Have you ever wondered what you home is worth today, but didn’t want to bother speaking with your real estate agent? If the answer is yes, then you most likely visited a web site like Zillow or Trulia. Were you shocked at their answer? If so, read more below…
Speaking of home values, did you know that housing prices in the Washington DC area are the strongest in the nation? Read on…
OMG, MY HOME IS WORTH WHAT?
At a recent real estate conference in New York, the CEO of Zillow and Trulia (among others) participated on a question and answer panel. When asked about the accuracy of their home value data, two quotes stuck out to us:
- “It’s called a Zestimate, not a Zappraisal.”
- “Zestimates are inaccurate.”
Even though both of these quotes were made by Zillow’s CEO, all its competitors pull their data from the same places and rely on user input. In fact, it was admitted that valuations can be off by as much as 30%!
There is only one way to accurately determine the value of your home – have a Competitive Market Analysis (CMA) done by your real estate agent. A CMA, using accurate data only available to your real estate agent, includes going to sold property records and selecting recently sold properties that are similar to your property, and in the same area. By comparing these properties, and adjusting for feature differences, an estimate of value is made for your property.
If you’re ready for a CMA, we can help. The Speicher Team can determine your home value in Maryland.
HOUSING PRICES STRONG IN WASHINGTON AREA
The Washington housing market is the strongest in the nation, according to the latest S&P/Case Shiller Home Price Index. Washington was one of only four major markets to show price appreciation, and the 3.5 percent gain from November 2009 was the biggest yearly gain reported.
The time to get off of the sidelines is now!