we began this column in the spring of 2008 it was partly a reaction to negative information presented to our community by outside media. We wanted you to have accurate, local information about our market. Throughout our planning discussions The Press was empathetic to our position; that our market is not the same as a "national" market and that national statistics are as good for you as a national weather forecast.
Even reporting on our narrow market can be a challenge because of the diverse property types and the large area covered by the Multiple Listing Service. As you have seen from our stories this month the market performs differently in different areas. When we report statistics on your market, we do so with diligence, carefully compiling and analyzing sales activity in our market, area by area, type by type.
It is disappointing then, when we read statistics about our local market that cause panic and fear within our market, especially when the source of those statistics is not known.
Case in point. Last Tuesday we read an article, not in this newspaper, that stated: "Spokane homes lost 7.4 percent of their value and Coeur d'Alene (Idaho) lost 9.1 percent" the article goes on to say, "Excluding what CoreLogic calls "distressed sales"... "Coeur d'Alene prices fell 12.1 percent."
Just who is CoreLogic? We immediately called CoreLogic, a company who, according to their website, "provides high-value information, analytics and business services that help you gain dynamic insights into your most complex business problems."
We wanted to know more about this "high-value" information. In particular, we wanted to know where in the heck they got their information regarding our housing market. Bob Visini, CoreLogic's Media Contact was quick to respond. So far so good, we actually got an answer to our call! When we asked Mr. Visini where they got the information from which to draw their erroneous conclusions, he responded that they compile statistics gained from "CBMSA Recorder's Offices." We had to admit, we didn't know what a CBMSA was. Mr. Visini patiently explained that CBMSA means, "Census Bureau Market Statistical Area." Boy, did we feel stupid. Not as stupid though, as when we went to the Census Bureau's website to see what towns were included in our area CBMSA. We still don't know.
We explained to Mr. Visini that while some cities and counties within some CBSMAs (it's fun to say that) may indeed offer such information, they could not have received that in Idaho. Since Idaho is a non-disclosure state and charges no excise or sales tax on real estate sales, there is no reason for the government to have sales price information and the law prohibits them from releasing it, even if they had it.
Quickly grasping the logic of our position, Mr. Visini assured us the information must have come from another, yet to be identified source. He promised he would have someone contact us to verify the accuracy of their reports and the source(s) of their data. That was Tuesday. We are still waiting.
The Coeur d'Alene Association of Realtors, Multiple Listing Service shows a 2 percent decline in Coeur d'Alene prices from August 2009 to 2010, from $185,788 to $182,835. The reported decline for our entire MLS area, including portions of Eastern Washington shows a 6 percent decline or roughly half the amount stated by CoreLogic.
If you want accurate up-to-date information about the status of real estate in your neighborhood, contact a Realtor member of the Multiple Listing Service. Our members invest heavily to make sure their information is accurate and therefore "high-value."
For a safe trip home, call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.
Kim Cooper is a real estate broker and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d'Alene Association of Realtors, 409 W. Neider, Coeur d'Alene, ID 83815 or by calling (208) 667-0664 with your questions or commentary.