If your home was flooded today, the walls were filled with toxic mold, or if you decided to run around your house with a sledgehammer and destroy it - your estimate would not change. Conversely, if you upgraded every component of your home with top of the line materials - it would not increase proportionately either.
These sites do not take into account the intangibles, or condition, or properties that can often account for value difference of tens of thousands of dollars, and sometimes much more. Instead, they likely use a "static" formula using tax information - and apply it uniformly to neighborhoods across the country. The bottom line is - it's fun to check out, and might provide a "general" baseline or range of prices - but anyone blindly "trusting" these sites to provide them a true valuation when buying or selling a home are going to likely be off by quite a bit.
I don't know about you - but when it comes to one of the biggest investments a person will ever make - I'd want extensive research done and ensure my numbers are correct. Whether you are buying, or selling - I doubt you'd want to be off by $1000 - let alone 20K or more. If you haven't already, hire a professional who is familiar with your area to do a comparative market analysis for you. This will factor in all of the variables that the sites online cannot.
If you're not getting showings/offers it's because you' are not priced right. Trust me that's all there is.
Homes that are priced right get sold, those that aren't sit on the market.
Zillow uses a radius range of home price sales. So if a home sold as a foreclosure or short sale or even sold privately to a family member it will calculate the sale as market data.
Sometimes sales of high end homes throw off the range as well as homes in the bottom price range.
A realtor will do a true Market Analysis and compare your home with like homes.
Apples to Apples.
Read the disclaimer on the bottom of the page. It says there is a differential of 20% up or down. So if they say the Zestimate is $300,000, that could mean your house may be worth as high as $360,000 or as low as $240,000! That is a $120,000 differential! I personally work with Zillow very closely but I can tell you this much, they have no business putting prices on homes and many clients and customers have told me so!
Your best bet is to go with a professional you trust and price the home properly with their guidance and reports in black and white reports showing you similar homes within a mile radius and what they have sold for in the last six months. Believe me, we do this for a living. Most of us come within $10,000 initially of what a home's Fair Market Value is. It depends whether you choose to listen.
If you are not getting any offers, there are several possible reasons. Were the photos of your home taken by a professional photographer or your agent's smartphone? Buyers shop on the Internet and will skip homes with poor quality photos.
The main reason for no showings or no offers is that you are overpriced for the market and might need to speak to your real estate agent about lowering the price. An updated comparative market analysis (cma) of similar homes will reveal average prices for sold listings, and those currently on the market. Pay close attention to your competition. Did they lower their prices? Remember, every style home for sale is your competition.
You should also include in your CMA a list of ALL recent sales in your area to determine the prices buyers are willing to pay for homes in your neighborhood. The real proof of what your home is worth is based on the data of actual sales. A competent real estate broker will be able to show you this data.
Another reason could be based on the condition of your home. You will get more offers on your home if it looks brand new. You must make all repairs. Take off points for cracks in walls, and other obvious repairs. A fresh coat of paint goes a long way. Even painting the garage floors and walls will make the home look brand new.
Adjusting the price, painting the home, making repairs, and using professional photos should help you get offers. Good luck with the sale of your home.
The problem with Zillow computer generated valuation is that they do not have actual people on the ground verifying the accuracy of the data they receive, often times from public records, to compute their value.
EXAMPLE: I was about to list a 2bed 2bath house for sale, based on Zillow calculation the house value was 145k. Up on careful analysis, I discover some sellers were splitting or converting dens, Florida rooms and patios into a 3rd or 2nd bedroom and sold these property as such. Problem is, in the county public record, these property are still describe in their original construction. Zillow who collect most of their info from public data gets this bad info to generate value.
An appraiser that appraised the house for the seller 2 months prior was even worse than Zillow. He appraised the house for 100k. Most of the sold comps ranges between 105k to 115k. I visit the area and did my own valuation and list the property for 120k in 6 days I had two written offers for full price with one requesting a 3,000 seller closing cost contribution.
However, some of the information Zillow provide is useful but it has to be verified for accuracy which kind of defeats the purpose, because the info should be accurate in the first place. Often times the price they say your home is worth no one is willing to pay in your market area. Which also give further credence to the idea that your house is worth what a buyer is willing to pay for it.
I have been on both sides as a buyer and as a seller. It is a great feeling when you the seller finally receive that offer you can live with. Best of Luck, Hope You Get a Fair Legit Offer Soon.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Lic. R. E. Salesperson
Notary Public, Retired N.Y.P.D. Lt.
http://www.BradyFamilyRealty.com http://www.SuffolkFreeCMA.com http://www.NassauFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
You should be posting this question on Zillow.
Why are you not getting any offers?
Are you getting showings? Any interest?
Interest and no offers equals a value mismatch.
Refer to the conversation you had with your real estate professional while you were seated at the kicthen table and reviewing the data regarding the existing real estate market.
What did the data indicate you must do?
Do you believe the data and respond accordingly?
In what way was the data violated?