Have you ever wondered why is your home value different between sites such as Zillow, Redfin, and Trulia? Sometimes you even consult with real estate professional and they give you different answer about your home value as well.
Plenty of sellers have visited online home valuation sites such as Zillow, Trulia, eAppraisal, and others only to be shocked at the value of their homes.
Most sellers are pleased when the values appear higher than they expected, but many online valuations come in far lower.
According to Cloud CMA, home valuation sites contract with major title companies such as First American to obtain county tax roll data. All property is registered with the county for property taxing purposes. They also find ways to become members of local multiple listing services, which are either subsidiaries of real estate associations or owned by local real estate brokers. That way, they have access to listing data.
Between tax roll data and listing data, home valuation sites apply their own secret sauce, or algorithm to come up with “zestimates” or approximate values of what homes are worth.
Sometimes the results are spot on, but they can also be terribly inaccurate. First, transaction data has to be recorded with the county, which could take weeks. But, what alters the algorithm most is that properties not currently on the market are included in the data. The algorithms can’t possibly show whether or not a home has been updated, how well it’s maintained, or esoteric values such as curb appeal and views.
For that reason, online valuations should be used only as one of many tools to estimate a home’s value.
Ask your real estate professional for their expert analysis
Ask your real estate professional for a comparative market analysis, or CMA. He or she can show you the most recent listings and sold comparables, accurate to within hours or a few days at most.
How does CMA works?
We pull out the neighborhood data from Multiple Listing System - MLS and compare properties with similar square footage in same subdivision/neighborhood that are currently listed on the market or sold in the past 6 month to determine where you home value should land on, and give you the most accurate evaluation of your home value.
If you’re planning to sell your home, it’s probably crossed your mind to try to sell it yourself and save the sales commission. But, there are some very good reasons why that would be a mistake.
According to housing industry experts at HomeGain.com and Realtor.org, more homes listed by real estate agents are sold than homes marketed by owners, and they sell more quickly and for more money.
Homes listed by real estate professionals get more exposure and their sellers get more support. Real estate professionals offer many advantages:
Article credited to Cloud CMA.
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Property Type: Residential, Single Family Residential
Parking / Garage, Multi-Unit Information, Homeowners Association
Homeowners Association Information
Bedroom and Bathroom Information
Kitchen and Dining Room Information
Other Room Information
School / Neighborhood, Utilities, Taxes / Assessments, Location Details
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Listing Price: $105,000
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Community: Spanish Crossing Condo
Property Type: Apartment / Condominium
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Community: Southern Highlands
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Property Type: Residential, Single Family Residential
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Doug Bradford, GLVAR
Southern Nevada Home Sales Increasing While Supply Stays Tight
GLVAR Housing Statistics for August 2016
LAS VEGAS – The Greater Las Vegas Association of REALTORS® (GLVAR) reported Thursday that Southern Nevada home sales increased in August even as the local housing supply remained tight.
Meanwhile, GLVAR reported the median price of existing single-family homes sold during August through its Multiple Listing Service (MLS) was $235,000. That was down slightly from $236,000 in July, but still up 6.8 percent from $220,000 one year ago.
GLVAR said the median price of local condominiums and townhomes, including high-rise condos, sold in August was $115,000. That was up 4.5 percent from $110,000 last year at this time.
“It was good to see that we sold more homes last month than we did during the previous month and year, even with this persistently tight inventory we’ve been dealing with this year,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “As for home prices, you’re starting to see a more normal rate of appreciation, where prices are going up more gradually, as opposed to the double-digit increases we’ve seen the last few years.”
According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in August was 3,789, up from 3,454 total sales in August of 2015. Compared to the same month one year ago, 8.7 percent more homes, and 14.7 percent more condos and townhomes sold in August.
So far in 2016, Beaudry said local home sales are outpacing 2015, when GLVAR reported 38,578 single-family home, condominium, townhome and high-rise condo sales. That was more than in 2014, but fewer sales than during each of the previous five years.
At the same time, he said Southern Nevada still has less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.
The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in August was 13,222, down 2.8 percent from one year ago. GLVAR tracked a total of 2,366 condos, high-rise condos and townhomes listed for sale on its MLS in August, down 31.6 percent from one year ago.
By the end of August, GLVAR reported 7,594 single-family homes listed without any sort of offer. That’s down 5.8 percent from one year ago. For condos and townhomes, the 1,244 properties listed without offers in August represented a 46.4 percent decrease from one year ago.
GLVAR continues to track declines in distressed sales and a corresponding increase in traditional home sales, where lenders are not controlling the transaction. In August, 4.1 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 6.2 percent of all sales one year ago. Another 5.5 percent of all August sales were bank-owned, down from 7.0 percent one year ago.
Though they continue to make up a smaller percentage of all local home sales, Beaudry said short sales could continue to be an attractive option for some homeowners this year since Congress voted in late December to again extend the Mortgage Forgiveness Debt Relief Act of 2007, as REALTORS® advocated. If Congress had not voted to again extend this tax break to help distressed homeowners, any amount of money a bank wrote off in agreeing to sell a home as part of a short sale would have been taxable when sellers file their federal income taxes.
GLVAR said 25.8 percent of all local properties sold in August were purchased with cash, compared to 28.2 percent one year ago. That cash buyer percentage has stabilized in recent months. It’s still less than half of the February 2013 peak of 59.5 percent, suggesting that cash buyers and investors remain more active in Southern Nevada than in most markets, but that their influence continues to wane.
These GLVAR statistics include activity through the end of August 2016. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:
August 2016 GLVAR Housing Stats