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Zillow is a useless joke! They have five or six major things wrong with my own personal listing, even though I've written and told them.
On the professional side (I'm in lending currently), we don't give any worth at all to Zillow- only professional appraisals and comps.
Zillow is a useless joke! They have five or six major things wrong with my own personal listing, even though I've written and told them.
On the professional side (I'm in lending currently), we don't give any worth at all to Zillow- only professional appraisals and comps.
Whether you place any validity in Zillow, prospective purchasers might. If that is the case, the OP's property will look like a deal.
I have spent some time online and have determined through Zillow estimates and county tax records that our house which will be on sale in a few weeks is by far the least expensive and smallest on the street. (It is a dead end street of 14 homes). Also Zillow allows you to do an overview of the estimated values of the homes in the neighborhood, and my home is the least expensive home within a quarter mile. (All homes within one mile are single family homes built in the 1970s or 80s. All the homes have a similar style and layout, ours is the smallest but shares the layout of the rest. They were all built as part of a development using a set of standard layouts common to the era)
The homes on either side of me is much larger and worth as much as $100K more than mine.
How will this affect my home sale and value? (If the house is in good shape) Would the average seller want to live in the smallest house in the neighborhood?
Generally it's best to be the seller of the cheapest house in the neighborhood because the neighborhood will inflate the home's value. It's much better to be the cheapest than the most expensive because you'll get buyers who are looking to go above their range (in terms of neighborhood quality) without going above their price limit. Say your house and your neighbor's house are both on sale at the same time and the only difference is that your neighbor has an extra bedroom and bathroom and is charging 100k more, your potential buyers will be the people who look at both homes because they are next door to one another, but their potential buyers will only be those who can afford the extra 100k.
Frankly, you can probably increase your list price by 1/4 of the difference between your house and your neighbors in this kind of situation.
How motivated are you to sell? Without motivation and a realistic attitude, you can price it at any price you want. Different if you are motivated to sell.
Is not the #1 tenet.....location....location....location.......I was always told the best is an inexpensive home in an expensive neighborhood.....has this changed?
The reason I asked about using an agent is that your agent should have provided you with a CMA or Comparative Market Analysis which is a lot more accurate than theoretical values from Zillow. The CMA will tell you what homes of your size should be worth. It's not an appraisal but it's similar. That is where you start and then you listen to what the market tells you, so to speak. In any case, I think it is almost always better to be the little guy among big guys than vice-versa. You should benefit from the higher prices around you.
I have spent some time online and have determined through Zillow estimates and county tax records that our house which will be on sale in a few weeks is by far the least expensive and smallest on the street. (It is a dead end street of 14 homes). Also Zillow allows you to do an overview of the estimated values of the homes in the neighborhood, and my home is the least expensive home within a quarter mile. (All homes within one mile are single family homes built in the 1970s or 80s. All the homes have a similar style and layout, ours is the smallest but shares the layout of the rest. They were all built as part of a development using a set of standard layouts common to the era)
The homes on either side of me is much larger and worth as much as $100K more than mine.
How will this affect my home sale and value? (If the house is in good shape) Would the average seller want to live in the smallest house in the neighborhood?
We bought one of the oldest, smallest, least improved houses in the neighbourhood because we were looking for something we could re-do in our own, nearly-impossible-to-find style. The other houses helped define the neighbourhood's desirability to us. But as far as comparing our house value to the others there is no comparison because everyone else's house was newer and bigger and most are bland beyond belief or McMansions.
Your home's location impacts its price but as far as comparable price it'll be compared to similar homes; not the ones next door.
I think having the smallest and most affordable house in a great location is a great benefit to you. Empty nesters, childless couples, and people who only want two bedrooms in a good location would be your target market.
I have spent some time online and have determined through Zillow estimates and county tax records that our house which will be on sale in a few weeks is by far the least expensive and smallest on the street. (It is a dead end street of 14 homes). Also Zillow allows you to do an overview of the estimated values of the homes in the neighborhood, and my home is the least expensive home within a quarter mile. (All homes within one mile are single family homes built in the 1970s or 80s. All the homes have a similar style and layout, ours is the smallest but shares the layout of the rest. They were all built as part of a development using a set of standard layouts common to the era)
The homes on either side of me is much larger and worth as much as $100K more than mine.
How will this affect my home sale and value? (If the house is in good shape) Would the average seller want to live in the smallest house in the neighborhood?
In a good location the sale of a smaller home is not affected, there are those looking for startup homes and many looking to downsize, hence, smaller homes are cheaper to cool/heat and maintain. What may affect value/appraisal are: irregular/awkward layout/lots; the house shows poorly(perceived value); structural defects; and/or replacements of major systems.
If you are gravely concerned, you may want to have an independent appraisal done and then maybe price it 5-10% higher if it is in showroom condition, with room for negotiation. A realtor familiar with your market is your best bet, they will pull active/sold comps and advise on pricing and value.
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