By Barbara Lehrer
Real Talk
Barbara Lehrer
Everyone is familiar with Zillow, a fast-paced website geared toward giving statistics concerning the state of real estate. There are many fascinating sections of Zillow. They forecast changes in rates, the options concerning trends for buyers and renters across the nation, and they profess to give accuracy to the question of how much your home is worth in today’s market.
We love information about our nation. It reminds us that no matter where you are in the country, there are families out there attempting to buy and sell homes – hopefully at prices they can afford. Whether suggesting more new construction for buyers and renters or quoting national economists on the struggle for rate reduction, Zillow is up to date with ideas and information, making it a popular website for the public.
However, taking statistics from different locations and joining them together for an overall average selling number is a drawback. The trouble is that the worth of your property cannot be determined strictly by the numbers. Many homeowners pop in their address on Zillow and get a number that is not really accurate, then are later disappointed when they meet with a local real estate agent. For example, urban homes and suburban homes with the same square footage cannot be compared, although they may be in close proximity. Numerous important factors that play into the value cannot be omitted.
A recent the front page story in the New Haven Register quotes Zillow saying that the average price of homes in US last quarter was $440,000. Imagine all the sales that went into that number.
I advise you to get your own number.
Finding that sweet spot to market your property at is a numbers-plus game. Through a careful comparative property study, using comparable homes, you can then justify real value. Location still drives the bus in the real estate market, followed by condition and topography. A true price is determined using this method.
Zillow can give you a range, a ballpark in which to then move up or down around, along with the help of current, local information. Remember, those bank appraisers will use the information the professional local agent helps you with, thereby remaining accurate.
If you need more information on these issues, email Barbara.Lehrer@cbmoves.com.