Don’t Trust Zillow’s Home Values

Can you rely on Zestimates? Sellers like to think that they should price their homes according to this number, but these valuations are usually inaccurate.

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Today I wanted to talk about the famous Zillow Zestimate. Are Zestimates accurate? I would argue that they almost never are.

Many homeowners tend to think of Zillow as the holy grail for home values, but did you know that Zillow’s CEO himself, Spencer Rascoff, can attest to the inaccuracies of the Zestimate? On February 29th of this year, he sold his home for $1,050,000. The Zestimate on his home from his own company was $1,750,000 — more than 40% off from his sale price!

Zestimates are almost never accurate.

Why is the Zestimate so inaccurate? A Zestimate uses a computer-generated algorithm that pulls in data to give you an estimate on the value of your house. This algorithm, however, cannot account for the intangible and local characteristics of your home. For example, Zillow does not factor in any upgrades you’ve made to your home, its layout, or its proximity to surrounding neighborhoods that may impact its value. The Zestimate is a good conversation-starter for home values, but it is far from the final word on your home’s actual market value.

What should you do in order to get an accurate assessment of your home’s value? The best way to determine a property’s value is to talk to an experienced professional agent who will do the research, find comparable sales, physically assess the property, and then analyze the data.

When you're selling your home, pricing it properly and understanding the true market value from the beginning are two of the most important things you can do.

If you have questions about pricing your home properly for the market or would like an accurate assessment of your home’s value in today’s market, give me a call or send me an email. I’d be happy to help you!

5 Questions to Ask Before Listing

If you want to sell your property, there are five questions you should ask yourself before you make the decision to put it on the market. These questions will help you focus on your motivations and how you plan to achieve your goal:

1. Why are you selling now? What is driving you to sell? Do you have a strong reason to sell?

2. Should you sell now or wait? Are you selling in the market or against the market? Timing is everything in a real estate transaction.

Timing is everything in real estate.

3. Who is your competition? You need to take stock of the competition not only on your block but in your neighborhood and your city as well. Here in South Florida, trends change quickly. What’s happening now won’t be in the news for months, so it’s important to work with a knowledgeable Realtor who can keep you informed about what’s going on in the current market.

4. On a scale of one to 10, where would you place your home? If it’s anything less than a 10, ask yourself what would bring your home up to a 10. Sometimes it’s worth it to make those repairs to bring your home up to a 10, sometimes it’s not.

5. Have you considered any alternative other than selling your home yourself? In 2015, 92% of sellers hired a Realtor to help them sell. In our capitalist system, nothing lasts this long unless the value is more than the cost. This is the case with Realtors. Their expertise is very valuable.

I want to leave you with this thought. If I can make you as much money as possible in the least amount of time with as little inconvenience as possible, would you let me handle a sale for you? If you would, give me a call or send me an email so I can talk to you more about what I can do to help you. I look forward to hearing from you soon.

How to Request an Emergency Extension to Stop Your Foreclosure Sale

Follow these steps to request an emergency extension to stop your foreclosure sale:

1. Go to the Miami-Dade courthouse located at 73 W Flagler St., Miami, Florida 33130. After going in and walking through the security checkpoint, turn left. There you will see a small door where you will need to enter to then request the emergency foreclosure form. You will also want to take a picture of the sample of the form filled out that they have on the wall. This is so you have a reference when filling out the form.
2. Go to the courthouse library located on the third floor and request the emergency motion to stop the foreclosure sale form. Since this form will cost you $2 and they don’t accept debit/credit cards, it’s a good idea to bring with you $10 to $15 in single bills.
3. After filling out the form, go down to the first floor and request two copies to be made when you’re turning it in. They’ll make the copies for you there and seal the documents.
4. Request the date of the motion to be 96 hours after the day you are requesting it and at least 48 hours before the foreclosure sale.
5. Fax, email, or mail the form to the lawyers on your bank’s staff. Do not let that day pass without sending the form to them and receiving the confirmation.
6. Sign in on the bailiff sign-in list the day of the motion. When you go to the motion, get there early and sign in. If you don’t sign in, they will not call your name and you’ll have to reschedule.

Do not let the day pass without notifying your lawyers and receiving confirmation.

If you have any questions about this process or real estate in general, please give me a call or send me an email. I would be happy to help you!