3 Zillow Myths Every Home Buyer Should Know

1. Zestimates 

Zillow has a tool they like to use to “guesstimate” the price of a house. They call it Zestimates, and since quite a bit of consumers who are looking for a house start on a website like Zillow first, they don’t know any better than to think it’s accurate! We will say that sometimes it’s not far off, but more times than not the information and price is off by quite a bit. For example, we’ve gotten calls from clients who are thinking about selling or they are refinancing their home and they’ve looked on Zillow to see what their home is worth, but Zillow said that their $1.8 million dollar house is only worth $700,000 or it said their home only has 2 bedrooms when it actually has 3. Even something as small as one less bedroom can make a massive difference in your overall property value! There’s also been times where Zillow has overestimated the property’s worth and we’ve had to tell Sellers their house isn’t worth as much as they thought it was. So how do we as agents come up with prices? We look at what is listed as active, what’s pending, and what has sold in the last year or two in your neighborhood/area and compare your house with similar ones that have sold around you. We take into consideration the number of bedrooms and bathrooms your home has, the square footage, the amount of updates that have been done compared to other homes in your area, and much more. We also walk through your house so we can see how it shows ourselves! We make suggestions when needed, and it also helps us to get an inside view on why you love your home so we can market to people who will appreciate the same features you do. Zillow never even drives by your house!

2. Pre-Foreclosures  

I personally wish Zillow didn’t have this option, because it confuses a lot of people and has upset a few others. I’ve had clients call and think a pre-foreclosurep house was for sale and then they get disappointed when they find out it isn’t, and I’ve had owners of homes call and get upset because Zillow has said their house was in pre-foreclosure when it actually wasn’t. Pre-foreclosure is supposed to mean a house that isn’t for sale or foreclosed upon yet, but might be in the future or is about to be. The house isn’t actually for sale though and there’s no way to go about getting it or to show it until it’s actually foreclosed upon or for sale, and a lot of the time the information is inaccurate and the house isn’t in any financial trouble at all. For our clients, we send them custom MLS searches that come straight from the local Real Estate listing service input by agents themselves of houses that are actually available within that client’s criteria. So that way there’s no confusion on what’s active and what’s not, and you have accurate data!

3. Contact Agent Button

A lot of buyers think when they click the button that says “contact agent” or that you’d like “more info on this property” that they will either just get emailed more information or that they are contacting the listing agent.  What actually happens is your information goes to about 5 different agents who are not the actual listing agent. Now, on one hand, this is good because you don’t want the listing agent to represent you anyways because they work for the seller, you want a buyers agent to represent you and your interests. On the other hand, I’ve had clients tell me how annoyed they get when several agents blow up their phone about the same thing! To avoid inaccurate information and multiple agents contacting you, you can search for a property safely on our website at thetulsalivinggroup.com !

 

Raegan GrobeComment