Local properties sold last month at 94.4% of their ORIGINAL asking price, and at 97.7% of their FINAL asking price (ie. a selling price of $94,400 on a property listed at 100k). That means that many sellers reduced their asking price at least once. The numbers were a pullback from the April-June seasonal peak, when competition is the hottest and prices don’t get reduced as much. The 94.4% was the highest for any October in the past decade, reflecting the tight inventory conditions we’re currently experiencing. Want your money to work for you? EZ- call me. I work harder to make good things happen!
Selling
Zillow Estimates Aren’t Reliable
That was the headline in the Biz section of Sunday’s Indy Star. The article does a nice job of detailing how Zillow, the country’s largest real estate website, provides a lot of nonsense when it comes to home values. It features what it calls a “Zestimate” which is an estimated market value for every property posted for sale on its’ site. More often than not, these Zestimates are pretty far removed from reality. I’ll give them credit that once in awhile they’re spot on. (Of course even a broken clock is right on time twice a day.)
Zillow has developed a sophisticated formula for generating these numbers. But, sadly, what Zillow cannot do from its’ ivory tower offices in Seattle is look inside a house. Yes, they know how many bedrooms and bathrooms a house has, and how many square feet. Even its’ age. But they do not know whether those rooms are on the main level or in the basement, whether the floor plan is open or all boxed up, whether the carpet is new or stained beyond cleaning, nor whether the appliances are stainless steel or avocado green!
Zestimates are so far off in so many cases that I do not pay them any heed. I don’t even look at them. They’re more of a problem generator than a problem solver. Zillow would do everyone a favor if they’d remove the Zestimates from their website. Short of that, buyers and sellers should turn a blind eye to this feature of an otherwise useful website.
Whether you’re buying or selling, and
want to have a better idea of what a home’s value is, there’s an EZ way— give me an address and I’ll do the actual work needed to generate a more reliable market value. To catch other helpful blog posts, simply go to www.indyschoicerealestate.com. And please keep in mind… “I work harder to make good things happen!” -Bob
Is it Time to Replace Your Front Door?
I just got an email in my inbox asking me if it’s time to replace my front door? The message was kind of long and in the end, was pushing for me to buy a big ol’ expensive door. Idk if that’s what’s needed, but I do know that if you’re selling your house you need to take a good hard look at your front door. That old adage about “never getting a second chance to make a good first impression” sure does apply to your front door.
Potential buyers may be distracted talking while walking to the front door, but then and there they have to pause as the agent finds the keys and gets all of the locks unlocked. Meanwhile buyers gaze around the porch area and basically stare at the front door. Whether it looks all shiny and well taken care of or is all scratched up, dirty and full of cobwebs sets the tone for the entry into the house. Sometimes, deals are made and lost right there. Heck, I’ve had people stop at the door and sputter, “I, uh, think we’ve changed our minds. We’ll just skip this one.”
Don’t let that happen! For a very minor investment you can turn a bad situation into a good one. Spruce the darn thing up! Wash it, caulk it, paint or varnish it; but one way or another get it looking sharp. “Small hinges swing big doors!” This could be one of those times.
To catch other helpful blog posts, simply go to www.indyschoicerealestate.com. And please keep in mind… “I work harder to make good things happen!” -Bob
