Each week I try to blog about various topics on either the Greater Raleigh area or Real Estate in general. I had some ideas in mind but after reading an article online about how Spencer Rascoff, CEO of Zillow, explained that their “Zestimates” ,which has an error rate of up to 8%, are were a great starting point for home values, I just had to speak up.
Millions of you out there wander websites every day looking at homes for sale. You may be interested in either purchasing a new home or eager to get an idea of what your current home is worth. Most of you will eventually click over to Zillow and think you found the Golden answer to your question. Sorry, but just like Zillow’s estimates, you are way off.
When it launched it’s website in 2005, people were excited by the company’s ability to give home values, called Zestimates, so easily. All you had to do was punch in an address and just like that, you could find out what the president of your company’s home is really worth. People caught on quickly that some of the home values were incorrect but luckily, home owners could log in a give updated information. The hope of the site was for the consumer to become more knowledgeable of the market. Instead, unfortunately, it’s making people completely rely on these statistical numbers and if you didn’t catch it in the first paragraph, I’ll say it again- their values are off by up to 8%.
Let’s put this into perspective. A Zestimate on a home’s value could be set at $400,000 yet not a single home in that neighborhood sold for more than $368,000. You’ll think you’ve got an amazing amount of equity in your home and will want to start packing but, and you’ve heard this before, a home is only worth what someone is willing to pay for it and a large majority will only pay what it appraises for. On the other side of that coin is when your home has the same $400,000 value yet you’ve fully renovated the entire 1980’s house and there are several comparison homes that have easily sold above $425,000. Very frustrated right?
Just do me a favor. The next time you look up home values on Zillow, keep in mind that there are broad overview values. If you want accurate home values, pick up the phone and call an experienced Realtor.
Author:Johnathan Stroud Phone: 919-443-0200 Dated: July 11th 2015 Views: 763 About Johnathan: Johnathan is a native of North Carolina and currently lives in North Raleigh. His ambitious and goal...
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When it comes to providing the utmost in personal service to his clients, Peter Kima is on the cutting edge. This family man's demanding work ethic was passed on from his parents. His mother, a first generation German-American, forged a new life in a strange country. His father, who has not missed a day of work since 1972, led by example. Peter does not rest until he's done everything in his power to help you achieve your goals. As a husband and a father, his understanding of the importance of a family's home is reflected in his every move.
When Peter is not helping one of his clients, he can be found volunteering his time running a charity Lobster Bingo event, cooking burgers at the local Fire Station to benefit the children in the community, delivering dictionaries to every 3rd grade student in Wake County with his Kiwanis Club, collecting school supplies for the needy, or ringing the bell for the Salvation Army. His favorite pastime, however, is spending time with his wife, Jennifer, and their two sons, Cole (12) and Camden (9 going on 20!).
Peter has resided in Germany, California, Georgia, Indiana, Massachusetts, North Carolina, Oregon and Vermont. Having lived in North Carolina for over 10 years, Peter refers to North Carolina as home. Don't underestimate the value of Peter's moving experience. He and his team understand the rigors involved in making a family move. Rely on that experience to help you.