Are you planning on selling your home by yourself?
Knowing the best price to ask for their home can be the #1 problem for the homeowners who decide to sell their own home. Not knowing the value of your home before you put it up for sale can cost you thousands in time and money.
You could ask your friend who is a Realtor what it is worth, then sell it without their assistance. But that is a good way to lose a friend.
Or you can ask Zillow.
However, if you follow what Zillow says it can cost you thousands of dollars, or months of time. Why? Because according to Zillow’s own statistics say they are inaccurate. They give themselves a 4 star (out of 4) rating for how accurate their values are in Jackson County.
What that means is that 61% of the time they are within 5% of sales price. However, that means that 39% of the time they are greater than 5% off…and actually 12% of the time they are off by more than 20%. Do you want to trust your pricing to a company that feels they deserve 4 out of 4 stars for those stats?
If you are 5% off on a $400,000 house, you could potentially be losing $20,000 or more. Plus, without using a Realtor and submitting your home to the open market of the MLS and Realtors where 90% of all sales come from, the market might not know to correct itself.
A property listed on the Multiple Listing Service with a Realtor that is undervalued will receive multiple offers and bend the final sales price close to current market values. You don’t have the same luxury as a FSBO unrepresented seller. So it is even more important to get your asking price correct.
Or on the other hand, a house that is over priced will sit and not sell. When marketed on the MLS, it is easier to determine if the reason a house isn’t selling is because of price, not based on exposure. As a FSBO, it is difficult to see if potential buyers are finding your property or not. So knowing that it isn’t the price that is keeping your house from selling is extra important.
13% of owners said “Selling within the planned length of time was a major problem”. Having an accurate, professional appraisal ensures you list at the right price.
- The right price means the home doesn’t sit on the market because it’s overpriced.
- The right price means you don’t lose money because your home is under priced.
All Aces Appraisals and Adam Bogle have years of experience working directly with homeowners selling their own homes. Both as a Real Estate Broker and as an appraiser.
As appraisers we offer a transparent process, credible methods and an accurate value of your home. Real estate brokers are not bound by the Uniform Standards and Appraisal Practice as set up by the Appraisal Foundation. This means that they can just pick a listing price out of thin air with no reproducible methodology. And sadly, many real estate brokers will tell a potential seller an inflated price in order to secure the listing, and they badger them for price reductions until the house sells. Adam finds this practice reprehensible.