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Message
Question for realtors and past realtors
Posted on 8/29/23 at 10:12 pm
Posted on 8/29/23 at 10:12 pm
Trying to get some input from realtors if they will answer or past realtors who don’t worry about blowing the scheme.
Does a realtor have the ability to drastically swing the amount a property is estimated for on Realtor.com?
Knowing I would be selling soon, I had been watching the estimated value on our home every week for several months. The estimates stayed fairly consistent from $815,000 to as much as $900,000. On Aug 15 this month, Realtor.com had is estimated at $895,000. Our relocation agent contacted 2 local real estate agents to get them to give their estimates of our home value, look at it, compare to comps and give an estimated worth. Within 4 days after the realtors were notified, I noticed the Realtor.com value on our home dropped to $757,000, on Aug 24, so in 9 days Realtor.com indicated a $138,000 drop! From $895,000 to $757,000!
The local market has not dropped and there’s not another property listed that would be comparable in value, I could see a small market bobble, maybe 1% but a $138,000 drop In estimated value on a home that has been shown at over $757,000 for well over a year seems like someone did something to MAKE the estimated value drop.
Does local realtors have the ability to juggle numbers and make prices that are posted on Realtor.com fluctuate to whatever levels they want ?
Does a realtor have the ability to drastically swing the amount a property is estimated for on Realtor.com?
Knowing I would be selling soon, I had been watching the estimated value on our home every week for several months. The estimates stayed fairly consistent from $815,000 to as much as $900,000. On Aug 15 this month, Realtor.com had is estimated at $895,000. Our relocation agent contacted 2 local real estate agents to get them to give their estimates of our home value, look at it, compare to comps and give an estimated worth. Within 4 days after the realtors were notified, I noticed the Realtor.com value on our home dropped to $757,000, on Aug 24, so in 9 days Realtor.com indicated a $138,000 drop! From $895,000 to $757,000!
The local market has not dropped and there’s not another property listed that would be comparable in value, I could see a small market bobble, maybe 1% but a $138,000 drop In estimated value on a home that has been shown at over $757,000 for well over a year seems like someone did something to MAKE the estimated value drop.
Does local realtors have the ability to juggle numbers and make prices that are posted on Realtor.com fluctuate to whatever levels they want ?
5
Posted on 8/29/23 at 10:34 pm to HighlyFavoredTiger
Realtor.com, zillow, redfin are always messing with the algo to make you react one way or another
Just have your agent send you comps or run an avm on housecanary
Just have your agent send you comps or run an avm on housecanary
Posted on 8/29/23 at 10:42 pm to SDVTiger
quote:
Realtor.com, zillow, redfin
They have very little to zero credibility in non disclosure states like Texas.
Posted on 8/30/23 at 7:20 am to HighlyFavoredTiger
Zillow tries to be predictive.
If trends are increasing, it is almost a few months ahead of the actual values on the high side.
If trends are decreasing (it may take 2 months of data to make a trend), it is almost a few months ahead of the actual values on the down side.
It also values neighborhood more than square footage.
If trends are increasing, it is almost a few months ahead of the actual values on the high side.
If trends are decreasing (it may take 2 months of data to make a trend), it is almost a few months ahead of the actual values on the down side.
It also values neighborhood more than square footage.
Posted on 8/30/23 at 7:24 am to SDVTiger
Thanks, one agent actually did things right and gave us some good comps, she was $97,000 higher than the guy that bragged about Realtor.com and how much power he claimed it had.
I just found it odd that an upscale property in an active market where virtually no nice homes stay on the market longer than 6 weeks, would lose over $130,000 of value in less than 2 weeks. Kinda makes it obvious somebody can manipulate something about the Realtor.com site.
I just found it odd that an upscale property in an active market where virtually no nice homes stay on the market longer than 6 weeks, would lose over $130,000 of value in less than 2 weeks. Kinda makes it obvious somebody can manipulate something about the Realtor.com site.
Posted on 8/30/23 at 7:36 am to HighlyFavoredTiger
Realtors are worthless
…the real scam is how I’m the hell they’re worth 5-6%
…the real scam is how I’m the hell they’re worth 5-6%
This post was edited on 8/30/23 at 7:38 am
Posted on 8/30/23 at 7:38 am to HighlyFavoredTiger
Not sure for certain, but I wonder if it gives greater weight to more recent home sales. It’s possible you checked when one of the older sales crossed into a lesser weight time period.
Posted on 8/30/23 at 7:51 am to horsesandbulls
I doubt the realtor made the value change on realtor.com. The odds are more likely that a sale in your area happened for really cheap, possibly a foreclosure or short sale. This could be hurting the comps. Either way, don’t trust the sites. Meet with three realtors, let them give you their pitch on why you should use them and what price they think the house should be listed at. They will run comps in your area to come up with a price.
Posted on 8/30/23 at 9:24 am to HighlyFavoredTiger
Do not use any of those "realty" apps or online websites to provide you with an appropriate sell price. Those are just estimates to get you in the ballpark of valuations.
Get 3 different realtors to provide you with comps/values on your home. Go with the highest one (pending you like them) and work from there.
If the highest realtor tells you your house if worth 900k and the lowest realtor tells you your house is worth 750k then work with the higher realtor until you sell your house. Just know in this market, you may be dropping that price multiple times.
Realtors will often shoot high to try and gain your trust and then pull the "well we just wanted to go high to get a reasonable offer thats a little lower than what we started with" BS.
Get 3 different realtors to provide you with comps/values on your home. Go with the highest one (pending you like them) and work from there.
If the highest realtor tells you your house if worth 900k and the lowest realtor tells you your house is worth 750k then work with the higher realtor until you sell your house. Just know in this market, you may be dropping that price multiple times.
Realtors will often shoot high to try and gain your trust and then pull the "well we just wanted to go high to get a reasonable offer thats a little lower than what we started with" BS.
Posted on 8/30/23 at 10:42 am to HighlyFavoredTiger
"I just found it odd that an upscale property in an active market where virtually no nice homes stay on the market longer than 6 weeks, would lose over $130,000 of value in less than 2 weeks."
--
Well you're right.
But you really don't know if the house was overvalued before.
An appraisal is also an option for establishing value.
--
Well you're right.
But you really don't know if the house was overvalued before.
An appraisal is also an option for establishing value.
Posted on 8/30/23 at 10:51 am to ItzMe1972
A relo appraisal is not
"Market value"
Its the price it will sell in a given dictated time
Your relo company will tell you this
The 2 numbers are usually different
"Market value"
Its the price it will sell in a given dictated time
Your relo company will tell you this
The 2 numbers are usually different
Posted on 8/30/23 at 12:38 pm to Paul Allen
quote:
Realtor.com, zillow, redfin
They have very little to zero credibility in non disclosure states like Texas.
Zillow is useless.
I saw a property in Alabama once that they listed as recently sold. A realtor went into the MLS and compared the official information to Zillow. Zillow had the wrong date of sale (almost a month off) and the wrong sale price (off by $500,000).
I never looked at Zillow again after that.
Posted on 8/30/23 at 8:08 pm to HighlyFavoredTiger
Realtor.com is irrelevant and does not reflect the current valuation. Hire an appraisal company.
Posted on 8/30/23 at 8:12 pm to BabyTac
I have made my clients a lot of money
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