Russ Wald

AZ Mr. Lister


West USA Realty

Problems with Zillow 101

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Thousands of new home buyers and sellers begin their searches on Zillow every day, sadly this isn’t where there should be looking.

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Zillow is misleading

As most people probably already know, Zillow gets its listing information from a variety of online sources. This sounds like a good thing, as it keeps its options open…but this is indeed not a good thing.

Not all of the information is accurate and much of the information is outdated. For example, anyone can post a “home for sale” on Craigslist, and the Zillow syndicator with pick it up minutes later and add it to the roster without knowing if it is a legitimate MLS listing. Anyone can post any ad on Craigslist, and Zillow will add these listings without knowing if it’s fake or a scam.

As for Zillow lilstings not being up-to-date, the Russ Wald Realty group always receives calls from buyers inquiring about homes that haven’t been on the market for months.

Local Real Estate sites are more accurate

MLS listings that are posted by Realtor associations have strict standards that are put in place to protect the public. This means that the listings must have current and correct information that is obtained from the sellers through a form called the seller property disclosure statement also known as the SPDS. Realtors must follow a strict rule book in regard to MLS listing and advertising. Luckily, all of this great MLS information is now available to the public.

Russ Wald and other real estate agents/local brokers publish this MLS data right onto their websites with the help of IDX providers. The information seen on these individual on these local agent and brokerage websites is almost always more accurate than the information seen on Zillow.

Zillow Zestimates are way off

Here’s the deal, market values change from week to week, and values change depending on neighborhoods. No algorithm, even if it is the greatest technological compound, will be able to tell you if the kitchen has been updated or if the property hasn’t been well-kept.

According to Zillow’s website, the Zestimate has a median error rate of 8%, which means half of the Zestimates in an area are closer than the error percentage and half are farther off. For example, in Seattle, Zestimates for half of the homes are within 6.6% of the selling price, and half are off by more than 6.6%.

A zestimate may be a starting place for you, but you’ll definitely need to go a step further and contact some professionals to receive accurate information on a particular property.

If you’d like more information on the value of your property, or if you’d like any help with buying and/or selling you home, feel free to contact the Russ Wald Realty Group at (480)298-0708!

For Sale By Owner: Do I even need a realtor?

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With all of today’s increasing technology and access to information, a new question arises in the world of real estate for home sellers. That question is, “Do I even need a realtor?”

The answer to this question is most likely, yes. And we’re here to tell you why.

The most important reason to have a realtor when selling, is that they really do have the capability to get you more money for your home. According to the National Association of REALTORS, statistics reveal that homes listed for sale with a real estate agent sell for $46,000 more on average than For Sale By Owner houses.

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Realtors have access to market data about recent sales and other homes on the market that can be used to set the correct price for your property. Studies show that homes sell quicker when they are priced appropriately when they are first listed. They also tend to sell for a higher price than homes that have been on the market for a while.

One thing that new sellers fail to realize is that selling your home yourself is way more than just putting a “FOR SALE” sign in the yard. You need to have a sales plan.

Realtors have professional marketing knowledge and connections to other Realtors who work with buyers. They also have the support of a brokerage that will market your home to more people than you can as an individual.

A Realtor can help you negotiate a contract that not only gives you an appropriate price for your home, but also meets your needs for a settlement date. Additionally, they can make sure your contract is in compliance with all local regulations.

A Realtor can screen visitors to your home, which provides a measure of safety that ‘For Sale By Owner’ sellers don’t have. Realtors also have the means to check if buyers are legitimate and can afford to purchase your home. Your realtor can help you avoid wasting time showing your home to unrealistic buyers.

They give you more convenience. If you are selling your home yourself, you will have to solicit calls from interested parties, answer questions and make appointments. Please know that potential buyers are likely to move on if you tend to be busy or don’t respond quickly enough. Realtors have the full time job of being your connection to prospects, and catering to prospects.

The bottom line is that with the art of negotiation, leverage of local knowledge, use of valuable marketing tools, greater access to the market and ability to qualify buyers, realtors can definitely get you more money for your home.

If you’d like to get an idea of the value of your home, and/or are looking to sell, please reach out to us. We’d love to help!

Home buyers: Don’t be afraid of a seller’s market

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Pretty much all statistics, research and real estate professionals will admit that it is currently a very strong seller’s market. That being said, this doesn’t mean that you can’t buy.

If you’re smart about beginning your home purchasing journey, it can always be a good time to buy. We’ve come up with our opinion of the most helpful tips for home buyers in a seller’s market.

 

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1. Get mortgage prequalification/preapproved before you start shopping.

There are a few good reasons for this. One being that it informs you on what you can afford.

Getting prequalified will eliminate wasting time on looking at homes that aren’t in your price range and keep your search more focused. No one wants to drive around town visiting homes that are not within their price range, and trust us, your realtor won’t want to either. Use your time wisely and get prequalified.

Prequalification also shows the seller that your offer is strong. Pre-approval shows the seller that you have been vetted financially. A pre-approval letter will help you act quickly when you see a home you’re highly interested in.

2. Do your research.

Know what’s out there. Do some research on the areas you’re interested in and collect information on what you can get for your money. This will save you time and disappointment when you begin shopping. Don’t leave room for negative surprises to arise. Inform yourself on neighborhoods that will most likely work for you.

3. Find a good agent.

Finding an agent will not only save you time, but save you a lot of hassle. A good agent will be able to guide your search and keep it moving in the right direction by smoothing out bumps in the road and offering their expertise on the market. A real estate agent costs buyers nothing, because the seller pays the agent commission. Look for referrals from friends, family and coworkers who’ve had pleasant experiences with the agent. Look for a full-time agent who works often in the neighborhoods where you have interest in. Everyone is different, but try and find the agent who is perfect for you. For example, if you can only look for homes on weekends, you don’t want an agent who doesn’t work on the weekends.

4. Be ready to move fast. Don’t wait around

In real estate, the early bird really does win the race. If you see a good listing hits the market, you should seek to see it instantly. If it comes on the market, don’t feel the need wait for the open house. With today’s bidding wars, it isn’t uncommon for a more aggressive buyer to make an offer within hours.

 If you’re interested in a home, move fast with a strong offer. Find out what is important to the seller, so you have a good chance against other buyers. Then, structure your offer to meet their needs.

5. Pay more cash up front.

Not all home buyers need to put 20 percent down when they make an offer on a home. Still, you’ll make your offer stand out by providing more money up front. The cash help insure home sellers in case the buyer backs out of the deal. If everything works out, the money will go toward the down payment and closing costs. It also shows the sellers how committed the buyer is to the sale.

If you have any questions or are seeking guidance in beginning your home search, give us a call! We’re glad to help.

 

It is indeed a very strong home-seller’s market

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It’s a great time to be a home seller!

Now is prime time to sell your home as inventory is low, and the demand for listings is up.

We’ve found ourselves back in the good ol’ days of bidding wars, as 47 percent of home sellers say that they are receiving multiple offers on their homes. This means, it is much more likely for your property to sell for above the list price.

There is now less pressure for sellers to say yes to the first offer on their home, giving them a better chance to be smart and make the right choice! Home sellers: It’s your time.

According to The Fiscal Times 27 percent of sellers, reported they had sold their home for more than their asking price. That is a large increase from only 14 percent of sellers doing so during the recession.

In a report by bizjournals.com, homes listed for sale stayed on the list for only 64 days and home prices have been pushed to 2.7 percent higher than last year’s percentage. The closed home sales also increased to a total of 15.7 percent this year.

Another factor putting the market in favor of sellers are low mortgage rates, which have built up some pressure on buyers to close up deals before borrowing becomes more expensive.

The purchasing of homes in the U.S. rose this summer to the highest level that it has in seven years, and it is only expected to continue through 2016.

For more information on the market, and getting your home sold, please feel free to contact our Team.  For questions on Lending contact our preferred lenders at Nations Choice, and see what’s being listing in the Valley on our website.

We’re always here, and we’re glad to assist you with you selling your home! Give us a call or shoot us an email.

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