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because you're looking for a precise number. and as soon as that number crosses their lips, it's the only number that 99% of people remember, and they cling to it.
For example, if your house sells at max value in a couple of days, maybe it looks like 700K. But the average home takes 90 days and a price reduction or 2 and then sells for 92% of original list price. So they give you a range of 640-700K. That sounds like a HUGE range doesn't it? And the # that sticks out is $700K.
What I find interesting is how reticent realtors are to actually give you a value. Admittedly, the lady who I 'hired' to show me the overpriced house has limited experience, but she is not comfortable giving an estimate of it's worth. I have interviewed two realtors about listing MY house and so far, only a range of value. I guess they are afraid if they give an actual number, I will be turned off and hire someone else? At some point, do they give a number?
I would imagine so, this is a part of their business. They need to be competitive with the competition and if they give you a solid quote then another realtor can turn around and give you a larger one and you'll go with them.
And honestly if your just wanting to know your home value, you can come up with any number you want. The only thing home value matters to is are buyers. Remember that realtors will give you the estimated value of what BUYERS are willing to pay for. You can think your home is $700k, but unless there's a buyer who is looking for a home with the specifications of yours and is priced at where they want it doesn't really matter what the value is.
Realtors are telling you what they think they can sell your home for based on their understanding of what people want and are willing to pay for. The differences in price are based on the fact they're trying to stay competitive and force a contract commitment before devoting any more time with you (for realtors time is money and if you don't give money why spend time helping you) AND because at the end of the day evaluations are based on bias information. Each realtor is basing the value from several factors that may be completely different; like what comparable homes they use, the targeted buyer, the comparable distance range. Some might value it as a fixer upper and other have a focus primarily on the land value. They're also looking at this from the viewpoint of what is this homes value to me since I have to sell it. If your house isn't the right size or in the right area for the majority of currently interested and active home buyers then that $700k estimate could just as well be $0.
I was only joking about the well dressed part. My point was that I don't believe that Realtor (as in REALTOR.com) would have a website that gives homeowners bad information. I mean customers trust realtors under the Realtor badge to know how to accurately value homes. That's like one of the most important things when selling your house. So we all know it's not like gonna be 100% accurate but why would they hurt their reputation by giving bad info on their website named after the profession of 'Realtor'. That would make no sense and they can't be that dumb.
Do you seriously believe that realtor.com is owned by all the realtors in the US (world)? I think you are joking. LOL
I just closed on a home today but a few months back when I was still looking, I saw a new foreclosure listing pop up on Zillow that was perfect for me. I got super excited and called my agent, he checked it and it had actually been bought and closed back in 2016. That was when I learned to never use Zillow.
My agent ended up putting my search criteria into the FMLS database (which is THE comprehensive and up-to-date database here in GA) and put me on an email list so that if any new listings that matched my search criteria popped up, I would get instantly notified. It was a lifesaver.
My suggestion for anyone currently in the market to buy would be to inquire if your state has something similar and use that.
Zillow prices are produced by an algorithm. It's making its best guess at valuations based on the data it has to work with. If the data going in is flawed, the estimate coming out will be flawed.
As companies throw better data, more computing power and even AI at this problem, we're someday going to reach a point where sites like Zillow become authoritative sources for pricing info. That should be a little scary for the people who smugly complain about how bad it is now.
Zillow prices are produced by an algorithm. It's making its best guess at valuations based on the data it has to work with. If the data going in is flawed, the estimate coming out will be flawed.
As companies throw better data, more computing power and even AI at this problem, we're someday going to reach a point where sites like Zillow become authoritative sources for pricing info. That should be a little scary for the people who smugly complain about how bad it is now.
I don't see a lot of smugness.
When is "Someday?"
After more MLSs or agents start to withheld listing data from Z? In my local MLS, about 45% of agents do not release their data to Z.
When Z evolves into an ethical and honest company?
When agents give less (and what amount less?) money to Z to propel Z's growth?
When the CFPB or other regulators unleash their dogs on Z's behaviors?
Much of what Z does is scandalous but unexamined by dint of working in the "disruptive" gray areas of law and regulation. If legislators and regulators even try to catch up a bit, Z has significant issues going forward.
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