SUMMER DAYS DRIFTING AWAY
Sellers tend to learn the hard way.
That’s the message of a piece in today’s New York Times, which chronicles the bad decisions that some sellers made when they listed their homes.
Among a few anecdotes, the newspaper quotes a couple who ignored their broker’s advice to ask no more than the prices of houses near their 4,000-sf place in suburban Houston:
You’re emotionally attached, so you think your home is worth more. I had a landscape service and a Sub-Zero refrigerator and an icemaker on every floor, but buyers don’t care, they want deals.
Listed originally for $825,000, the house being sold by Michel and Rick Shanks underwent four price reductions and eventually sold for $605,000 after 10 months on the market.
Well, doh. Continue reading
If you rely on Zillow’s Zestimates®, a property’s market value is wrong way too often.
A friend clued me into the truth recently, telling me that Zillow itself — commendably, I have to say — reveals its calculations of Zestimates’ accuracy on the company’s Web site.