Anyone else see drastic increase in Zillow value today?
Re: Anyone else see drastic increase in Zillow value today?
Red hot city with houses selling 25% more than a year ago. Zillow value is $100,000 more than Redfin. Redfin history shows it's been following tax appraisal mostly. In my case Zillow is more accurate and the house is equal in value to my stock portfolio.
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Re: Anyone else see drastic increase in Zillow value today?
Yeah, Zillow estimate is up 10% over 30 days.
Our neighbor is about to list theirs, and it’ll sell faster than I can walk across the lawn and go to an Open House. That’ll make the estimate go up even more. I’m tempted to buy it so I can do what I please with it.
Doesn’t matter a bit because we just refi’d and I have no plans of going anywhere.
Our neighbor is about to list theirs, and it’ll sell faster than I can walk across the lawn and go to an Open House. That’ll make the estimate go up even more. I’m tempted to buy it so I can do what I please with it.
Doesn’t matter a bit because we just refi’d and I have no plans of going anywhere.
“The strong cannot be brave. Only the weak can be brave; and yet again, in practice, only those who can be brave can be trusted, in time of doubt, to be strong.“ - GK Chesterton
Re: Anyone else see drastic increase in Zillow value today?
Mine increased by $15K, and I don't have even have a house...just a picture of house.
Diversification is protection against ignorance - WB.
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Re: Anyone else see drastic increase in Zillow value today?
Just accepted an offer about $35k over the Zillow estimate. Pretty damn happyrage_phish wrote: ↑Mon Apr 05, 2021 3:26 pm yes. my house is on the market and just today shot up in their estimate of my home. hope its accurate, offers are due today!
Re: Anyone else see drastic increase in Zillow value today?
Congrats, now onto your next houserage_phish wrote: ↑Mon Apr 05, 2021 8:35 pmJust accepted an offer about $35k over the Zillow estimate. Pretty damn happyrage_phish wrote: ↑Mon Apr 05, 2021 3:26 pm yes. my house is on the market and just today shot up in their estimate of my home. hope its accurate, offers are due today!
Re: Anyone else see drastic increase in Zillow value today?
Mine went down 1.6% from last month.....
Re: Anyone else see drastic increase in Zillow value today?
Something very odd on Zillow, for my house only...
My house has a 15% greater value on the map view than the Zestimate shown when I click on it???
It's the only house that does that that I've clicked on. Very odd.
There was also a stretch of time (couple years?) when my house had no entries at all. That ended a couple years ago.
My house has a 15% greater value on the map view than the Zestimate shown when I click on it???
It's the only house that does that that I've clicked on. Very odd.
There was also a stretch of time (couple years?) when my house had no entries at all. That ended a couple years ago.
Re: Anyone else see drastic increase in Zillow value today?
Just like stocks, it’s fun to watch it go up. If we were deep into a recession I wouldn’t pay any attention to it.260chrisb wrote: ↑Mon Apr 05, 2021 7:37 pm I don't see the value of tracking this unless you're getting ready to sell. I'm not sure how to take Zillow except with a grain of salt maybe. I just looked and according to them my home is worth about 300K more than I paid for it 5 years ago. Ya, I think I'd move maybe.....or not! The market is hot but this is hard to believe.
Re: Anyone else see drastic increase in Zillow value today?
Down 3.2% here, so it apparently is not the same everywhere. (We’re not moving so it is all just numbers to us.)
Re: Anyone else see drastic increase in Zillow value today?
Yes, one could say that it's undervalued but here in CA the property value for property taxes IS based on that flat 2% increase per year. I didn't randomly pick it. So for yearly financial planning purposes, it works well enough in my case. But you're right that it doesn't work for other purposes like estate planning.quantAndHold wrote: ↑Mon Apr 05, 2021 6:27 pmI’m guessing that leaves your house wildly undervalued in your net worth then?mervinj7 wrote: ↑Mon Apr 05, 2021 5:42 pmI stopped using Zillow/Redfin for net worth purposes. Too much variability from month to month. Instead, I follow the CA Prop 13 model of valuing the house in my financial summary spreadsheet. Each July, I increase the value of my house in my net worth line by a fixed 2%. Nice straight line.ScaledWheel wrote: ↑Mon Apr 05, 2021 5:12 pm Another person chiming in to say that I use Redfin to actually get an estimate for my house (for net worth tracking purposes). I'd very much like the Zillow number to be true, but they seem to be especially optimistic in the last few months.
Using Zillow as the ground truth will give a false sense of precision, and checking Zillow more often than once a year or so will cause a lot of bouncing around, but it’s gotta be more accurate than just adjusting it by 2% per year. Your home value doesn’t increase in a straight line any more than your stock portfolio does, and anyway, 2% wouldn’t be an accurate number to use. I mean, the property tax value on the house I bought in 1997 for $235,000 is now $343,000.
https://en.m.wikipedia.org/wiki/1978_Ca ... osition_13
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Re: Anyone else see drastic increase in Zillow value today?
Looked up the Zillow value of a house where I used to rent in Silicon Valley. It's a 4BR/2BA ranch style tract house built in the 50s: $4M, up $100K in the last month.
Re: Anyone else see drastic increase in Zillow value today?
Basically no change in my zillow estimate between March and April (and pretty flat for the past year+).
Zillow's estimate for my house is about $75k less than Realtor.com and about $125k less than Redfin.
Zillow's estimate for my house is about $75k less than Realtor.com and about $125k less than Redfin.
Re: Anyone else see drastic increase in Zillow value today?
My old house:
LAST 30 DAY CHANGE
+$160,097 (+9.6 %)
LAST 30 DAY CHANGE
+$160,097 (+9.6 %)
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Re: Anyone else see drastic increase in Zillow value today?
Thats a good way to light $750 on fire with no better accuracy than a real estate agent.DesertDiva wrote: ↑Mon Apr 05, 2021 5:54 pm I don’t check Zillow. If I want/need an accurate number, I would pay for a bank appraisal.
Re: Anyone else see drastic increase in Zillow value today?
Zillow and Redfin are both close together in price and fairly accurate for my area. When calculating in my networth, I average the two and knock of 10%, and manually punch that number in Personal Capital whenever I feel like it. Alternatively, sometimes I check my Opendoor offer and knock off 10% in my head... that number has been higher lately.
Zillow is starting to buy homes based on their Zestimate, and while it varies by market, it generally is a good place to start, they put a lot of confidence in how they run their calculations.
Zillow is starting to buy homes based on their Zestimate, and while it varies by market, it generally is a good place to start, they put a lot of confidence in how they run their calculations.
Re: Anyone else see drastic increase in Zillow value today?
I felt the same way a couple of weeks ago. Since we expect to move within the next couple of years, one way or another, we decided to have a very experienced realtor come by to get her perspective. Her suggested listing price was about 30% above the zestimate. I think we’ll find out....Normchad wrote: ↑Mon Apr 05, 2021 4:07 pm Well, I’ll be dipped. I’d previously posted that my zestimate had increased by 50K in the last month. It’s up another 25k today.
I’m almost at the point where if somebody rang my door bell, and offered me that amount, I’d just take it and move to an apartment. That number is completely absurd, but probably realistic.
Re: Anyone else see drastic increase in Zillow value today?
Just checked my current house out of curiosity. Up $185k (~15%) in the last 30 days. But since we aren’t looking to sell, this can only hurt me in the form of property taxes.
Edit: just checked his morning, one day after my above post to find the Zillow estimate is now up $255k in the last 30 days. There’s a 0% chance this isn’t a bubble.
Edit: just checked his morning, one day after my above post to find the Zillow estimate is now up $255k in the last 30 days. There’s a 0% chance this isn’t a bubble.
Last edited by Erwin007 on Tue Apr 06, 2021 4:55 pm, edited 1 time in total.
Re: Anyone else see drastic increase in Zillow value today?
Good luck! Please report back with the good news once you know more.EddyB wrote: ↑Mon Apr 05, 2021 11:31 pmI felt the same way a couple of weeks ago. Since we expect to move within the next couple of years, one way or another, we decided to have a very experienced realtor come by to get her perspective. Her suggested listing price was about 30% above the zestimate. I think we’ll find out....Normchad wrote: ↑Mon Apr 05, 2021 4:07 pm Well, I’ll be dipped. I’d previously posted that my zestimate had increased by 50K in the last month. It’s up another 25k today.
I’m almost at the point where if somebody rang my door bell, and offered me that amount, I’d just take it and move to an apartment. That number is completely absurd, but probably realistic.
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Re: Anyone else see drastic increase in Zillow value today?
I've definitely seen an increase in all three properties. Pretty drastic increases in the case of our residence and our SFH rental.
However, I have watched the values on my properties for as long as Zillow has been a thing. The gyrations often seem to have nothing to do with my other observations of the two markets where I own real estate. I watch listings, and get several quarterly reports from realtors I'm friendly with. While Zillow and Redfin seem to often track trends, the month-to-month changes seem like the results of a random number generator with guardrails...
I usually take the Zillow amount and discount it 20%... but in this very hot market I have thrown that out and use a number based on comparable sales I've seen. In the case of our residence, knowing that it has a very tired kitchen, original windows, etc. I have the value at $100K less than Zillow. In the case of our SFH rental, it's a 2-bedroom with a small lot in a neighborhood with large homes on 2+ acres, so I have it valued less than Zillow as well. In the case of our vacation rental, since it's in a development where cottages are all the exact same square footage, with just the variance of 5 floor plans and whatever decor upgrades owners have given them, I find Zillow's estimate to be low. I put our vacation rental property OVER the Zillow estimate, close to the value that the last 3 cottages have sold for.
As they say, "all real estate is local"...
Cheers
However, I have watched the values on my properties for as long as Zillow has been a thing. The gyrations often seem to have nothing to do with my other observations of the two markets where I own real estate. I watch listings, and get several quarterly reports from realtors I'm friendly with. While Zillow and Redfin seem to often track trends, the month-to-month changes seem like the results of a random number generator with guardrails...
I usually take the Zillow amount and discount it 20%... but in this very hot market I have thrown that out and use a number based on comparable sales I've seen. In the case of our residence, knowing that it has a very tired kitchen, original windows, etc. I have the value at $100K less than Zillow. In the case of our SFH rental, it's a 2-bedroom with a small lot in a neighborhood with large homes on 2+ acres, so I have it valued less than Zillow as well. In the case of our vacation rental, since it's in a development where cottages are all the exact same square footage, with just the variance of 5 floor plans and whatever decor upgrades owners have given them, I find Zillow's estimate to be low. I put our vacation rental property OVER the Zillow estimate, close to the value that the last 3 cottages have sold for.
As they say, "all real estate is local"...
Cheers
Re: Anyone else see drastic increase in Zillow value today?
My Zillow has gone up 20k in the last 30 days. Delta between resin and Zillow is 300k. I’ve removed from Personal Capital 2-3 months ago because I feel like it’s overinflating my net worth.
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Re: Anyone else see drastic increase in Zillow value today?
Last 30days our home increased by 9.6% on Zillow. There were, however, 2 sales is the last 2 weeks of similar sized homes in our neighborhood which were $20k higher than this Zillow estimate.
Re: Anyone else see drastic increase in Zillow value today?
Yes Atlanta is on fire right now. It is & very competitive right now. I would be a bit nervous if I was a buyer in this market.Small Savanna wrote: ↑Mon Apr 05, 2021 4:28 pm I didn't realize checking Zillow like this was a thing. So I don't know what happened today, but it says our house is worth about 25% more than we paid in 2018. Is the Atlanta market that hot?
Re: Anyone else see drastic increase in Zillow value today?
I enter the Zillow values in my net worth spreadsheet. Up 60% since may. Austin property.
Re: Anyone else see drastic increase in Zillow value today?
You nailed it. Seems like all of the Zillow prices in my neighborhood have firmly adjusted upward now. So glad we're not in the market for a house anymore!bigtex wrote: ↑Mon Apr 05, 2021 6:21 pmNo it just means it will update in the next day or two to reflect that higher at a glance price.Scott S wrote: ↑Mon Apr 05, 2021 5:39 pmWhen I mouse over my place on the map, the estimate is $20k over what we paid, but when I click on it, the detail view re-adjusts to about what we paid. Same thing happens with nearby houses -- the price quickly drops several thousand between the map view and detail view.
Is this some plot to make a whole neighborhood seem ritzier at a glance?
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Re: Anyone else see drastic increase in Zillow value today?
In most recessions, real estate has not fallen in value. The GFC was very aberrant in that way. During the most recent recession, real estate values shot up.
The Sensible Steward
Re: Anyone else see drastic increase in Zillow value today?
Zillow values around here keep changing upwards every day or every other day (though today was bigger increase than usual). Since we are soon to be sellers, I am watching it daily. We had 6 realtors coming in last week to compete for our business. We talked briefly about Zillow zestimates as well.
In our area, Zillow is extremely accurate, although it is always just a bit behind - meaning these constant price increases reflect selling prices from the last 2-3 weeks, not what the current market prices are (yes, the market is moving that fast). Both redfin and realtordotcom are completely out of date, stuck in the last May-June time frame. Not sure what's causing that.
When I asked realtors about Zillow, they all said it improved its algorithm recently, and buyers are paying close attention to it when bidding on houses. Needless to say, the recommended listing price was just slightly above Zillow zestimate, and we should expect multiple offers, hopefully above asking price. Surely hope the market stays red-hot for another month...
In our area, Zillow is extremely accurate, although it is always just a bit behind - meaning these constant price increases reflect selling prices from the last 2-3 weeks, not what the current market prices are (yes, the market is moving that fast). Both redfin and realtordotcom are completely out of date, stuck in the last May-June time frame. Not sure what's causing that.
When I asked realtors about Zillow, they all said it improved its algorithm recently, and buyers are paying close attention to it when bidding on houses. Needless to say, the recommended listing price was just slightly above Zillow zestimate, and we should expect multiple offers, hopefully above asking price. Surely hope the market stays red-hot for another month...
Re: Anyone else see drastic increase in Zillow value today?
Snowman, would you mind explaining what you mean by 6 realtors competing for your business? This is all mentioned in the context of zillow estimates so I want to see if you mean you're favoring the realtor who tells you the highest number (or closest to the zillow estimate) for their recommended listing price?snowman wrote: ↑Tue Apr 06, 2021 9:57 am Zillow values around here keep changing upwards every day or every other day (though today was bigger increase than usual). Since we are soon to be sellers, I am watching it daily. We had 6 realtors coming in last week to compete for our business. We talked briefly about Zillow zestimates as well.
[...]
I may be in the same (seller's) boat later this year, and setting aside that 6 seems like it might be overkill, my impression has been that the realtor will list at whatever the seller wants to list at, even if they think it's a bad idea. And in the current market it almost doesn't matter who you choose as realtor, once it hits the MLS, the offers come in regardless of your realtor's guess or zillow's guess on what it will bring.
If that's not at all what you meant, I'd still be interested in your main screening criteria and why you chose 6.
Thanks.
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Re: Anyone else see drastic increase in Zillow value today?
Redfin has always been far more accurate in my neighborhood than Zillow. For example, 3 houses just sold in our neighboorhood in the last 2 months. Redfin uses all 3 of those in its comparable sales section. Zillow uses none of them. But I check my mother’s house (in a totally different part of the country) on both redfin and Zillow and they both properly include the most recent sales in her neighborhood and come up with the same estimated value.
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Re: Anyone else see drastic increase in Zillow value today?
While this is fun to look at, does anyone really make decisions based off of it? Unless you're planning to downsize significantly don't you have to live somewhere? If your house is high in value then it's likely the house you're buying is also unless you're planning to move far away.
One commenter mentioned renting instead but if house prices are up then so are rent prices.
One commenter mentioned renting instead but if house prices are up then so are rent prices.
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Re: Anyone else see drastic increase in Zillow value today?
Housotn here, mine is actually down -2% month over month. Boooh lol
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Re: Anyone else see drastic increase in Zillow value today?
I think for many it's just interesting to see what their home could be worth. My niece (high school age in a wealthy area) says looking up Zillow values of their classmates' homes is something even kids doinspector00 wrote: ↑Tue Apr 06, 2021 11:30 am While this is fun to look at, does anyone really make decisions based off of it? Unless you're planning to downsize significantly don't you have to live somewhere? If your house is high in value then it's likely the house you're buying is also unless you're planning to move far away.
One commenter mentioned renting instead but if house prices are up then so are rent prices.
Re: Anyone else see drastic increase in Zillow value today?
Up 8% in last 30 days. Paradise Valley Arizona.
Just noticed today that our next door neighbour has listed his place for sale. Listed about 30% over the previous Zillow value. Zillow obviously doesn’t know the condition of the inside of the house. Just size, number of bedrooms and bathrooms. Our neighbour had obviously totally renovated his place based on the listing pics. Will be interesting to see how he does.
Just noticed today that our next door neighbour has listed his place for sale. Listed about 30% over the previous Zillow value. Zillow obviously doesn’t know the condition of the inside of the house. Just size, number of bedrooms and bathrooms. Our neighbour had obviously totally renovated his place based on the listing pics. Will be interesting to see how he does.
Last edited by SQRT on Wed Apr 07, 2021 2:07 pm, edited 2 times in total.
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Re: Anyone else see drastic increase in Zillow value today?
Mine is up ~5% since I last checked, maybe a month ago. It's actually less than my next-door neighbor just sold for last week, and I'm pretty certain I could get a little more because I have an end unit (townhome) with much nicer finishes and her unit requires some immediate maintenance. Insane, my property value is up ~75% since we bought in January 2016.
Re: Anyone else see drastic increase in Zillow value today?
I haven't been closely following the trajectory the last few months but my goodness I sincerely hope the Zillow valuation is accurate here. We're planning to list next week and our hope has appreciated 150k in 4 years. Which on a ~325k home is.....I don't know, jarring? Almost 50% in 4 years? I don't even know what to say. Its a nice neighborhood, but a little far out compared to the more desirable sections of town. Its the "slower moving" part of the city.
I was partly hesitant to move because I didn't think we'd even recoup our down payment after transaction costs, but clearly that won't be the case. Even the lower bound has us making an exceedingly handsome profit. Spoke with some realtors saying all kinds of crazy things. People are putting down 10% diligence and 40% earnest money, paying all-cash, etc.
We're moving to a much slower market (great plains state) so my understanding is that even with the current real estate market it shouldn't be quite as nuts there. We're expecting our first in October and are hoping to find a place and settle pre-baby, but it might be necessary to ride this out...
I was partly hesitant to move because I didn't think we'd even recoup our down payment after transaction costs, but clearly that won't be the case. Even the lower bound has us making an exceedingly handsome profit. Spoke with some realtors saying all kinds of crazy things. People are putting down 10% diligence and 40% earnest money, paying all-cash, etc.
We're moving to a much slower market (great plains state) so my understanding is that even with the current real estate market it shouldn't be quite as nuts there. We're expecting our first in October and are hoping to find a place and settle pre-baby, but it might be necessary to ride this out...
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Re: Anyone else see drastic increase in Zillow value today?
I received an email this weekend from a service called Ownerly saying my value had gone up 16%. I don't plan to sell anytime soon and certainly hope my property taxes don't go up similarly. Who knows. A couple of neighbor's homes have sold recently, and prices are definitely up.
Re: Anyone else see drastic increase in Zillow value today?
I hope they don't use the Zillow values to see who they can be friends withGo Blue 99 wrote: ↑Tue Apr 06, 2021 12:05 pm
I think for many it's just interesting to see what their home could be worth. My niece (high school age in a wealthy area) says looking up Zillow values of their classmates' homes is something even kids do
Oh my God Becky
Look at her Zillow value
It is so big, wow!
The "Zestimate" on our late-1970's house in suburban Dallas/Ft Worth has gone from $295,000 to $381,000 in one year.
Crazy.
My wife and I should sell now and buy a newer house, what a deal.
For some reason, she doesn't think that's a good idea
"Ritter, Tod und Teufel"
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Re: Anyone else see drastic increase in Zillow value today?
Pulled mine up after I read this post and it's up 20-25k on Z. That's a pretty sizable amount for my house. Hope it stays there or goes up in about 15 more years.
Re: Anyone else see drastic increase in Zillow value today?
<somebody wrote>
"As much as we want these prices to be real, they just cannot be. Mine is like 20% higher than an appraisal 4 months ago..."
***
WE ? Not unless you're a real estate agent. One can claim to want it as a theoretical seller, but it's just kicking the can down the road as your next property will cost something in the same vicinity of % increased (cost-to-"value"). With correspondingly higher taxes and insurance.
Irrational escalations are fueling absurd, obscene materials prices too. Gonna get UGLY.
And all unsustainable of course. Those buying in now may well come to regret it ... best interest rate on the planet ain't worth Richard if you're deeply underwater for the next 15 years after the panic subsides.
But keep those algorithms churning, hang on to those eyeballs and clicks.
"As much as we want these prices to be real, they just cannot be. Mine is like 20% higher than an appraisal 4 months ago..."
***
WE ? Not unless you're a real estate agent. One can claim to want it as a theoretical seller, but it's just kicking the can down the road as your next property will cost something in the same vicinity of % increased (cost-to-"value"). With correspondingly higher taxes and insurance.
Irrational escalations are fueling absurd, obscene materials prices too. Gonna get UGLY.
And all unsustainable of course. Those buying in now may well come to regret it ... best interest rate on the planet ain't worth Richard if you're deeply underwater for the next 15 years after the panic subsides.
But keep those algorithms churning, hang on to those eyeballs and clicks.
Re: Anyone else see drastic increase in Zillow value today?
Unless, of course, one is moving, when it may be a very different analysis, as not all markets have increased at the same rate (or even increased at all).daleddm wrote: ↑Tue Apr 06, 2021 2:41 pm <somebody wrote>
"As much as we want these prices to be real, they just cannot be. Mine is like 20% higher than an appraisal 4 months ago..."
***
WE ? Not unless you're a real estate agent. One can claim to want it as a theoretical seller, but it's just kicking the can down the road as your next property will cost something in the same vicinity of % increased (cost-to-"value"). With correspondingly higher taxes and insurance.
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Re: Anyone else see drastic increase in Zillow value today?
+4.7% in 30 days. Urban San Diego. Judging by how quickly things are selling and the prices they’re going for, Zillow is a bit behind the market.
We’re not moving, so it’s more a curiosity than anything. We’ve been here for 25 years, the profit was baked in long ago.
We’re not moving, so it’s more a curiosity than anything. We’ve been here for 25 years, the profit was baked in long ago.
Re: Anyone else see drastic increase in Zillow value today?
up 9.2% YTD (3.6% in the last week). Overall, nothing dramatic, but certainly very nice to see
Re: Anyone else see drastic increase in Zillow value today?
Yeah, it may look excessive, but here is the background, hopefully it helps. Sorry for the long post.Tamales wrote: ↑Tue Apr 06, 2021 10:53 amSnowman, would you mind explaining what you mean by 6 realtors competing for your business? This is all mentioned in the context of zillow estimates so I want to see if you mean you're favoring the realtor who tells you the highest number (or closest to the zillow estimate) for their recommended listing price?snowman wrote: ↑Tue Apr 06, 2021 9:57 am Zillow values around here keep changing upwards every day or every other day (though today was bigger increase than usual). Since we are soon to be sellers, I am watching it daily. We had 6 realtors coming in last week to compete for our business. We talked briefly about Zillow zestimates as well.
[...]
I may be in the same (seller's) boat later this year, and setting aside that 6 seems like it might be overkill, my impression has been that the realtor will list at whatever the seller wants to list at, even if they think it's a bad idea. And in the current market it almost doesn't matter who you choose as realtor, once it hits the MLS, the offers come in regardless of your realtor's guess or zillow's guess on what it will bring.
If that's not at all what you meant, I'd still be interested in your main screening criteria and why you chose 6.
Thanks.
We were planning to sell this time last year. We had 4 realtors my wife found online (high sellers in our area) come in 6 months earlier (previous fall) to let us know what needs to be fixed/changed/upgraded in order to maximize selling price. I am handy guy so I do all the work myself, and I just needed some time. We liked 2 of them, eliminated 2. Just before we were going to list, COVID hit and we postponed for a year, never picking listing agent.
Well, we all know what happened since. Especially since January, the market has been nuts. We went to new model home not far from us, just to see what's "trending" as far as colors and finishes so our house shows in best light possible. That's where we learned how nuts the new home market is - long waiting lists, insanely high prices, lot premiums out of this world. In that short visit we had 2 out of town couples asking us when we are selling, and could their realtor contact us and see our house. We said sure, and that's how we ended up with 2 realtors coming in.
We also called 2 "winners" from a year ago to give us updated market analysis. I also wanted Trelora to come in, as I was very curious about their flat fee business model. And my wife found another realtor online who sold most homes last year in our neighborhood. So that's how we ended up with 6. Each visit lasted about an hour, they walk through the house and yard, then sit down and talk market, suggested listing price, anything that needs to be fixed/changed, etc.
Of the 6, Trelora agent was by far the worst, and I now understand why they are not selling well around here, even though they would be saving us about $15K in commission. Just awful. The 2 realtors representing out of town buyers were good, but not very familiar with our side of town, and neighborhood. So they were out.
The remaining 3 are all excellent, very familiar not only with our neighborhood, but also with our floor plan, what sells and what doesn't, finishes, views, features, the whole 9 yards. They all recommended exact same listing price, which is the price we thought of ourselves based on current comps. Since they are roughly even, I will pick one based on commission. Will see who wants my business the most. I am not paying 6 or even 5% in this market, hoping for low-mid 4% (2.8% goes to the buyer's agent so my agent would be getting less than 2%).
Listing price plays no role in the decision process. All 3 cautioned about going higher with listing price - they said if you overshoot, you may not get a single offer, and in this market if your house doesn't sell in a weekend, buyers think there is something wrong with it, and it just sits there even in this crazy market. They suggested mid-range price point, in line with Zillow zestimate, and said it all but guarantees revolving door over the weekend, and multiple offers by Sunday evening. They compared current market with ebay - lower price attracts maximum number of buyers, who get into bidding frenzy, especially the buyers who lost out in previous bidding wars. They all said they have never seen market like this, and that the house could sell anywhere from listing price to 15% over that, you just don't know.
I specifically asked them about Zillow, because I have never seen it to be this accurate, which is remarkable given how crazy this market is. They all commented how Zillow improved their algorithms, and how buyers are now comparing listing price to Zillow zestimate, which didn't used to be the case in the past. Even with these insane zestimate increases, houses are consistently selling for more than that, so Zillow is clearly playing catch-up game based on latest selling prices. I have no idea why realtordotcom and redfin are still "stuck" with last year prices, makes no sense to me.
Re: Anyone else see drastic increase in Zillow value today?
Know about Zillow but not about Realtor.com. Zillow est. is $90 higher than RLT. Same sales information from when we bought in 2018. RLT says it's dropped in value since then?!?
Ill stick with Zillow since we won't be selling any time soon.
Ill stick with Zillow since we won't be selling any time soon.
Re: Anyone else see drastic increase in Zillow value today?
Nope, didn't notice nor don't care. Ain't selling nor going nowhere.
"Know what you own, and know why you own it." — Peter Lynch
Re: Anyone else see drastic increase in Zillow value today?
Yes, ours increased by about 22K. That sounds about right based on how much houses in our neighborhood are going for these days. They seem to sell in less than a day. They aren't that great, lol. I'm certainly glad I'm not trying to buy a house now.
Re: Anyone else see drastic increase in Zillow value today?
That’s the problem for those of us with no intention or desire to sell. Property taxes. I suspect that our County Property Appraiser is having good time recalculating the values of homes in our neighborhood, don’t look forward to the new tax appraisals and tax bills later this year. Good luck.Artful Dodger wrote: ↑Tue Apr 06, 2021 1:21 pm I received an email this weekend from a service called Ownerly saying my value had gone up 16%. I don't plan to sell anytime soon and certainly hope my property taxes don't go up similarly. Who knows. A couple of neighbor's homes have sold recently, and prices are definitely up.