Replies (11)
- Michael Emery, "MikeEmery"
- Contributions:8076
STOP! Don't use the numbers on Zillow as an accurate measure of value. Bad mistake.
Are you working with a Realtor? Have they worked with you on determining the market value of the home? By relying on the Zillow numbers you could end up paying way too much.
Are you working with a Realtor? Have they worked with you on determining the market value of the home? By relying on the Zillow numbers you could end up paying way too much.
- Risa Liebster, "Toluca Lake Homes"
- Contributions:40
I agree with Michael and understand that while Zillow's figures are ballpark, you need a buyer's agent on your side to formulate this home's market value via comparables in the immediate area. Your agent will determine the fair market value of this home from public records, title company resources and the MLS - these resources will by hyper-local. Also, even though it may be difficult, try to leave your emotions out of the transaction. You don't want the seller to know that you're dying to buy their house as it could tip the scales financially against you to some degree. Good luck!
- James Dunn, "DunnRealtors.com"
- Contributions:373
Let me reiterate what Michael and Risa have just said: Get a real estate agent involved!! Or at the very least, don't use Zillow's estimate as the appraised value. It is anything but. The Zestimate is a neat little 'ball-park' figure, but shouldn't be relied upon in any way shape or form as the true value of what a home is worth. There are a huge number of factors that Zillow doesn't factor in that affect the value of a home, and your best way to get a true sense of what it's worth is through a real estate agent (or a lot of record searching on your own).
You can ultimately pay any price you want to buy the home, but there's no sense in throwing money out the window for no good reason.
You can ultimately pay any price you want to buy the home, but there's no sense in throwing money out the window for no good reason.
- Jon Lichterman, "Provincity"
- Contributions:25
get a buyers agent! You need more advice then just zillow
- Linda Slocum, "SantaClaritaRE"
- Contributions:224
The decision as to whether to offer higher than list price or not will depend on the buyer activity in your market area.
If homes in your area are frequently selling with multiple offers, then it is in your best interests to make a highly competitive offer, which may include offering more than list price. In a market that is more slow-moving, it may not be necessary to submit a higher offer.
Other factors that the seller will consider will be the type of financing you'll be using (FHA, VA, Conventional) and the size of your down payment, and possibly your credit scores as well.
Zillow's figures are a guideline only, and are not a substitute for a more detailed analysis of your area. The Zillow calculators are unable to differentiate between different types of homes or developments, they are based on raw numbers (proximity, square footage, etc) and thus cannot be relied on to be completely accurate.
If homes in your area are frequently selling with multiple offers, then it is in your best interests to make a highly competitive offer, which may include offering more than list price. In a market that is more slow-moving, it may not be necessary to submit a higher offer.
Other factors that the seller will consider will be the type of financing you'll be using (FHA, VA, Conventional) and the size of your down payment, and possibly your credit scores as well.
Zillow's figures are a guideline only, and are not a substitute for a more detailed analysis of your area. The Zillow calculators are unable to differentiate between different types of homes or developments, they are based on raw numbers (proximity, square footage, etc) and thus cannot be relied on to be completely accurate.
- Kathleen Stacey Hannon, "CoastalMassachusetts"
- Contributions:79
If you don't have one already, find a professional buyer agent.
There are many factors that go into a good, competitive offer, not just price -- contingencies, financing v. cash, inspections, etc.
A buyer agent can guide you through the process and can represent you even if a home is for sale by owner. (You'll generally have to pay the commission on this type of sale, but having a professional on your side can be a valuable asset.)
In my neighborhood, for example, homes on the side of the street with the views of the ocean, river and marsh rarely change hands and are worth more money than their counterparts on the non-view side. Thus, two-facing homes on the same street of the same size are not equal in value -- simply because of what you can see out the living room window. I love Zillow for ballpark numbers, but in my neighborhood, you could easily pay too much money if you based an offer on the internet calculation.
There are many factors that go into a good, competitive offer, not just price -- contingencies, financing v. cash, inspections, etc.
A buyer agent can guide you through the process and can represent you even if a home is for sale by owner. (You'll generally have to pay the commission on this type of sale, but having a professional on your side can be a valuable asset.)
In my neighborhood, for example, homes on the side of the street with the views of the ocean, river and marsh rarely change hands and are worth more money than their counterparts on the non-view side. Thus, two-facing homes on the same street of the same size are not equal in value -- simply because of what you can see out the living room window. I love Zillow for ballpark numbers, but in my neighborhood, you could easily pay too much money if you based an offer on the internet calculation.
I agree with everyone else. What you need to do is find a local buyers agent to work with. They will be able to help you with the purchase and lead you in the right direction.
Definitely find a Buyer's Agent to help you with your offer.
- Courtney Wheeler, "courtney.wheeler"
- Contributions:84
Hire a buyer's agent to do more research of comparable sales in the area. Do not rely on a zillow estimate entirely, as they are generally estimated on the high side. You don't want to run into problems with the property appraising.
- Vince Curtis, "SoCal Appraiser"
- Contributions:5449
If you're not using an agent - for whatever reason - get an appraisal, at least. Here is a list of state wide appraisers.
- John Valdez, "John Valdez"
- Contributions:419
Get a CMA (Comparative Market Analysis) for the property from a Real Estate Professional. This will give you a closer idea what the property is worth aside from paying for an appraisal. Good Luck!
When to offer more than list price
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