I Love Oatmeal Cookies

By
Real Estate Agent with Miramar Beach, Florida

Zestimates and other automated estimates of home values are the curse of a real estate professional.  I would love to have a program or app that can generate an estimate of home value.  It does not exist. 

Valuing a home is an art not a science.  Here more than anything experience does matter.  I love helping a newer agent try to explain a cma to a client.  The client has recently painted the interior rooms of their home yellow and don't understand why that does not increase the value of their home.  Interesting.  

The information that is used in a cma needs to come from a variety of sources and all of it including the zestimate needs to be considered.  I don't want to mention that the source data might have errors in it that need to be addressed.  If a seller rebates funds to the buyer to cover closing costs and raises the contract price, that inflates the value for that home.  The public is looking at it and you need to review it as well and be prepared to defend your estimate of values.  

The reason for generating the CMA or estimate of value needs to be considered as well.  If a loan officer needs it to support a refinance, that is one option.  It it is being used for insurance purposes, that is another option.  and finally if you are preparing a home for sale you need generate a cma for the listing price of the home.  Generally the valuation will be a range of numbers.  It is impossible to generate and exact figure that represents the value on that day.  

Experience does matter and please call me directly with any questions.  I love to talk real estate.  

Comments (4)

Raymond Henson, eXp Realty
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I do not trust Zestimates.  One example.  I listed a home Zillow valued at over one million dollars for $950k.  Shortly after listing it, Zillow dropped its estimate well under $950k.  It happened more than once during that listing period and my clients did notice.  They were not happy.

 

I love oatmeal raisin cookies!

Dec 04, 2021 05:16 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Peter Mohylsky. Broker -BRIX REALTY ,

I love Oatmeal Raisin Cookies and have a recipe from my mother! You are right determing a value on a home is an art not a science. It takes an agent knowing the area, the homes used for comparables and understanding the nuances of the area to come up with the right list price.

Dec 04, 2021 05:40 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

I don't trust automated cmas either. I do like Oatmeal cookies though.

Dec 04, 2021 05:59 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Homemade Oatmeal Cookies with raisins and walnuts for me, please. 

Hold the Zestimate. I want the real deal.  

Dec 05, 2021 11:25 AM