How to handle Zillow in a Spring Market?
The Spring Market in 2016 is very strong. Inventory is low, however, there are Needham-Westwood sellers wanting to sell this spring, but they are hesitating due to the value Zillow says their home is worth.
Before these sellers contact their agent, they are well versed with the Zillow, Trulia and Realtor.com websites.
The Needham-Westwood agent will review the market with the sellers and address any updates needed or sellers concerns with their home. The Needham-Westwood agent will review what's on the market, what has sold from 6-12 months, and what the sellers needs to do to their home to receive the highest offer price. Along with presenting the market to the sellers, the Needham-Westwood agent will present their marketing plan and how they will attract as many buyers to the seller's home. This market, there is usually (2) Open Houses the first weekend. You should receive a few offers or you will need to reevaluate your options on your home.
How Zillow addresses their mixed values:
In Norfolk County, Zillow states there is 88.7% of discrepancy within 20% of Sale Price.
What does this mean:
In Needham, if a home has a Zestimate of $850,000 - the price range could be within 20% - which could be as much as $170,000 too high or too low! This is a very wide range.
Westwood market could vary $140,000 on a home price of $700,000.
Although Zillow is known to most buyers and sellers in MA and throughout the US.
Please review with buyers and sellers the accuracy (or lack of accuracy) in Zestimates.
If you want more information on your home in Needham or Westwood areas of MA, please contact me, Sheila Moylan at (781) 816-9378 or visit my website: www.needham-westwoodareahomes.com
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