Election Season or Not, be Wary of Fake News

Yes, it is election season. We all remember 2016 and know the perils of relying on just one source for news on candidates and their platforms. But did you know that applies to house shopping as well?

We always caution against relying on a "zestimate". Zillow itself claims these to be a "starting point" and encourages buyers, sellers and the just curious to do their own research. In Connecticut, their self-calculated/reported median error rate is 8.9% for off-market homes and 2.1% for active listings. We have watched time and time again, zestimates change as soon as a house is actively listed for sale.  

Why? Zillow has no ability to evaluate the interior and exterior condition of homes that haven’t been on the market in the last few years. Because the average person in the U.S. stays in their home for 10 years before selling, this is significant. Similarly, any recent remodel will not be factored into a zestimate. And perhaps most importantly, subjective characteristics like the flow of the home, its use of space and the layout of the property are difficult to value within a computer algorithm. So once an experienced real estate professional prices a home for sale, Zillow quickly updates its estimate.

But zestimates are not the only pitfall out there for online researchers. Recently, we had potential buyers cancel their appointment to see a home in Westport due to a “water issue”. Uncertain to what they were referring to, we were pointed to the a “Flood Factor” rating on Realtor.com.  This property on Hitchcock Road had a 7/10 rating on Realtor.com – a Severe Flood Factor, with a 99% chance of flooding at least once in the next 30 years. Was it by the water? Surrounded by wetlands? Nope and nope, verified by the Town of Westport AxisGIS. In fact, the property is in “Zone X-An Area That Is Determined To Be Outside The 100- And 500-Year Floodplains” per SmartMLS. 

Buoyed by knowledgeable and experienced real estate agents, this home was bid on by multiple other parties and under contract within days of listing. Sadly, the potential buyers missed out on a chance to purchase a wonderful home.

Knowledge Minimizes Stress and experience does matter. Don’t go it alone — start your search online but then put our experience to work for you! Buying, selling or just curious about the market, give us a call!