Happy New Year, Everyone!
I think it is going to be an exciting year for Colorado Springs real estate. Black Forest is moving quickly, Peyton homes on acreage aren’t on the market long, and Woodmen Hills and Meridian Ranch are selling. In fact, county-wide, we have an average of a 2 monthinventory. We normally have 3000 homes listed and now we have 2100 or so listed so inventory is low, forcing prices higher. Also the higher end homes over $500k are selling as well as a 30% increase in homes of $1 million. So, don’t sit on the fence if you are looking to sell, buyers are out there. We received offers on both Christmas and New Year’s Eve. Now, that is needing a house!!
Which leads me to my topic this month. I am still on a series based on what clients ask me and this one is “Do you look at Zillow?” People love their Zillow and sometimes treat it as gospel. Well, I am a 5-star, Zillow Premiere Agent so I do follow that and I get very good leads from Zillow. However, it is not a tool I use to evaluate home prices in any area. Zillow and its Zestimates can be somewhat reliable in subdivisions in the Powers Corridor or Briargate/Meridian Ranch where the homes are very “even” from street to street. And, Zillow is only as accurate as the agents and public records information of which it relies upon for its reports. It uses an algorithm based on this third party data so if this data is outdated, so is the accuracy of the algorithm. Zillow can bring the home-buying and selling process to a more successful level, however, it can also lead the seller to believe their home is worth more than it is, and give buyers a false impression of what is really on the market (homes listed that have been sold for several months).
Another iffy thing on Zillow is that it doesn’t know if you have updated your home, added granite, hardwood, landscaping, etc. It can’t personally walk through homes or properties so, in Zillow’s eyes, your home is no better in quality than the next house.
The “Zolution”?? Zillow isn’t going away. It is near the top of the first engine results page for just about every real estate term or search. The consumer trusts it because if it is online, it must be true. So, it comes to realtor expertise and seeing is believing. You just have to get in the house or on the land to see the value. Another way is to have the client “zillow” their own home to see if they believe it is accurate. Other steps include the agents keeping their Zillow listings current. Zillow has also tripled their budget in order to upgrade their Zestimate strategy.
It is straight from Mark Twain, “The trouble isn’t in what you don’t know, the trouble is in what you do know that isn’t true.”
Have a wonderful month!
Jill McFeron ABR, CRS, CDPE
Broker/Owner of The McFeron Group LLC