Why Should You Sell Your Home This Summer?

Why should you consider selling your home this summer? I have five reasons to start.

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The summer selling season is off to a hot start. Here are five reasons why you should consider selling your home this summer.

1. Demand is really strong. I want to put a little disclaimer on this. It’s very location-sensitive. Certain areas are moving very fast and others aren’t. If you want more information about a specific market, let me know. The $250,000 and under market is absolutely nuts.

2. There is less competition. With such low inventory, the really good homes are selling quickly and for great prices.

3. The process is going to be quicker. It’s easier to sell now than it has been in years past.

4. There might never be a better time to move up. All the conditions are aligning. Home prices are predicted to go up by 5% this year, so waiting will end up costing you no matter what the price is now. You have an opportunity to sell high and buy low right now.

It might just be time to move on.

5. It might just be time to move on. My wife and I decided last November that it was time for us to move on and up into our dream home, and we’ve been happy with the decision ever since.

Maybe it’s time to reassess the reasons why you would consider selling and whether or not it’s worth looking at this point. If you have any questions about the market in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

How the Zillow Lawsuit Impacts You

One Illinois homeowner is suing Zillow for their inaccurate Zestimate of her home’s value. This could mean big things for the industry.

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In case you haven’t heard, a woman in Glenview, Illinois has filed a lawsuit against Zillow claiming that her Zestimate repeatedly undervalued her house and created a roadblock to its sale.

You can check out the full story here.

It’s important to note that this suit is the first of its kind. Despite Zillow’s denial that they are offering appraisals, the fact that they promote the Zestimate as a tool for buyers to use when assessing the value of a property means that they do meet the definition of an appraisal under Illinois state law.

The lawsuit also argues that Zillow should be licensed to perform appraisals before running these Zestimates, and that Zillow needs to obtain the consent of the homeowner before listing the Zestimate online, which I can certainly understand.

The lawsuit asks that Zillow obtain a homeowner’s permission before posting the Zestimate.

The Zestimate in question is for Miss Anderson, who bought her townhome for $626,000 back in 2009. The property overlooks a golf course and is in a prime location, so she listed the home roughly for what she paid for it. However, the home’s most recent Zestimate was only for $562,000. She is suing Zillow to remove or amend her Zestimate; she is not seeking monetary damages at this point.

Zillow obviously has a different perspective on this website. They don’t view their Zestimates as appraisals. According to Zillow, Zestimates are simply a tool that helps people utilize proprietary formulae to assess value as a starting point.

Unfortunately, the accuracy of these Zestimates leaves much to be desired. Zestimates have a median error rate of 5%, which can translate into a lot of money lost in a home sale.

It will be interesting to see how this lawsuit plays out. Obviously, Zillow is a massive player in the real estate industry. They even purchased Trulia a couple of years ago, so this is a big deal. We’ll see if this lawsuit is just a flash in the pan or if it turns into something else.

You can hear more about this lawsuit from Barbara Corcoran, who recently appeared on “Good Morning America” to discuss the lawsuit.

Ultimately, this lawsuit should show you that you can’t rely on Zillow to come up with a home’s value. If you have any other questions about Zillow or real estate in general, just give me a call or send me an email. I would be happy to help you!