Using Zillow to Price Your Home or Develop an Offer Price

10 Aug

The internet is a great tool and provides folks in the real estate market with a myriad of resources which were not available even just a decade ago.

As a Realtor in Austin, TX, my clients regularly share with me, ‘So I was looking on Zillow….’

While  I find that Zillow is a useful tool that Buyers and Sellers may use when they are early in the process or researching and getting a ‘ballpark’ feel for pricing in neighborhoods, it is not a good substitute for a good Real Estate Agent and a Comparative Market Analysis (CMA).

Why is a Realtor with a CMA Better than Relying on Zillow?

The main reason that you need a Real Estate Professional when determining the sales price of your home or developing an offer price on a particular home as opposed to relying solely on Zillow is because Zillow and the Real Estate Market use two different sets of data.

That is, using Zillow to develop your list price or offer price is like studying from your Geometry Book to prepare for your Calculus Final; while there might be some mathematical overlap, it’s just not going to give you the most efficient and accurate way to prepare for your sale or purchase.

So How Do Zillow and Market Data Differ?

Zillow uses public information, like tax records, while Realtors use Market Data.  Public information can be quite different from Market Data, and I’ll explain more  later.

For now, know that using Market Data allows your Realtor to see exactly the prices at which homes have been selling similar to the one you’re considering selling or purchasing, which gives you the best chance of marketing your home properly and getting it sold or offering a price that is going to get you that home!

Can You Help Me Price or Develop an Offer Price on My Austin, TX Property?

Yes!…And just like Carl’s Jr. touts their chicken is made by people and not robots, all of my Comparative Market Analysis work is performed by me and not a system. Pricing homes is largely science and part art, and you need a human to process the information, take into consideration unique aspects of the home and current market trends, as well as interpret the market’s response to the home.

If you would like me to work a Comparative Market Analysis (CMA) for your home in the Austin Real Estate Market and surrounding areas, please contact me, today!

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