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We've never sold a house before, so treat us like the dummies we are. I'm already confused and we haven't even really started the process yet. There's a big disparity between the Zillow estimated cost of what our house is supposedly worth ($180,000) and what our (very tentative) real estate agent is telling us we could sell it for ($160,000). He's also telling us we'd be stuck paying all the closing costs which would be another $20,000. This means it would cost us $40,000 to get out from under this house (we've been here seven years). I understand that we bought high and the area we're in hasn't quite recovered, but it's supposed to be a seller's market right now--am I missing something here????
Also, how many real estate agents does someone usually consult before they pick the one they're going to go with. I'd really like a few more estimates of what we could reasonably get for the house. We're in a nice neighborhood and definitely not the most expensive house on the street. It doesn't seem like it should take 40K to get us out of here.
Last edited by Isabella Tiger Moth; 01-18-2017 at 09:40 PM..
throw the zillow estimate out of your head and out the window. Ask the agent (and atleast 3 more agents) for sold comparables to help justify the price they recommend you listing/selling at.
Not knowing where you are located, difficult to say what customary closing costs could be. But at 160,000 sales price, with a hypothetical 6% for agent fees, you're looking at another 10-11,000 in fees etc (to get to that 20,000 the agent quoted you), which could be high (definitely high in my area, at that sales price)
Interview atleast 2-3 more agents, not only to get a feel for pricing, but also to learn about your market and the marketing the agent intends to do
throw the zillow estimate out of your head and out the window. Ask the agent (and atleast 3 more agents) for sold comparables to help justify the price they recommend you listing/selling at.
Thank you! Just curious as to why the Zillow estimate is no good. Wouldn't they be using the same stats the real estate agents use? They can't *always* be off, can they?
Zestimates are crap! I am a consumer and not a real estate agent and I know that.
For example, the Zestimate for our house Moderator cut: url removed is $811K and the real market value is $710ish. I know that because I have a 600+ row spreadsheet tracking house sales in my neighborhood.
Zillow uses an algorithm based on public data. No input for style, condition, etc. Crap! Zillow says our Zestimate has increased $18K in the last month. Seriously?
Here is the number that counts--what the buyers' lender's appraiser says the value is. Unless your buyer is paying cash. We did and did not get an appraisal because we had a good feel for values. Bought in 2011 for $482K and now the Zillow says $811K. Me laughing.
Interview 3 real estate agents.
Ask each:
1. How many sides have you done in the last 12 months. A number under 20 is a "goodbye".
2. What is the CMA value of our house? Show me the data.
3. What should we do to increase the sales price and reduce the time on market?
4. Give me 3+ references from sellers that I can talk with.
When loan officers get calls from owners regarfing a refinance and we ask just how a borrower determined their home's value, 95% will say Zillow and we know we have a problem early on. Zillow is trying to become the electronic expert, but guess what? If you don't verify the information, the value is going to be wrong.
I cannot see in my crystal ball where Zillow will ever be on the money.
Thank you! Just curious as to why the Zillow estimate is no good. Wouldn't they be using the same stats the real estate agents use? They can't *always* be off, can they?
look at the median error %.. that could be a substantial swing to a homes published zestimate
also, when zillow allows a home owner to log in and "alter their home facts" to help get a more accurate zestimate, you through all credibility out the window imo
just for ****s and giggles, I pulled up a property that I just received an appraisal on.. appraised value 262, zestimate 235 (17,000 below list price). had my client wanted to offer the seller the zestimate amount, I doubt we'd have even received a counter offer response
Zillow is crap. In our area we have $400,000 houses on one side of the street and $100,000 condos across the street and Zillow lumps them all together and then gives an average. Many owners po'ed around here.
N
Interview 3 real estate agents.
Ask each:
1. How many sides have you done in the last 12 months. A number under 20 is a "goodbye".
2. What is the CMA value of our house? Show me the data.
3. What should we do to increase the sales price and reduce the time on market?
4. Give me 3+ references from sellers that I can talk with.
Good questions to sort through agents.
I would also ask
5) What their marketing program is look at some of their MLS listings.
6) Are the photographs professional looking?
Best real estate agent we've ever had offered a free two hour consultation with a stager, had list of housecleaners and contractors she'd vetted. She also helped us get a new roof via our insurance. She had an assistant who kept the sheets stocked in the brochure box by the for sale sign.
She called us after every showing with feedback and helped our buyers secure a mortgage when their lender fell through.
When we sell, I'm looking for someone just like her.
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I'm already confused and we haven't even really started the process yet. There's a big disparity between the Zillow estimated cost of what our house is supposedly worth ($180,000) and what our (very tentative) real estate agent is telling us we could sell it for ($160,000). He's also telling us we'd be stuck paying all the closing costs which would be another $20,000. This means it would cost us $40,000 to get out from under this house (we've been here seven years). I understand that we bought high and the area we're in hasn't quite recovered, but it's supposed to be a seller's market right now--am I missing something here????
