The study (PDF) found that local real estate brokerage websites give consumers the most complete, accurate and timely information about homes for sale.
The results – and brokerage websites sampled – varied by market. In Chicago, 100% of the agent-listed homes were found in search results at Redfin, while 84% were found at Trulia and 75% at Zillow.
On a national basis, the study found that median time between when a home is listed in the MLS for sale and when it appears on a brokerage website was less than a day, while Zillow and Trulia lagged 7 and 9 days, respectively. The percentage of homes in search results that were no longer for sale was 0.1% at Zillow, 37% at Trulia and 36% at Zillow.
In a market where inventory levels are depressed and competition among buyers for the most attractive properties has increased, buyers conducting their searches at Trulia or Zillow may find themselves losing out on the best opportunities.
NOTE: YoChicago’s parent firm provides print advertising management and other services to a number of large brokerage firms throughout the country.