Posts made in May 2017

Lawsuit Filed Against Zillow

Barbara Anderson, a Glenview, Illinois homeowner has filed suit against Zillow over use of its Zestimate.  Anderson, who recently had a townhome for sale, alleges that Zillow’s Zestimate has impaired the marketability of the sale of her home.  Taking up an opinion that many others have put forth, she claims Zillow’s Zestimate constitutes the unlicensed practice of real estate appraising, and on top it all it doesn’t do a very good job!  Many people in the biz agree with her, especially about the quality of the product.

Many home buyers turn to Zillow for information about homes for sale.  Included in that is a Zestimate or estimate of market value.  It is a ready tool and Keasily understood on the surface.  However, Realtors and mortgage lenders get tired of explaining to home buyers the many flaws with the Zestimate and find it causes some home buyers to pass on looking at homes that might just work for them (all because of a flawed Zestimate).  Count me in that group.  I have no use for the product.  It’s flaws out number its’ benefits.  I hope she wins.

If you’re shopping for a new home and want more personalized and accurate insight into the market value of homes for sale, give me a call.  I work harder to make good things happen!

Home Sales Charge On

MIBOR released sales figures for the month of March, and the numbers confirmed what everyone has been hearing around the water cooler.  Sales are surging while inventory shrinks.  Closed sales numbered 3206; up 21% over March 2016.

This pushed closed sales for the most recent twelve months up 11% over the previous period.  Meanwhile, listings were down 1% from last March and for the most recent twelve months were flat.  Put the two together and inventory is down 17% from a year ago.  AnKd with more buyers now competing for the available homes, inventory per buyer is down 24% from a year ago.  As anyone currently buying or selling can tell you, that’s a lot.  This combination of market forces has pushed the median sales price up 5%, to $156,000.  Long, long gone are the days when list prices were getting negotiated down 10 or 15%.  Deals are now settling at an average 5% discount from initial list price.

Looking for someone to help you make the most of this red hot market— call me, “I work harder to make good things happen!”  -Bob