Zillow. Everyone has heard of it. Probably millions of people have perused their site. Many have gone to look at their estimate of home value on Zillow. I have personally gone to look up a few of my houses. The fact is, I believe this is the wrong approach if you are wanting to list your property and set a price. I have recently looked up one of my properties, and see that Zillow has a value of my house almost 20% higher than market value. So, in reality, using their site may not give a true indication of market value. It looks great on the net, can make your feel all warm and fuzzy, but may just be fantasy in the real world.
Unfortunately, their site uses algorithms to set a value. Often their information is incorrect. Prices can move up or down in different markets. In SW Florida for example, people are buying houses and paying very inflated prices like their will be no more available. Our supply is extremely low, and we have a huge demand, especially from out of state buyers moving here.
How does assessed value play into this? Zillow uses assessed values in their approach. The fact is, there is little, if any correlation in assessed value versus market values. This can hold true in a fast moving market such as we have in SW Florida.
If you want to sell your house by owner, I suggest either hiring an appraiser or a real estate agent familiar with the market. It is very important, in my opinion, to price your house correctly from the start. Overpricing your home will not only have it sit on the market, but also potentially lose good valuable qualified buyers that look at it once, and then move on and find something else.
Yes, Zillow is a market king. They have millions of properties listed. Look up your house value compared to them before you do major improvements. Add a new high dollar kitchen. Add new updated bathrooms. Maybe add a pool. Wait a couple of months, and go see the value. Has it changed on Zillow? If not, how can you truly rely on their site to give an accurate indication of value? You cannot.
I recently look at another similar site within the last week. A seller recently contacted me about buying their home. One site has a “value” of $480,000. Another site suggests a value of $440,000. That is a $40,000 difference in estimated value. $40,000 is a lot of money.
Take this advice: hire an appraiser, and also have three different agents pull comps and suggest a listing price.
Now, if you have a personal reason for wanting it sold fast, without appraisals, agents, and dozens of people through your house, we want to be your alternative. Death, divorce, cash issues, mortgage issues, and other personal reasons may be the reason for coming to us. We do not pay market value, but we can close fast to help you move on. Our services may be right for some, but not all. Even if we do not buy your house, we stand ready to help give ideas to get it sold. My philosophy is simple: help anyone we can.
Please fill in the form on our site, or give us a call at 239-200-5600.
If you wanted it gone yesterday, call us today.
www.swflcashforhomes.com
