Warren County Ohio Real Estate News and Observations

Estimates Are Just That

Yesterday a local TV station's weather forecast was for about 8" of snow Sunday/Monday.  That's quite a bit at one time for our portion of Ohio.

Today the local radio station predicts 1-3" of snow for the same time period.

What are we to think?

Which source is more accurate?

Are they using the same data to draw their conclusions?

Or is the radio station more accurate because they're closer to the actual event?

Bottom line, they're both estimates and the fact of how much snow we receive will be determined when we actually have the event.

And thus it is with predicting selling prices for homes.

You can go online and find Zillow's version, a Zestimate along with a disclaimer of a plus/minus percentage for a particular market.  Sometimes that range can be VERY big, sometimes not so big.  The more uniform and more often homes sell, the easier it can get for a computer model to guestimate a home's worth.  A cookie cutter subdivision with LOTS of sales of like homes and that estimate might be fairly close.  Move out to country estates with lots of custom tweaks and no online estimate is going to be on the mark. 

And if you poke around the web you'll find plenty of other places that will estimate your home's value without ever visiting.  Obviously you need to take these estimate with a VERY big grain of salt.

Even within the real estate agent ranks, there's variation in how good some agents are at estimating market value, and that's even AFTER visiting a home in person. 

An agent may have a reputation for underpricing (but at least their listings SELL FAST!!).

Another agent may consistently overprice what the market will bear. 

And some agents are better at parsing what really matters to home buyers.  The features and characteristics of a home that make it more or less attractive than the competing homes and knowing where that sweet spot of pricing is to get the home sold for best value in the most reasonable amount of time.

But even with all that taken into account, just like the weather, the fact of a home's worth isn't established until a buyer and seller come to terms (and the appraiser agrees with the two of them!).  But to get there, you want to find the agent that can give you the truest estimate of your home's worth.  If it's not just a guess, that agent can back up the estimate with the sold data and active market data that puts the confidence in the estimate.

 

Want to discuss further?  Just give Bill a call at 513-520-5305 or email/text Liz@LizSpear.com

 

 

Serving Greater Cincinnati home buyers and sellers, 

Bill and Liz aka BLiz

 

 

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Comment balloon 0 commentsLiz and Bill Spear • March 03 2019 12:09AM
Estimates Are Just That
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