[merrymini]

Zillow can be wildly inaccurate.

[retiredguy123]

If you have a house advertised for sale by owner, you will have no problem finding a licensed agent to come to your house and do a free market analysis, even if you tell them that you intend to not list the house. That is not unethical. You may even get unsolicited offers to do an analysis. It's part of a sales pitch to get a listing. The agent's market analysis will probably be more accurate than one that you pay an appraiser for. Most appraisers who get paid are working for a bank, and the appraisal is done to justify the amount of the mortgage, not to set a listing price. But, as a buyer, if you don't have any idea how much a house is worth, you shouldn't even be buying one.

I think that Zillow has an unfair reputation because many real estate agents will criticize Zillow. Obviously, Zillow uses public data and does not personally visit the houses they appraise. But, their methodology and accuracy are clearly explained on their website, and they do have a good accuracy track record. The Zestimate for my house is pretty accurate, but I wouldn't use it as the only information to determine a listing price. I would get another opinion. Anyone who appraises a house can only provide an estimated value. It is just an estimate. The actual value is the amount a buyer is willing to pay for the house.

[Shirleyq]

We listed with Zillow for $625,000 in June 2021. Zillow stated next to our price Zestimates it to be worth $571,000 so of course we immediately got lots of low offers. We turned it over to "The Villages" in June 2021 & sold it in 3 days for $649,000.
Each month after our cancelation with Zillow they re-post & more calls, calls, calls. I'll never use Zillow again !!!

[DAVES]

Originally Posted by Penglobal

Thank You, but ZILLOW does not accurately provide "CURRENT" realistic home selling prices with The Villages.

I have seen that the Zillow estimate is sometimes 30% different than the actually closing price of a home as listed on the county tax site.

Obviously a difficult problem. Most things we buy there is a price, you can choose another similar product and it is more or less. A home is far different. First of all far more money than most people typically buy and sell. Fair? Fair is in the eye of the beholder. After a deal is struck-contract etc, both the buyer and the seller have the same thought. The buyer-I could have gotten more. The seller-I could have paid less.
Add to that the seller and the buyer are likely amateurs.

For sale by owners. Assuming the sales commission is 7%. Both the buyer and the seller think they will BOTH save the same 7% obviously that is not possible. We bought new from the builder. I have previously looked at for sale by owner the ones I've seen are over priced. I do not claim to be an expert.

[Roron123]

Ask what they want for it, using same model home in that area look for homes sold and then you make an offer! Remember a FSBO does not pay commission so you have 5% room for asking price! Good luck! I’m listing 1666 sf expanded Charlotte in Piedmont in 2 weeks FYI

[Velvet]

As a seller, you can ask whatever you want for your property. But if it is not a competitive price (similar houses in your area) it will probably not sell, so you have to lower your price until you get a buyer. If I am the buyer, I don’t care much about the market prices, personally, as a home is not a business investment for me. I asses the home in terms of what it is worth to ME. If I like it I buy it.

[joelfmi]

Originally Posted by Toymeister

Using an appraisal will make everyone FEEL good, but that will not be a fair to either of you. We are not in normal times

Appraisals are performed under FanieMae rules such as selling price of comps within the past six months. Prices have increased in the past six months. Appraisal rules do not reflect the market in this weird market that we are in. Also the selling price is not the price received by the seller (commission).

The appropriate way and fair to both parties is a market analysis by real estate agents (3 or more), the fair price is that price less their five percent commission.

I just flipped a home at 16% more than purchase. I owned it for a few days because I understand this and some rely upon appraisal prices.

What these buyer and sells do is cosmetic repairs which are not up to code.

[Curtisbwp]

Have you not lived a full life??

[stevecmo]

Originally Posted by retiredguy123

No, it wouldn't. The agent has no obligation to do a market analysis for any house, but they do it all the time with the hope of getting a listing from you or maybe someone you know. It is a regular part of their business. They are happy to discuss houses with prospective customers, even if they don't get a listing.

So if what you are saying is true, you could tell the agent up front that there is absolutely no way they are going to get the listing, they would be happy to do it?

[retiredguy123]

Originally Posted by stevecmo

So if what you are saying is true, you could tell the agent up front that there is absolutely no way they are going to get the listing, they would be happy to do it?

Yes, because they wouldn't believe you. Also, they think that, if you like them, you may refer them to someone you know who wants to hire an agent. Real estate agents are salespeople who understand the concept of getting their foot in the door. A good salesperson will do almost anything for an opportunity to meet potential clients to get exposure and to advertise their product. It's salesmanship 101.

[manaboutown]

The thing is we have been experiencing a crazy market. It has been anything but stable on the up side. Maybe it has slowed down a little, maybe not. The thing is a house could have sold for $400,000 one or two months ago and an almost identical one today might go for $500,000. Prices have been moving targets, some rapidly moving targets.

A friend of mine contracted for a new home to be built in Eagle, ID last year for a cost of $500,000. A few months later, by the time it was built and she closed on it, houses just like it were being sold for $750,000.

[Velvet]

The material shortages are starting to show up. My driveway person, in business for 20 years, said he can’t take on any more work, he has run out of epoxy. If I was a buyer I would buy as soon as possible to avoided further price increases, and as a seller, I would sit tight. The Covid pandemic has really served a wallop in many ways.

[eweissenbach]

Originally Posted by Penglobal

Greetings -

I'm a newbie, renting and in the process of looking to buy a pre-owned home. A neighbor on my block has moved away and interested in selling me her home without an agent. The home is perfect for me and I'm trying to determine the right and (FAIR) price to pay the owner. I not trying to steal the house nor am I willing to throw money away.

How can I determine a cash selling price for the home in todays market that's both fair to me and the owner. ? Thanks !

We bought a fsbo in TV several years ago. We ask the seller what he wanted - he said he had consulted a Villages sales person and they said they would list it for X. We said, okay we will give you X less 3%, splitting the difference between what he would get after the commission. We agreed and everyone was happy.

[stevecmo]

Originally Posted by retiredguy123

Yes, because they wouldn't believe you. Also, they think that, if you like them, you may refer them to someone you know who wants to hire an agent. Real estate agents are salespeople who understand the concept of getting their foot in the door. A good salesperson will do almost anything for an opportunity to meet potential clients to get exposure and to advertise their product. It's salesmanship 101.

Sorry but that is just dilusional thinking.

[pgettinger01]

Go to the tax records and see the most recent sales for a similar house. No two houses are the same because the land is different. For Sale By Owner (FSBO) saves about 5% - 6% depending on the real estate commission. For example if the real estate commission is 6%. You should split the difference. The seller makes an extra 3% and the buyer saves 3%. Some states require a lawyer for a closing. There might be other fees associated with selling a house in The Villages. For example Flip Fee, Transfer of Title Fee...