Zillow says my house is worth WHAT???

I got a call today from a potential client who wanted to know what her home was worth, and she quoted me a figure from Zillow.com. I'm glad she couldn't see my face, because my jaw just about dropped. It wasn't overpriced, it was SEVERELY underpriced.  Zillow is all over the lot as far as pricing is concerned.

Zillow IS a good informational site, I'll give it that, but it is no substitute for a local real estate agent's price estimate. Let me explain why. There are no local agents deciphering the local market as it pertains to your house that  let the Zillow pricing module know the neighborhood nuances, which make a BIG difference.

For example, there may be one side of your street that is more desirable than the other side. Zillow doesn't know that. There are perceived or real neigborhood boundaries that Zillow doesn't understand, and cannot effectively price a home without this knowledge. There are school districts and boundary lines that may be different for you than they are for your neighbor. Zillow doesn't know that either.

So although the immediate price that this woman got when she punched in her address was way too low, yours could be way too high. At any rate, it's hit or miss when the value of your home is concerned.

Don't trust your biggest investment to an algorhythmic equation. It doesn't work. What you need is a local agent (LIKE ME!) to properly assess your homes worth, and to give you an honest and true estimate of value. All you have to do is contact me.

Search The CT Home Blog in Fairfield County CT for real estate advice

We responded to your requests, and our CT Home Blog posts are now SEARCHABLE!  - categorized and tagged by subjects, topics, and dates. We invite you to  browse the posts that interest you, comment on any you like, and suggest any topics that you want to see. As always, we look forward to serving your real estate needs  in the near future.

Choosing the Best Real Estate Agency to represent you in CT

When it comes time to hire a real estate agent to sell your home, there are a multitude of agencies to choose from, so how do you choose? Company A tells you that they are #1 in sales,  company B tells you that THEY are #1 in sales, and company C tells you that THEY are #1 in sales. How are you supposed to figure that one out? 

Well we figured it out a few years ago when a bunch of other Office owners/ Brokers and I were sitting down for coffee, and that exact subject came up. The owner of one company said, "I (my company) must be number two, 'cos everybody else is number one." Everyone sitting at the table laughed pretty hard over that one, but guess what? He was right.  Forget about those number one claims that brokers make. Everyone can be number one in a specially defined niche, and maybe just maybe, you don't WANT that numebr one company. There are reasons for it.Honestly and truly,  do you want to know who number one REALLY is? It's YOU, the client.

So what are the main type of agencies to choose form, and which one is best for you?

National Franchise - While a large well known franchise has great name recognition, buyers really don't care which sign is out in front of your house. If they want to buy it, they will. the internet has taken that argument out of the large franchise arsenal. A concern with a large franchise is the very real possibility of dual agency.

Franchise Boutique- I think this type of company is best for sellers, and this is the type of company that I am affiliated with. A nationally franchise company that is locally owned and operated offers the best of all worlds. Local expertise, national exposure, and less possibility of dual agency.

Local Company- There are a few types of local companies- either the low key or the little powerhouse. Not a bad choice if the property has only a limited VERY local market.

Discount Agency- I'm not a fan, period.  You, as a seller, do the vast majority of the work that can get quite complicated for someone who does not deal with real estate on a daily basis. It makes no sense at all. I hate to say it, but do you know what some agents think when they see a listing with a discount brokerage? They figure that they are getting paid less for the same amount of work, and they figure you won't negotiate at all, whether it's true or not.


So what's best for you? If one doesn't stand out clearly over another, conduct a few interviews.  Or, you can just call me and we'll get started!



Is there any preparation to complete prior to a building inspection?

After the negotiations are completed on the purchase of your home, the buyers will conduct a thorough building inspection of the premises at their expense. A number of homeowners tend to get a bit nervous about this, and think that they should "prep" their home for the inspector. There's no need to get nervous, and no need to prep your home for an inspection.
A couple of things that you should do are-

*Make sure that the inspector can get to your electrical panel, your boiler (or furnace) and hot water heater, and that access to these crucial components to your home is not blocked.
*Close all the windows 48 hours to the inspection if the buyers are planning on doing a radon test.
*If you have any manuals on any appliances, heating and cooling system, or home accessories that are to be included in the sale, leave those out.
*If you have had a contractor perform any work, now is a good time to put those permits and receipts in a file, (not necessarily in open view) for future reference, and to have it ready for the closing.
*Last but not least, you are not expected to be there, and it's probably a good idea to scoot if you were going to be home. Inspections last anywhere from about 2-4 hours depending on the size of the home.

When I represent buyers in a purchase, I attend the building inspection and stay for the duration. Not all agents do, so make sure you tell your agent to let the buyers agent know they are expected to remain for the entire inspection, and lock up the house afterwards.
When I represent sellers, I make  the buyers agent aware that they are expected to do just that, and that I may stop by just to say hello. Do not insist that your listing agent be present during the inspection. It only seems like eavesdropping on your part,  and does not afford the buyers agent and buyer the privacy to discuss whatever might come up.  I will, however, drop by about an hour or so after the inspection has  started to offer a friendly hello to the buyer and agent , and get an idea of how things are going. Most often, if there are big issues, you will know right away.

Just relax and let your agent handle the rest.... Your agent? That's me!
  

Real Estate and Psychological Impact

Real estate can be a funny animal sometimes. Take for instance, the subject of Psychological Impact. That  is considered a non-material fact as it relates to  real estate transactions. A few examples of a psychologically impacted home  could be a home which is the site of a homicide or a suicide, or some type of felony took place there, and it could also mean that  the owner or occupant suffered from an infectious disease. Supernatural occurrences also fit into this category.

There is a  Psychological Impact Law in Connecticut that has been in place since 1990, and in laymans terms,  it pretty much states that if a buyer or lessor has a concern over a property's psychological impact, he must submit a request a writing to the seller, and the seller must return that answer in writing.

It is NOT a seller's duty, nor an agent's duty to disclose  any psychological impacts unless the request is made in writing, so if any of these instances trouble you, seek legal advice from your attorney, and discuss your concerns with your agent.