In the Real Estate world every Realtor and homeowner has at one time or the other heard of websites like Zillow and Trulia since they first launched.
The goal of both websites is to empower home buyers and sellers so that they will know what homes and properties are worth with just a few clicks of the mouse. The reality is that the effectiveness of these types of Real Estate websites in providing accurate property values has been less than what most people had originally hoped.
Behind The Numbers
Although both Zillow and Trulia are great websites for getting a “bird’s eye view” of what homes in a neighborhood have sold for and are being listed at, these Real Estate websites should not be the final say on what your can sell your home for.
Both websites often come up with a home’s value based on a comparable analysis of what other homes recently sold for in the same area. This includes short sales and trustee sales, so your home could be listed for far less or far more on Zillow or Trulia than what you had it appraised for. Some areas these sites typically don’t factor in is comparable floorplans, upgrades and property type. For instance, we recently sold a 2 bedroom condo in Lake Forest for $309,000 while it was listed at $340,000-$350,000 on Zillow. If our seller were to use those values as a comparable analysis, it would not have been a good situation for anyone since no 2 bedroom condos have sold for that much since the downturn in 2007
What Buyers Really Want
Your home could be appraised for $450,000 on Zillow but if it doesn’t mean that’s what it’s actually worth. If it doesn’t have the right floorplan, or have the specific features that a buyer wants, or it isn’t close to the amenities they are looking for, then the home is in reality worth less than the Zillow or Trulia estimate. This is especially true if that home sits on the market for longer than 60 days or a home close by sells well below that in a Short Sale at a Foreclosure auction.
The Best Ways to Get a Home Value
If you’re thinking about selling your home, one of the best ways to find out what it’s really worth is to ask a qualified Orange County Realtor to take care of everything that will go into selling your home. As a neighborhood expert, a good Realtor will know all aspects of your neighborhood, available floorplans, amenities, and comps that will factor into the appraisal process in addition to any upgrades or disfunctions with similar properties that may help or hurt your the asking price for your home.
To request a Free home evaluation, or to view the latest homes for sale in Orange County, contact Fred Sed & Associates today by calling us at (949) 272-0125.