Trust a Seasoned Agent, Not an Algorithm
Here’s what you should know about how Zillow determines the value of your home and why it’s flawed.
With the growing popularity of Zillow and other instant offer sites like it comes one important question: Can you trust Zillow’s estimate of your home’s value?
For perspective, Zillow has only been around since 2007; I’ve been in real estate since 1991, so I think I have a leg up on Zillow. In most cases, when Zillow comes up with its valuation (known as a Zestimate), they don’t even step foot into your home, they just crunch marketplace data.
“To be honest, I don’t even think Zillow knows why it changes its figures.”
Zillow uses an algorithm to estimate home value, and there’s no way for that algorithm to factor in any improvements you’ve made to the property. I’ve had several people ask me, “Well, why did Zillow raise my price,” or, “Why did Zillow lower my price?” To be honest, I don’t even think Zillow knows why it changes its figures.
The bottom line is this: Don’t trust Zillow. What you need to do is get an experienced agent to look at the inherent benefits of and improvements to your home. Here at the AARCO Realty Team, we compare what homes like yours have recently sold for with what’s currently on the market. Then, based on your competition, we position your home so you get the highest price possible.
Again, don’t fret if Zillow gives you an estimate that seems leagues lower than what you feel is right. It almost certainly is too low, so seek out a professional opinion. If you’re thinking of selling a home soon, don’t hesitate to reach out to AARCO Realty Team. We’d be happy to sit down with you and figure out how to get you the most money for your home.
The Value of a Real Estate Agent
Home buyers and sellers said they valued our agent's skills and qualities :
- Honesty and integrity
- Knowledge of purchase process
- Responsiveness
- Knowledge of real estate market
- Communication skills
- Negotiation skills
What Will Drive Housing Market Potential in 2022?
"The median age of a home purchased in 2000 was 20 years. That number increased to 24 in 2010 and 33 in 2020. In 2021, through the third quarter, the median age of a home sold was 36 years. This data includes single-family home and condo sales. Homes built more than 30 years ago often offer unique architecture, mature landscaping and, often, lower purchase prices and better craftsmanship, but the roof and windows may need to be replaced, the foundation may require repair or the bathrooms, kitchen and appliances may need updating. Ongoing maintenance costs are often higher as well...The buyer of a 30-year-old home might face problems with the roof, HVAC system, windows, chimney and crawl space, and many homes that age are also built with vinyl siding, which can be susceptible to moisture problems, warping, cracking and fading..."
-Prepare for unexpected expenses
-Be wary of historic properties
-Secure homeowners insurance early
-Contact us for more helpful tips or subscribe to our newsletter for additional insights.
AARCO Real Estate has been a supporter and advocate of fair housing throughout our history. We are committed to equal housing opportunities and providing housing to all persons regardless of race, color, religion, sex, disability, national origin or any other protected category under federal, state or local law (including, where applicable, age, marital status, sexual orientation, gender identity or expression, familial status, ancestry, and source of income) for buyers, sellers, real estate and non real estate community members and peers. AARCO Real Estate creates and implements educational resources and policies to ensure compliance with all federal, state and local fair housing laws.
Fair Housing
The Fair Housing Act, 42 U.S.C. 3601 et seq., prohibits discrimination by direct providers of housing, such as landlords and real estate companies as well as other entities, such as municipalities, banks or other lending institutions and homeowners insurance companies whose discriminatory practices make housing unavailable to persons because of: race or color religion sex national origin familial status, or disability. In cases involving discrimination in mortgage loans or home improvement loans, the Department may file suit under both the Fair Housing Act and the pattern or practice of discrimination or where a denial of rights to a group of persons raises an issue of general public importance. Where force or threat of force is used to deny or interfere with fair housing rights, the Department of Justice may institute criminal proceedings. The Fair Housing Act also provides procedures for handling individual complaints of discrimination. Individuals who believe that they have been victims of an illegal housing practice, may file a complaint with the Department of Housing and Urban Development [HUD] or file their own lawsuit in federal or state court. The Department of Justice brings suits on behalf of individuals based on referrals from HUD.
AARCO Realty Referral Network
Do your friends, family, and business associates call you for their real estate needs? Are you an active sales associate who would like to inactivate your license, and still make extra money sending buying and listing referrals? You can by joining our AARCO Realty Referral Network! The AARCO Realty Referral Network provides inactive sales associates the ability to place local, national, and global referrals. Contact us today to get started!