Is real estate technology making the market more confusing than ever?
Many buyers and sellers rely on some really great public websites for their real estate information, such as Zillow, Trulia, Realtor.com, and Redfin. While these websites do make the buying and selling experience more high-tech, there is one variable that they haven’t figured out—accurately estimating the value of properties.
For example, I randomly picked a home that has been on the market for more than 60 days. I then looked at Zillow and Redfin to see what they estimated the property value to be. Not surprisingly, one was above the asking price and one was slightly below.
As a seller, if you are relying on these websites for your information, I don’t blame you for listing your home at the price that they are recommending. At the same time, their estimates can be way off, as was the case here. I believe that the property was overpriced by about 6% to 8%.
As a buyer, it is just as confusing because nobody wants to overpay. This is where a good agent can come in handy— to help you assess the property’s current value, give you insight into the future market, and also help you arrive at an offer that you can feel confident in.
If you would like to know what I do differently to get you a more accurate market price, if you have any other questions, or if you’re interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.