Every city is given a different median of error by Zillow, ranging from 5-16%. Zillow has no way of taking into consideration the many variables in appraising property. A 10% error on a $500k estimate would mean an error in value of $50k or more.
Statistics are getting worse by the year as the digital era continues to evolve and print media usage declines.
The Multiple Listing Service is essentially a huge database including every home thatʼs listed for sale throughout the entire region. An agent would like to have you believe that they are the only person with access to this information. The truth of the matter is that any licensed real estate professional working for any brokerage has access to the MLS and can give you the very same information about any home on the market.
In almost all cases, a longer period of time on the market equals a lower sales price because it indicates less interest from buyers. The longer your listing sits, the more buyers are asking, “Why hasn’t this home sold?”
Contrary to the Myth HGTV sells on T.V. (we said sells), buyers today rarely buy the home they visit at an open house. On the other hand, the agent holding the open house does have the ability to show any other listing a buyer visiting your home may want to see. Remember, agents can show any and all listings regardless of what company has it listed. Redfin recently released a case study for open house conversion rates in 5 major cities. The results showed there was less than a 1% difference between homes sold in the first 90 days when there was an open house held during that period.
Per the National Association of Realtors annual buyer trend report, 92% of buyers shopped online for homes in 2015 and that number is expected to grow.
Realtors who promise a listing price high above the market value are trying to “buy” your listing by quoting a price they know they will have to get you to reduce later. Make sure your agent agrees to terminate the agreement at any time if you’re not satisfied with the marketing of your home. This will help to make sure you have some control and do not get caught up in a long listing contract with no way out.
The biggest fear in consumersʼ minds is that they will list their home with a real estate agent who doesnʼt bring any buyers to view their home. The reality is thatʼs actually the best-case scenario. A listing specialist is hired to promote and market your home to all the Realtors in the region as well as online consumers. If the agent you choose is constantly out showing homes to buyers they will more than likely fall short on marketing your property.
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