You're home is not worth $200,000. Sorry.

By
Real Estate Agent with Bison Properties

 

The title might sound mean, but there's a valid point behind it.  When trying to find the value of your home, it is important to get professional help.  Relying on Zillow, Trulia, and the other sites that use algorithyms to determine the price don't get it right.  Rather they give you and idea of the general price range of what your home is worth.  Zillow even has a disclaimer that states you should get a market evalutation from a real estate agent for a more accurate picture.

Don't get me wrong. These sites are a great jumping off point.  However, if you're serious about selling,For Sale Sign get a professional involved.  If you're going to sell it For Sale By Owner, pay an agent to do it. I recently had a gentleman ask me for one and then later retract it saying he found out it is worth "$200k" from Zillow.  I did the CMA anyway and found it only worth about $175,000 to $180,000.  A definite shock.

Moral of this post, get help.  It doesn't work going at it alone in this market.  When pricing is crucial now, it's not something to guess on.

For information about the market or need help finding the value of your home, visit my site at:

www.portlandhomeprices.net

Comments (8)

Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good post and great information for the person listing their home!

Aug 05, 2010 05:40 PM
Todd & Devona Garrigus
Garrigus Real Estate - Beaumont, CA
Broker / REALTORS®

Wallace - Great post and great advice. Pricing isn't the most important thing when selling, its everything when selling!

Aug 05, 2010 05:42 PM
Lanette Branch
RE/MAX Components - Fallston, MD
Bel Air, MD Real Estate Agent

Sellers should really heed your sage advice, Wallace.  Hire a professional. Zillow and the like are just as you said - a jumping off point.  I like how you put that.

Aug 05, 2010 05:43 PM
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

Wallace, there have been so many home sellers who have had a rude awakening when theyn relied on Zillow, and then finally met with a Realtor who was familiar with their neighborhood, and the sales and closings history.  I continue to not be impressed by Zillow.

Aug 05, 2010 05:43 PM
Wallace Ashby
Bison Properties - Portland, OR

Thanks for the responses.  I agree that it's everything.  I've found that with technology being so prevailant, people expect that accurate information should be right at their finger tips and they feel that they should have had it by yesterday.

Aug 05, 2010 05:49 PM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

So true. What the neighbor sold for yesteryear is also not a factor. Check out Leesa Finleys post I am a local real estate agent- Zillow is not.

Aug 05, 2010 05:49 PM
Paul Walker
Equity Fifty Five Realty, LLC - Scott AFB, IL
Scott AFB IL Area Realtor

It's only worth what the average buyers are willing to pay! You can wait a lifetime waiting the "just the right buyer to come along" or wait until real estate values go back up, but if you are looking to buy somewhere else, likely that home is more expensive to at that point (by waiting) or the interest rates which can make a HUGE difference will likely be higher if you wait too long.

If you are going to lose money in real estate---lose it as fast as your can---don't let a vacant home, or any home drain your pocket book, until you have no more. Trade your apple for another apple and get on with life. How much are you going to lose by having to drive farther to work than you really want, or to be farther away from your kids than you really want to be, or the other gazillion reasons you are thinking of selling in the first place. This is no market to "test the waters"

Sell, Move, Get on with It - It's a great time, like no other!

Yes, you are right in your blog! Level with those sellers - don't Lie! It's worth what it is worth nothing more - oh like $2k or $5k is going to make a big difference - save it on the other end - the buying end - there are enough homes out there to choose from, certainly 1 seller like you will take it in the shorts and pull his pants down too!

Aug 05, 2010 05:50 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

I went to RainCamp today Zillow was there and they said they were off by + 10.4%.  That is a lot.

Aug 05, 2010 07:12 PM