Valuation of My Home on Zillow

This week while I was door knocking I had a home owner ask me “how accurate is the data on Zillow for evaluation my home”.  Here is the official answer from the Zillow website “Nationally, the Zestimate has a median error rate of 8%, which means half of the Zestimates in an area are closer than the error percentage and half are farther off.”

Because Zillow has not seen the homes, the data essentially is based on homes sold in the area that have the same amenities, i.e. bedrooms, baths, square feet.  What I also tell people,  it is a starting point to provide an idea of home prices in the area. Yet if someone wants an accurate home evaluation, the source is either from a professional appraiser or a real estate agent, as both have access to far more data and are physically previewing the property.

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Solar Panels – Purchase or Lease

Leased Solar Panels – What Happens When You Decide to Sell Your Home
Decide to Sell Your Home

More companies are offering home owners a contract to lease solar panels where they pay no upfront costs for the installation. This is a great way to get those solar panels, but
what happens when you go to sell your home? This is a cost that is passed on to the new buyer.

While studies show that the addition of solar panels can boost a home’s value and save on energy costs, potential buyers may not want to take on those lease payment
contracts. What happens if a buyer refuses to purchase? The seller may have to buy out the lease contract to accomplish a sale.

Bottom Line – keep in mind the end result and factor in that you as the Seller may have to fork up the money in order to get your home sold.

 

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Want to Sell Your Home…Price It Right

Even in today’s home sales market where there are more buyers than sellers, some homes stay on the market longer than the average days. Even here in our market, San Ramon/Danville area, where the median time for days on market is 15; there are homes for sale 30, 60 days and 100+ days on market. What this tells me….these homes may be over priced.

Who determines the price? Not the real estate agents and not the seller….the market determines the price. Who is the market? The buyers. With so much information available on the Internet, buyers are doing their research long before beginning their final stage of purchasing a home. They are looking at homes currently on the market and those that have sold recently comparing features and benefits along with the pricing.

Price is the key to selling a home.  Condition and location revolve around the price. Just because two homes are similar in size doesn’t mean they will sell at the same price. If one has been updated and the other not, then the price should be a reflection of the condition. Same thing with location. You may have a pristine property that has been updated to today’s selling standards, but if it is close to a noisy road/freeway you will not get the same dollar amount as a home that is in the quieter part of the neighborhood.

Real Estate agents provide seller’s with CMA’s that give them the  data to help determine the right price to get the home sold. Seller’s sometimes do not like what they see, yet the data is the data, and if selling the home is a priority, then price it where the market is telling you it will sell.

 

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What is a CMA?

A Comparative Market Analysis (CMA) is a report that help sellers choose a listing price and buyers to make competitive offers on a given home.

The data used in a CMA is based on information listed in our Multiple Listing Service. By utilizing this data, real estate agents are able to detail specific information to compare homes. It is not just about age, square feet, and bedrooms. It is also about the other amenities that are generally not readily available on other sources such as Trulia or Zillow.  There is a section on the MLS where listing agents post information that only a real estate agent has access to and in many cases is relevant to how the CMA is prepared.

The result is a report that tells you which homes have recently sold, their selling prices, how long they were on the market and other information. The CMA will also tell you about homes in competition with yours that are similar in size, price, amenities, and location.

Based on this information, a buyer or seller will get a snapshot of the current real estate market and how best to proceed.

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Tri-Valley Real Estate Results 2014 vs 2013

The Tri-Valley real estate results for 2014 versus 2013. The Tri-Valley cities for this report are Alamo, Danville, San Ramon, Walnut Creek, Dublin, Pleasanton and Livermore.

As shown, 2014 was another great year for our real estate market. Prices were up in all the cities. Predictions for going forward are we will see slight increases in home prices as appreciation rates will fall off a bit, 3 to 5% range.

2013

2014

% Change
Alamo
# Sales 215 238 10%
Avg. Sales Price $1,382,817 $1,583,812 13%
Avg. DOM 36 36
Danville
# Sales 629 597 -5%
Avg. Sales Price $1,047,875 $1,186,075 12%
Avg. DOM 23 23
San Ramon
# Sales 766 721 6%
Avg. Sales Price $884,433 $959,081 8%
Avg. DOM 16 19 11%
Walnut Creek
# Sales 595 506 -15%
Avg. Sales Price $845,294 $935,481 10%
Avg. DOM 20 24 16%
Dublin
# Sales 422 507 17%
Avg. Sales Price $776,403 $879,236 12%
Avg. DOM 19 36 53%
Pleasanton
# Sales 655 652 -2%
Avg. Sales Price $1,032,716 $1,092,916 5%
Avg. DOM 21 20
Livermore
# Sales 981 896 -10%
Avg. Sales Price $619,465 $702,083 12%
Avg. DOM 19 24

20%

 

 

 

 

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