Is Zillow Influencing The Real Estate Market?
Almost everyone who is computer and Internet savvy has heard of Zillow and has even visited the site. Many clicks might not be coming from people who are genuinely interested in purchasing a house, but none the less, these clicks are being counted and driving Zillow to the top of the chart for a real estate valuation site. The more people you talk, to the more differing opinions you will hear, but the one constant is that Zillow is a name that consumers know.
Nosy Neighbors
While Zillow was designed to be used as a real estate resource for buyers and sellers, there is another large group that have become huge fans of the site. The nosy neighbor on every block checks out Zillow each time a house goes on the market and each time a new neighbor moves in. These curious folks are checking to see what homeowners are asking for their house, and then what the new buyers are actually paying. Some of this is just being nosy while another aspect of this could be personal research. By watching the asking and sale price and comparing them to the zestimate on the house, you can get a fairly realistic idea of what your home is worth.
For Sale By Owner
If you are interested in selling your home without forking over 6% to a realtor, then Zillow can help you see what your competition is, what types of homes have sold recently and the asking price of recent sales as it compares to the sale price of these homes. All of this information will be very helpful when you are choosing your asking price and would normally be provided by your realtor.
The Negative Perspective
There are some people who will tell you that Zillow has damaged the real estate industry. And yes, some are disgruntled realtors, who no longer have the inside track on some sales information, but others have no tie to the real estate industry. These are people who have had issues with the information that is listed for their home or for a home they wanted to buy. Sometimes, there are mistakes and incorrect information on the site. Homeowners can get their information corrected, but not everyone goes to the trouble or knows the process. So there are some people who are not fans of Zillow.
You Home’s True Market Value
The price estimate for your home that is listed on Zillow, is just that, an estimate. And you are not going to know the real market value of your home until you get an offer. To learn exactly what you could sell your home for right now, contact Higher Offer. We are a real estate investment firm who specializes in fast, all cash sales. Our buyer can get an offer in your hands in just a day or two, and you could be getting ready to pack this weekend.
