Don’t Be Fooled – Your home is one of your most treasured and valuable assets. According to an article in the Wall Street Journal, Zillow and Trulia have made millions of Americans familiar with computer-generated estimates of home values, created a new online addiction and become a staple of dinner-party chatter.
The popular new fad is to rely on national portals and statistic gatherers such as Zillow and Trulia to determine home market values. Essentially a statistical method for spitting out a price based on public record factors oversimplifies the valuation process. In fact, a case could be made that these estimates are not even as reliable as the notoriously maligned “drive-by appraisals” conducted in the past by real estate agents and loan processors.
Knowing average prices in a neighborhood might be interesting for some reason but it frequently doesn’t even provide a rough guide to what a property is worth. In fast moving markets this methodology becomes even less reliable. When you find a property that you are interested in and are trying to determine what price to offer, don’t trust an algorithm, work with a good, competent real estate agent. Yes this is self-serving, but it’s true.
As your Buyer Representative, the focus will be on obtaining for you the best possible home at the best possible price and financing terms. To get you the best price and terms, you will be provided an in-depth Comparative Market Analysis (CMA) that will be prepared that utilizes generally accepted appraisal principles and techniques. This appraiser methodology will adjust the recent comparative sold examples for the existence, or lack of, features, upgrades, condition of the property, as well as, market trends.
With this in-depth market valuation you will now have a well documented value estimate to establish credibility to your offer. You and I will develop a price and negotiating strategy, taking into consideration your own particular situation coupled with the goal of getting you the best terms and lowest price possible. This approach will provide a basis to be successful when you find the right home that best fits your needs.