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2 Reasons Zillow Gets Home Values Right, Half The Time

Mario Avalos1 Comment

9 times out of 10, people check their home value on Zillow or Trulia prior to calling a real estate agent. I personally think these sites are great considering they get it right about 50% of the time (when you take into account that an algorithm is trying to determine a very complex ordeal such as the value of a home…props to that).

So why do they miss the mark the other 50% of the time?

I don’t really know, and I doubt anyone else truly knows, but here is my guess. Because they can only see what’s on the outside of the property thru the eye in the sky – aka satellites –  and they can only analyze what can be found on public records such as number of beds, number of baths, etc.

The problem here is two-fold.

  1. Often, public records are incorrect
  2. These sites can’t see the interior of your home

Say you added a family room to a property. Or your home was built in 1975, but you have made an update here and there. It’s this lack of accurate information that can distort what’s reported in sites like Zillow.

Questions about your home value? Call / text (305) 305 1535 or email me!

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3 Must Have Components To A Contract

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Long story short, any contract from a buyer to purchase your home must be made up of 3 components. Anything less is often, a meaningless offer.

  1. A contract spelling out the terms of the offer (Ex: price, closing date).
  2. Evidence that buyer is able to buy property (Ex: letter from a bank).
  3. Good faith deposit, or escrow payment (this is THE BIGGIE, and must be made up front along with contract).

Explaining Escrow for Buyers

Questions about contracts? Call / text (305) 305 1535 or email me!

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Proud Sponsor Rotary Golf For Scholarships 2016

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Rotary Golf Classic 2016 was held at the Biltmore Hotel during the month of February.  Proceeds raised benefit Miami resident high school students transitioning into college. This event is hosted annually and attracts about 200 golf players that get to enjoy breakfast, an 18 hole game, and an auction-luncheon.  We give because I also benefited from these type of funds in order to get my degree in Finance. And I encourage you, in one way or another, to get involved!

More event pictures and details can be found at rotarypinecrest.org.

IMG_4850 IMG_4869 IMG_4875 IMG_4883 IMG_4888 IMG_4897 IMG_4899 IMG_4903 IMG_4910

Questions about this event or how to get involved for our 2017 event, call or text me at (305) 305 1535.

Home Prices Flat, Sellers Edge Buyers Despite Slowing Market

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FYI: data analyzed in this blog post is for single family homes only.

How’s the market?

Prices remain unchanged and sales volume (number of homes sold) is slower than usual.  Although this trend is expected as we are just heading out of the holiday season – when most homeowners keep their property off the market – there is a stronger deceleration in units sold at the turn of 2015-2016 when compared to the turn in 2014-2015 (see below graph).

miami real estate price trend single family home

*Above graph represents combined data from Coconut Grove, Coral Gables, Cutler Bay, Kendall, Palmetto Bay, Pinecrest, South Miami, Sweetwater, The Roads, West Miami, and Westchester*

What’s the outlook?

In my opinion, home prices will continue to remain unchanged for the remainder of 2016.  Around March or April, volume of sales will take an upturn just like it did in March and April of 2015, but it will not be as significant. This will have no impact in home prices due to economically healthier home owners that are able to hold on to their homes till prices go up.

WLRN: Miami real estate may slow in 2016

Should I sell my home?

In my opinion, it will not make a difference weather you sell now or at any time during the year since prices are expected to remain  status quo.   However, should your home-carrying expenses (mortgage payments, taxes, insurance, etc) exceed any appreciation in price in your neighborhood, then it may be a good time to sell.

Find out your home value today

How long will it take my home to sell?

On average, 122 days or 4 months.  See below graph for the average number of days it will take your home to sell in your neighborhood.

miami real estate days on market

 

How’s the foreclosure market doing?

Not good.  And this is good news considering such market makes up less than 20% of sold homes.  See below graph to see how the foreclosure market is doing in your neighborhood.

miami real estate type of sales

 

*This post’s source of data: Miami MLS