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Honolulu Real Property-What's My Home Worth

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Real Estate Agent with Green Realty Group (808) 388-1485 RS - 53215

Mike & Gayle from Green Realty GroupHow do appraisers determine value of your home?  This is the mystery we all try to unravel when pricing a home in the real estate market.  We know that the appraiser will use properties that sold within the last six months.  If there have been a lot of properties sold in the area within the last three months they won’t bother to look at older solds.  Basically they will take the most recent solds that are comparable to calculate value. 

Sites like Zillow will use information that is old.  Why do they do this I’m not sure but it is very misleading if you are thinking of selling your home.  We often have clients tell us that the think their property is worth so much and we ask them where and how did they come up with this number.  They reply Zillow. 

I’d scratch my head and say really.  This of course is after I have run the numbers and created a CMA for the Seller based on CURRENT market information that Realtors have access to through our Multiple Listing Service. 

What I used to do when this would occur is go to Zillow, put in the property information and review the report they gave me.  Then go to our MLS system and compare the properties.  Guess what I found out?  They use old information that an Appraiser wouldn’t to increase value.  We are not sure if they do this to get you to click on their lead generation system so they can sell you to the highest bidder Realtor or if its just a matter of how their algorithms are set up.  Either way, it’s often misleading and gives Sellers an unrealistic impression of what their home is worth. 

 Green Realty Group on Oahu.  Call (808) 630-1828 for information on Hawaii Residential Real Estate.

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Warm Regards-

Mike and Gayle

 

Mike Ramsey Fujita (S) RA SFR, MRP

(808) 630-1828

Gayle Fujita Ramsey (S) RA SFR ePRo

(808) 388-1485

ReHawaii808@gmail.com

Green Realty Group

 

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