What I was able to do was apply their information to what they have heard and read, helping them to filter some of that information and apply it to our local market. Remember, all real estate is local so all that National News your hear is not always true at the local level, especially when buyers ask about Zestimate.
What exactly is Zestimate? "A Zestimate home valuation is Zillow’s estimated market value. It is not an appraisal. Use it as a starting point to determine a home’s value."
I find this comes up quite often from both a home buyer or seller. Tax information also seems to have the sellers thinking this is a true valuation. anyway, Zillow allows home owners to add information on their homes which could affect the value generated. It’s my understanding that they recently tweaked it to weigh the tax record information more heavily.
Zestimates should be something your clients might use as a starting point, but should not be used to base an offer you make on a home or provide a seller with a price to list a home for sale. Your buyer's agent should give a recent report showing the recent sold properties. This will help you determine a price point to make an offer. The same holds true with sellers. Recent sold properties show what a buyer has determined the market value of a similar home is worth.
This inforgraph give the best NAR stats showing the average homes sales each day.
What I tried to share with these first -time home buyers is shown beautifully in this next slide. Real Estate is still the best investment overall.
As A
You can see, all price points are increasing except under $100,000, this is most likely a reflection of the lack of inventory in that price range.
We also must understand that this time of the year normally has some fall off. We normally see more buyers and sellers becoming active in spring, summer, and fall.
Please visit my Loudoun Real Estate Spots on Facebook
or look for me on Twitter 
at loudounspotts, and on
Comments(0)