Hello! So, do you ever feel tempted to peek on Internet valuation sites to see what your property is worth? This is Gary Edelbrock, and I've been talking to Lee Amble, who thinks it's time folks understand what Zillow can do, and what it cannot do.
Urgent!! A Second Look At Zillow And Others!
Written By Lee Amble, Realtor/Consultant
I feel compelled to write a second article on Zillow and all internet valuation sites. When the prices were going down in the years 2006 through 2011, I saw many sellers think the sites were gospel and many sellers lost a ton of money because of it. They should have known better, but the normal human greed was there again. The sites could not keep up with the rising prices, so there is a lot of misinformation out there and it is sad that the people don't see this. All they want to see is the price on their home going up. Normally, they are never accurate or even close to being accurate. I will explain so you can make some sense of it.
- Internet valuation sites are good for only a few things.
- Showing an areas real estate market trends over a few months.
- If you are planning to relocate to another area or across the country, you can get an average idea of price ranges, which should help you to determine if the move is possible.
- They make money by selling ad spaces on their sites; many Realtors buy ads on the sites hoping to draw in future business. Hopefully it will pay off for the Realtors.
- If you can honestly tell me others, please call me @ 928 533-4455.
- How do internet valuation sites arrive at the estimates or as Zillow says zestimates.
- Closed sales.
- Square footage
- Real estate taxes.
- Past trends.
If you know any other ways, please enlighten me with them. (I will be waiting)
Your home value can not be evaluated by a comparable using the above criteria. Why? I'll tell you why! All homes are like a finger print - they're all different.
- All square footage is not created equal.
- Computers can not see upgrades or
- Floor plans, good or bad, or
- Condition or maintenance of your home or
- Your neighborhood or
- Your neighbor's back or side yards or
- Traffic streets, noise or airport location or
- How many homes are for sale in your immediate area or
- Unusual odors or smells or
- Barking dogs or other annoying animals or
- Perceived good or bad school areas or
- Perceived good, bad, or moderate neighborhood to live in.
Please stop me! That is certainly enough to get your attention, although there are many more criteria. Any further information would not be meaningful as the readers of my articles are wise enough to never be involved with an off site valuation again.
What's a home buyer or seller to do in order to determine the people or person they can trust and believe. You may get a few estimates in your home area by calling your home area experts.
- Call a Realtor that has been in the business in your area for 10 years or more and look for one that specializes in your price range and is well informed about your personal area. Most good Realtors will do this free in hopes they may get your future business.
- A Realtor Consultant may charge a small fee, but nothing else; again experienced and knowledge of your area and 10 or more years in the real estate business.
- A certified fee appraiser that banks and lenders use while getting a loan will be chosen by the lender and/or bank. Their fees may vary, but probably in the neighborhood of $500 more or less, depending on the size. Also make sure the appraiser is local and has years of experience in your market.
Thank you for reading this Food for Thought article. I hope it will be of some help to all of you because it's very simple to see, but again to others, I hope it will be of help - never - never think a computer can tell you the value of your home as it can't! In our business, we see many buyers and sellers lose a lot of money because they believed these were somewhat accurate. You will never have to do that again.
Also, don't get suckered into some of the phony baloney 800 number ads that fool the public to call so they can now call you back. Please, it's your money! Use it logically with common sense. Nothing is free in the world.
Remember, "Selling A Home Is Easy, Doing It Right Is The Key!"
Lee Amble, Realtor/Consultant
National Realty Of Prescott
Lee's Cell: 928 533-4455
Jan's Cell: 928 533-4488