3 Secrets To Get A More Accurate Zillow Valuation or Zestimate
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3 Secrets To Get A More Accurate Zillow Valuation or Zestimate


Just waiting for a few people to enter I’m here with Sarah Lowe We’re gonna be talking about the three secrets to determine your home’s value We’re coming up on the spring market so I just wanted to talk about a couple things that the Average layperson out there can do to get an idea of what the value of their property is gonna Be just going off of Zillow Trulia and things like that. Hey Dayna. How’s it going long time no see? so again we’re just gonna wait for a couple more people to get in here and everything and then we’re gonna kick this off and So we have our guest here today Sarah, which is awesome We’re gonna have more of Sarah every week here on some of these here with me She’s got such an awesome real estate following Blane how are you, buddy, it’s good to see you man congratulations once again We’re just going to be talking about the the three secrets for the average layperson to determine their home’s value As we’re coming up on the spring market most people are gonna Be just going on Zillow and other things like that and checking their value however Things like Zillow Trulia, and those type of services have a fundamental flaw in their algorithms to determining value So I just want to go over what a couple of those things are for For everybody at home So we’ll dive right into it So what what are the three secrets to determining determining your value? There’s a few things that actually? Go in in a decreased Weighting of value when determining your home’s value so the most important thing actually is going to be the location and everyone’s heard the cliche Location location location and that is true so location is going to be the absolute number one thing that determines the value of your home over say other homes around in a general area the closer to more desirable locations They are such as desirable school district or other amenities and things like that closer to commuter routes closer to major cities like DC etc is going to increase the value of a home so locations the The main thing and then after that is going to be size in in a decreasing fashion And then after that the amenities now most people always That we run into they think oh well. I have upgraded granted a bunch of upgrades and their property So it should be worth more than that home. That’s a mile away located right on the golf course and unfortunately those upgrades have a diminishing return when compared to size of the property or the actual location a Christian Kaelin, so just keep that in mind as we go forward so locations number one size number two and then amenities are the smallest factor in determining the value But it is important so when you go on Zillow the fundamental problem with as estimate on Zillow is that it it? Takes comparable sales within just a general radius Whether it’s a mile two miles. You can actually even see what it’s using because it’ll pull those in when when you look on the? On the side of the screen it’ll show you what properties are nearby It’s actually using the sold data in those properties and in dividing it by square footage and Coming up with a general number which can get you in the ballpark But it can be off by as much as 20% and the reason being is whenever Looking at a cop Scylla looks up two three four years back. So there’s a huge distortion and it also doesn’t take into account the type of property that is So the first thing you want to do is You want to actually look at your own comps on Zillow and what that means is you’re gonna look for properties within your own immediate Neighborhood first you never want to jump over a property in your own neighborhood to an outside neighborhood because it has a more favorable value so try and stay within your neighborhood originally and You can go out to maybe a quarter mile. If there isn’t anything in your immediate neighborhood Maybe even well no more than a mile though Rural areas you may have to go more than a half mile, but more than a mile, and it’s not a cop so you’re gonna Try and search within your neighborhood or within a quarter mile Then the next thing you want to do is you’re gonna look at when was that? Property sold don’t go back any more than six months an appraisal is not going to go back any further than sick months so neither should you you’re gonna need to know the real value for property when you’re putting it up for sale because Let’s say you find the one guy that fell off the turnip truck who wants to buy your house for some Astronomical number well when he goes and applies for his loan with a bank the bank’s gonna Do an appraisal and chop that value to whatever it came in with the appraisal That’s all they’re gonna lend the guy so for all intents and purposes unless you have An extremely dumb cash buyer which buyers that tend to be able to buy cash. Generally aren’t dumb, so just keep in mind Six months is the farthest you want to go back when looking at comparable sales Also once once you’ve done that so once you’ve looked at comps in your immediate neighborhood or within a quarter-mile And you’ve gone back six months Then you want to look at the type of house so if there there’s a hierarchy of value when it comes to properties so let’s say you have a Split foyer then next comes split-level, and then you’re gonna have a rancher ramblers raised ranch four raised Rambler then colonial and then variations of Colonials now there’s there’s infinite Architectural styles of properties, but generally in this area. That’s going to be the hierarchy so you don’t want to be comparing say a Colonial when your property is going to be a split foyer because it’s just it’s not comparable and the way that they actually calculate the square footage isn’t going to be comparable also, so That’s that brings me to the next thing square footage You’re only want to gonna want to go up or down about 400 feet and your square footage That you’re going to be using to compare so let’s say you have a property That’s 1500 square feet and another one in the neighborhood. It’s 3,000 square feet They’re not comps to each other the 3,000 square foot property can’t use the 1500 square foot property and vice versa so within 400 square feet plus or minus if you want a good accurate value And that also you’re only going to calculate the above great square footage basements Don’t count can’t count the square footage even though finished basement does add value to your property They’re not to be used for comparable purposes when when comparing cops or figuring out What is a cop or what’s not a cop and then the last thing you want to pay attention to is the? school district both the elementary school and the high school that it feeds into that is Extremely important, so houses that are say a block away from your house but that Street is the dividing line between one school and another can have a Significant impact on the value of one property over another so just be mindful of that and a lot of these services Say for example when you do a market analysis with us will actually pull overlays over the the map to make sure that we’re looking at the right school districts and That we didn’t go over line somewhere because that that’s going to be a significant factor When determining value so just to recap real quick, and is there anything you wanted to add to any of that Sarah? No I mean you definitely touched on although definitely the three things that everyone looks into when determining value As well as you know things are very important You know when it comes to appraisals comps and the locations yeah, and so when people call in to list their properties with us That’s probably one of the first things we do actually even before we actually go out and meet with Our potential clients is we we do a market analysis and we go pretty in-depth with these things that we talked about it a few more factors also, but You’ll be able to talk to Sarah also when you when you intake is a new client with us and We can go over the VAT at a later date. Sarah’s actually our executive Assistant and she’s our operations our CEO who handles all the operations and contract to closed Systems within the team so again Let’s recap real quick to three things that are going to be determining value are going to be location first size second and then amenities Third and kind of picture it as a pyramid where the the biggest bottom portion of that pyramids going to be location Size in the middle, and then the smallest tip of that Is going to be the amenities and again with with comps we’re going to be looking at Your immediate neighborhood, and then if there’s nothing there go out to a quarter mile If there’s nothing in a quarter-mile half-mile any more than that make it’s real dicey From that make sure you don’t go any any further than six months back any more than six months, and then it becomes extremely unreliable Just because an appraiser won’t use it So it just unreliable and then after that is the type of property remember whether it’s a split foyer split-level Rambler Rancher colonial So just make sure you’re comparing the correct type of house Because you don’t want to be comparing a hundred year old farmhouse to a brand-new colonial even though They’re right next to each other right and then Plus or minus four hundred feet in square footage above grade only and then finally school district boundaries, so Just a couple little shoutouts here. Hey Tommy Michelle. What’s going on the show? Hunt I have not seen you in forever Michelle is a realtor that I used to work with It’s great seeing you on here miss you guys Francisco will Campbells on here Brian Brian’s an awesome lender good to see you Brian How you doing, buddy, so I hope you guys like and share like and share Hopefully maybe somebody that you know might be thinking about buying buying or selling and this information may be helpful For them sir is there anything else you wanted to add about Maybe what you do what we do or how maybe we can help them as far as determining value of their property no time not at this time cuz I’ll be doing my own video so all right, so we’re gonna be liking and sharing and So we hope to see everybody here real soon. Hey Chris how you doing buddy? So that was it anyway, and if you’re just joining and missed it this was about the the three secrets to determining your home’s value prior to going on the market Or prior to even meeting a realtor just so you know that if your home looks viable or not to sell this your values are Really going up. It’s an exciting time to be in real estate and things are really looking positive, so that’s all we’ve got for this week, and we’ll see you guys next Friday with another Facebook live all right I

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