Algorithms can be useful and convenient in our harried lives. Think the Spotify Release Radar playlist or the suggested documentaries that appear on your Netflix home page. Real estate algorithms— not so much. Condition, surrounding homes, deferred maintenance, schools, and updating are difficult to articulate in public records and in some cases, dramatically affect the suggested value.
An internet-generated price as in Zillow's Zestimate® is essentially an estimate based upon public and user-submitted data with price trending data in the mix. There is often a very wide range of value based upon the amount of historical data that can be compiled on your area. If the site can get a lot of data— you have a slimmer margin of error—if they can’t get a lot of data— it is a larger margin.
Sellers are able to claim their listing on Zillow and update the property information and details. Provided the seller is not over-inflating data and amenities, this can improve the accuracy of your estimate. And in doing so, you are providing Zillow with the information they need to market direct to you and sell your information to Realtors and others. If we call you, don’t get mad. Zillow just sold you to us.
Here is an example of a home at 10 Armitage Road in Ashford that I researched online and the varying estimates of value:
Bank of America $639,024
Our website does not offer an automated value for your home. We can purchase a service that will do that for us but why would we? We have the most accurate data at our fingertips with a much smaller margin of error for free. When you submit your information on the HST website it goes to the team. We do an evaluation of your property using local MLS data, our expertise and knowledge of your area and send you a quick Comparative Market Analysis (CMA) and /or schedule an appointment with you to take a look at the property to fine tune the accuracy of your suggested list price.
We also offer our HSTimate. Here’s how it works:
Contact us and make an appointment, we usually do HSTIMATES on Wednesdays but other times can be arranged. We will travel to your home (up to 10 agents, depending on availability) to complete an in-person analysis of your home to assess condition, amenities, location, neighborhood and value. The team provides you with written feedback including a suggested listing price, recommendations for repairs and/or improvements and expected marketing time to get the best price possible for your home in the least amount of time. Just one member of the team will be assigned to follow up with you after the visit to provide a complete market analysis and on-going updates that could affect the value going forward.
Our HSTIMATES have been a great source of feedback and recommendations for sellers who are serious about selling for the most amount of money possible in the least amount of time. If you are serious about selling and want the opinion of more than just one Realtor I suggest you request a HSTIMATE. You reap the benefits of our collective experience which will net you more in the sale of your home with the least amount of inconvenience. You don’t pay more for experience, you get more! Check out our tips on choosing the best agent to represent you in any real estate transaction. And find out more about HST on our Facebook page.