Real estate investing 5 tricks to make it big with real estate investing
Real estate investing is one of the most attractive ways of making good money (that is, if you do it correctly). Moreover, this type of investing is also a lot of fun. A lot of people practice real estate investing as their core profession and, in fact, make a lot of money that way.
Real estate investing is really an art and, like any art, it takes time to master. The key, of course, is to buy at a low price and sell at a higher price and make a profit even after paying the costs involved in the two (buy/sell) transactions. Generally, people are of the opinion that real estate investing makes sense only when the rates are on the rise. However, real estate investing for profits is possible at just about any time (and as I just said, real estate investing is an art).
Here is a list of tricks that can make Real Estate Investing Profitable for You:
1) Look for public auctions, divorce settlements and foreclosures (bank/FHA/VA): Since quick settlement is the preference here (and not price), you might get a property at a price that is much lower than the prevailing market rate. You can then make arrangements to sell it at the market rate over a short period of time. However, make sure that the property is worth the price you are paying.
2) Looking for old listings: The old listings that are still unsold may provide you with good real estate investment opportunities. Just look through old newspapers and call the sellers. They may have given up hope of selling the property and with a bit of negotiation you can get the property for a much lower price.
3) The hidden treasure: A really old (and dirty) looking house may scare off buyers. But this might be your chance for real estate investing that can yield good profits. So, explore such properties and check if spending a bit on them can make them shine. You can get these at very low prices and make a big profit in a short time.
4) Team up with attorneys: There are a number of attorneys who handle property sales on behalf of sellers or in special circumstances (death of the property owner,etc.). They might sometimes be looking to dispose of the property rather quickly and hence at a very attractive price. Be the first one to grab such real estate investing opportunities and enjoy the profits.
5) Keep tabs on newspaper announcements: Property sell offs due to death, divorce, immediate cash requirements and other reasons are frequently announced in local papers. Keep track of such real estate investing opportunities.
To Your Success, Dan Giordano http://www.FreeRealEstateDeals.com
About the Author
Dan Giordano
Long marketed as one of those 'mystery guys', Dan's online marketing and coaching expertise is no longer a mystery. As the man behind the scene for John Di Lemme and other sites, Dan has created well over $5 million dollars in online sales over a six-month period for his clients.
Building on his expertise in real estate investing and Victorian homes, Dan used online promotion and marketing skills to build www.freerealestatedeals
Sunday, February 18, 2007
Landscaping For Better Curb Appeal by Bill Ucci
Selling your home is an art. Its a picture that needs to be carefully painted to ensure that your home has the best aesthetic appeal possible. This will not only draw buyers in to your home but also it will enable your home to fetch a higher price when sold. The yard is one of the most visually impacting areas of the home, its often the first thing people see and a huge part of their first impression. Sales can be made or broken on first impressions.
It can be really easy to let a yard get out of hand, gardens grow weeds, bushes and shrubs can get out of control, and laws go un-cared for. There are some of the most important aspects of any yard and should be attended to before listing a home. Planting new flowers in the garden once it has been thoroughly weeded always adds a scenic note to a home. New topsoil and mulch will help keep those gardens weed free for quite some time, also the mulch looks great. Try to coordinate the color of the flowers with the theme of the home. Then take care of the lawn, make sure to trim all the edges and if there are any bare spots, reseed or even lay new grass down. New grass can be pricey but the visual value of a healthy green lawn cannot be equaled. Next get the shrubs and trees trimmed up. Having an ordered look to the shrubbery, if you have it, adds symmetry to a yard and brings a sense of care and order to the yard.
With the major issues taken care of, there is now time to set about the small details. These can comprise of anything you think will add visual impact to the property. Remember, you want people driving by your home to stop and take notice. Even if they are not buying they will remember the house, and if they are, you just may have a prospective buyer.
About the Author
Bill Ucci is a certified Realtor® specializing in the sale & purchase of Orlando real estate. Put Bill's expertise and knowledge to work for you. Contact Bill anytime
It can be really easy to let a yard get out of hand, gardens grow weeds, bushes and shrubs can get out of control, and laws go un-cared for. There are some of the most important aspects of any yard and should be attended to before listing a home. Planting new flowers in the garden once it has been thoroughly weeded always adds a scenic note to a home. New topsoil and mulch will help keep those gardens weed free for quite some time, also the mulch looks great. Try to coordinate the color of the flowers with the theme of the home. Then take care of the lawn, make sure to trim all the edges and if there are any bare spots, reseed or even lay new grass down. New grass can be pricey but the visual value of a healthy green lawn cannot be equaled. Next get the shrubs and trees trimmed up. Having an ordered look to the shrubbery, if you have it, adds symmetry to a yard and brings a sense of care and order to the yard.
With the major issues taken care of, there is now time to set about the small details. These can comprise of anything you think will add visual impact to the property. Remember, you want people driving by your home to stop and take notice. Even if they are not buying they will remember the house, and if they are, you just may have a prospective buyer.
About the Author
Bill Ucci is a certified Realtor® specializing in the sale & purchase of Orlando real estate. Put Bill's expertise and knowledge to work for you. Contact Bill anytime
Southern Charm in Nashville Real Estate by Gary Ashton
The South has a remarkable drawing power. For years the south has been characterized by beautiful historic homes, amazing scenery and and a versatile and thriving economy. But perhaps the most notable aspect is what is simply known as "southern charm." This is a laid back style of life that is extremely evident, especially in places like Nashville.
Nashville is a terrific place to live and work. Its also an exciting city that is also known to be one of the musical capitals of the world. This reputation is well deserved as Nashville is the nexus of the Country Music world, in particular The Grand Ole Opry; a stage which has seen some of the most notable singers and bands to ever perform. But there is much more to Nashville than music. This is a dynamic city with a thriving economic core. In fact, the business sector of Nashville has seen considerable growth over the past few years, thus allowing Nashville to become a major economic player in the South. Combined with good education both pre, and post-secondary has ensured Nashville's secure position in the economic world.
One of the main reasons for Nashville's popularity is the thriving housing market. There is a real demand for quality homes in Tennessee and the Nashville real estate market is a place that is full of amazing deals for the careful buyer. People are flocking to Nashville due to the affordability and accessibility of great homes, education, and business opportunity.
With a bright future, Nashville is looking to the future with anticipation and an attitude of preparedness. This city will continue to be a major player and a fantastic place to live for quite some time. Offering excellent amenities and great homes, its easy to see why Nashville is a smart choice for relocation.
About the Author
Gary Ashton is a real estate broker specializing in Nashville real estate. Start your search today at www.nashvillesmls.com. For the finest homes and properties in Nashville, Tennessee check out the Nashvilles MLS soon.
Nashville is a terrific place to live and work. Its also an exciting city that is also known to be one of the musical capitals of the world. This reputation is well deserved as Nashville is the nexus of the Country Music world, in particular The Grand Ole Opry; a stage which has seen some of the most notable singers and bands to ever perform. But there is much more to Nashville than music. This is a dynamic city with a thriving economic core. In fact, the business sector of Nashville has seen considerable growth over the past few years, thus allowing Nashville to become a major economic player in the South. Combined with good education both pre, and post-secondary has ensured Nashville's secure position in the economic world.
One of the main reasons for Nashville's popularity is the thriving housing market. There is a real demand for quality homes in Tennessee and the Nashville real estate market is a place that is full of amazing deals for the careful buyer. People are flocking to Nashville due to the affordability and accessibility of great homes, education, and business opportunity.
With a bright future, Nashville is looking to the future with anticipation and an attitude of preparedness. This city will continue to be a major player and a fantastic place to live for quite some time. Offering excellent amenities and great homes, its easy to see why Nashville is a smart choice for relocation.
About the Author
Gary Ashton is a real estate broker specializing in Nashville real estate. Start your search today at www.nashvillesmls.com. For the finest homes and properties in Nashville, Tennessee check out the Nashvilles MLS soon.
The Key Factors that Get Your Home Sold by Raynor James
Selling a property is a process that can be reduced to a number of factors. In fact, there are five key ones to consider.
If you have never sold your home before, it can be a bit of complex process. Simply put, where do you start? Do you just pick any old price and list it? Well, you can. It may sell, but it may not. A better approach is to analyze a few key factors that contribute to every property sale.
Condition - The first factor is the condition of your property. A house is something to be lived in. This means issues of wear and tear are going to arise. Before listing your home for sale, make sure you get it as close to pristine condition as possible. Do some painting and landscaping. Check carpets and windows. How about the fixtures in the bathroom and kitchen? Cleaning all of these up can go a long way to enticing a buyer to make an offer.
Location and Market - The location of your home is something you obviously cannot change. You might be in an excellent area, but you might also be in a less than stellar one. Regardless, the key to selling your home is to understand the pricing of homes in your immediate area. Once you have the range down, price your home within the market according to its quality compared to the others for sale.
Marketing - Once you decide to sell a property, you need to make a mental adjustment. The property is no longer the place your family lives. It is a product. This means you need to market it. Get an online listing. Put it in the local MLS. Hold open houses. List it in the classified of the local paper. Tell people you are selling it. You can't over market it!
Pricing - Pricing is the area where most sellers have problems. The first step is to find out what other homes in your local area of have been selling for over the past three months. The next step is to find out what homes are current listed at. You need to know these numbers intimately because potential buyers will. Now compare your home to the pool of homes you have. Where does it fall in relation to size, condition and so on? Now compare the price of the homes a bit better and worse. Your price should be somewhere in the middle.
Selling a home is primarily a matter of preparation. If you prepare correctly, you should be able to move it even in a relatively slow market.
About the Author
Raynor James is with FSBOAmerica.org - get a free one month listing when you sell FSBO homes for sale by owner.
If you have never sold your home before, it can be a bit of complex process. Simply put, where do you start? Do you just pick any old price and list it? Well, you can. It may sell, but it may not. A better approach is to analyze a few key factors that contribute to every property sale.
Condition - The first factor is the condition of your property. A house is something to be lived in. This means issues of wear and tear are going to arise. Before listing your home for sale, make sure you get it as close to pristine condition as possible. Do some painting and landscaping. Check carpets and windows. How about the fixtures in the bathroom and kitchen? Cleaning all of these up can go a long way to enticing a buyer to make an offer.
Location and Market - The location of your home is something you obviously cannot change. You might be in an excellent area, but you might also be in a less than stellar one. Regardless, the key to selling your home is to understand the pricing of homes in your immediate area. Once you have the range down, price your home within the market according to its quality compared to the others for sale.
Marketing - Once you decide to sell a property, you need to make a mental adjustment. The property is no longer the place your family lives. It is a product. This means you need to market it. Get an online listing. Put it in the local MLS. Hold open houses. List it in the classified of the local paper. Tell people you are selling it. You can't over market it!
Pricing - Pricing is the area where most sellers have problems. The first step is to find out what other homes in your local area of have been selling for over the past three months. The next step is to find out what homes are current listed at. You need to know these numbers intimately because potential buyers will. Now compare your home to the pool of homes you have. Where does it fall in relation to size, condition and so on? Now compare the price of the homes a bit better and worse. Your price should be somewhere in the middle.
Selling a home is primarily a matter of preparation. If you prepare correctly, you should be able to move it even in a relatively slow market.
About the Author
Raynor James is with FSBOAmerica.org - get a free one month listing when you sell FSBO homes for sale by owner.
New Smyrna Beach Real Estate Florida's Best Kept Secret by Tom Beaty
Nestled along Florida's Eastern coast, the small city of New Smyrna Beach is a home buyer's dream. With only 21,000 year-round residents, this charming community has maintained its welcoming, small-town feel. You won't, however, find a deficiency of amenities in this city. The city literally offers something for everyone, either within the Beach area or within the surrounding areas.
If you want to explore some of Florida's other famous attractions, This area is within easy driving distance of Orlando, St. Augustine, Jacksonville and Kennedy Space Center. Fine dining, music, art, museums, gardens, professional sporting events and so much more await you in these beautiful cities. Orlando's world renowned theme parks are less than an hour's drive.
Amenities
Like many of the surrounding coastal areas, The town offers visitors and residents a wide variety of recreational activities. Beautiful white sand beaches, pristine waterways, boating, fishing, and golfing; this is just a small sampling of what New Smyrna Beach has to offer. For those who build or buy a home this town offer the opportunities to enjoy the best of the Florida lifestyle and the moderate Florida climate--abound.
Shopping and dining in historic area
The downtown district houses a wealth of shopping and dining opportunities. Enjoy a blast from the past at Canal Street's The Little Drugstore, a 50's style drug store and soda fountain, after shopping til you drop at the many boutiques and specialty shops.
Cross the Flagler Bridge and you will find yourself on Flagler Avenue, a hub of beachside activity. Characterized by quaint, Victorian seaside style architecture, Flagler Avenue is sure to delight. From fine dining to homemade iced cream, from beach souvenirs and surf shops to fine art galleries and jewelers, Flagler Avenue has something for everyone.
Outdoor recreation
Whether you enjoy the exhilaration of deep sea fishing or lazy days drifting along a backwater lagoon, New Smyrna is sure to please. Charter a boat within the city or take a short water taxi ride to nearby Ponce Inlet, where you may also visit the Ponce Inlet Lighthouse, a beacon of the area since 1882, or one of Ponce Inlet's waterfront restaurants.
The golf enthusiast may choose from three area courses or take a short drive north toward LPGA headquarters, where several championship courses await. Hiking, camping and a variety of nature walks and children's programs are offered at nearby Canaveral National Seashore Park, and the Marine Discovery Center near downtown is sure to delight children and adults alike.
New Smyrna Beach culture
The Atlantic Center for the Arts is a must visit for any art enthusiast. Periodically, the center hosts well-known artists and writers, who offer workshops and book signings to the public. On Route 44 in town, another shopping and dining district awaits, as well as The Little Theatre playhouse.
Stock car racing is a culture in and of itself in the East Central Florida region, and this city is no exception. Attend local races at the nearby New Smyrna Speedway, or if you are a NASCAR enthusiast, Daytona International Speedway and NASCAR headquarters are less than twenty miles to the north.
New Smyrna Beach real estate
If you are considering a new home purchase you will have many options to consider. The real estate market contains an eclectic blend of real estate options. You can choose a seaside Victorian home or a modern marvel of beachside architecture. If you choose to live on the mainland, there are numerous housing options to choose from, both within the existing home market and the new construction markets. The type of home you choose is of course, entirely up to you. You may, however, want to consider the benefits of purchasing a newly constructed or pre-construction home.
Why? Primarily, because when you build a new home, you know exactly what you are getting. You can't say the same for an existing home, and the older the home the more problems it could have. For instance, many home buyers of existing homes find themselves faced with repair costs from day one. Some repairs are simple. Others, such as pluming and electrical failures, insect infestation or wood rot problems can require a large initial outlay of cash by the new owner.
This is not the case when you purchase a newly constructed or pre-construction home. In addition, today's real estate market favors the buyer. Area home builders are offering better, safer homes with more amenities than ever before, at better prices than ever before. If you are willing to spend a little bit of extra time to shop around, you can find a brand new home with all the amenities you desire at a price you can afford. New Smyrna Beach real estate truly give one good value in a Florida home.
About the Author
Concrete Florida Homes survive hurricanes - Tom Beaty a real estate broker and home builders in Volusia County, Florida. Visit: New Smyrna Beach real estate
If you want to explore some of Florida's other famous attractions, This area is within easy driving distance of Orlando, St. Augustine, Jacksonville and Kennedy Space Center. Fine dining, music, art, museums, gardens, professional sporting events and so much more await you in these beautiful cities. Orlando's world renowned theme parks are less than an hour's drive.
Amenities
Like many of the surrounding coastal areas, The town offers visitors and residents a wide variety of recreational activities. Beautiful white sand beaches, pristine waterways, boating, fishing, and golfing; this is just a small sampling of what New Smyrna Beach has to offer. For those who build or buy a home this town offer the opportunities to enjoy the best of the Florida lifestyle and the moderate Florida climate--abound.
Shopping and dining in historic area
The downtown district houses a wealth of shopping and dining opportunities. Enjoy a blast from the past at Canal Street's The Little Drugstore, a 50's style drug store and soda fountain, after shopping til you drop at the many boutiques and specialty shops.
Cross the Flagler Bridge and you will find yourself on Flagler Avenue, a hub of beachside activity. Characterized by quaint, Victorian seaside style architecture, Flagler Avenue is sure to delight. From fine dining to homemade iced cream, from beach souvenirs and surf shops to fine art galleries and jewelers, Flagler Avenue has something for everyone.
Outdoor recreation
Whether you enjoy the exhilaration of deep sea fishing or lazy days drifting along a backwater lagoon, New Smyrna is sure to please. Charter a boat within the city or take a short water taxi ride to nearby Ponce Inlet, where you may also visit the Ponce Inlet Lighthouse, a beacon of the area since 1882, or one of Ponce Inlet's waterfront restaurants.
The golf enthusiast may choose from three area courses or take a short drive north toward LPGA headquarters, where several championship courses await. Hiking, camping and a variety of nature walks and children's programs are offered at nearby Canaveral National Seashore Park, and the Marine Discovery Center near downtown is sure to delight children and adults alike.
New Smyrna Beach culture
The Atlantic Center for the Arts is a must visit for any art enthusiast. Periodically, the center hosts well-known artists and writers, who offer workshops and book signings to the public. On Route 44 in town, another shopping and dining district awaits, as well as The Little Theatre playhouse.
Stock car racing is a culture in and of itself in the East Central Florida region, and this city is no exception. Attend local races at the nearby New Smyrna Speedway, or if you are a NASCAR enthusiast, Daytona International Speedway and NASCAR headquarters are less than twenty miles to the north.
New Smyrna Beach real estate
If you are considering a new home purchase you will have many options to consider. The real estate market contains an eclectic blend of real estate options. You can choose a seaside Victorian home or a modern marvel of beachside architecture. If you choose to live on the mainland, there are numerous housing options to choose from, both within the existing home market and the new construction markets. The type of home you choose is of course, entirely up to you. You may, however, want to consider the benefits of purchasing a newly constructed or pre-construction home.
Why? Primarily, because when you build a new home, you know exactly what you are getting. You can't say the same for an existing home, and the older the home the more problems it could have. For instance, many home buyers of existing homes find themselves faced with repair costs from day one. Some repairs are simple. Others, such as pluming and electrical failures, insect infestation or wood rot problems can require a large initial outlay of cash by the new owner.
This is not the case when you purchase a newly constructed or pre-construction home. In addition, today's real estate market favors the buyer. Area home builders are offering better, safer homes with more amenities than ever before, at better prices than ever before. If you are willing to spend a little bit of extra time to shop around, you can find a brand new home with all the amenities you desire at a price you can afford. New Smyrna Beach real estate truly give one good value in a Florida home.
About the Author
Concrete Florida Homes survive hurricanes - Tom Beaty a real estate broker and home builders in Volusia County, Florida. Visit: New Smyrna Beach real estate
If Only I Had Sold "X" Months Ago... by Raynor James
A home is unique in that it is both an investment and an abode where you can raise a family. When it comes time to sell, it is important to focus on the current situation, not the past.
The first half of this decade saw a sellers' market unlike any in recorded history. There were a combination of factors that created the perfect real estate storm. Borrowing money was easy and it could be done at historically low rates. This meant a lot of buyers had plenty of cash and they started spending it. The spending led to a lot of purchases. This in turn led to a reduction in the number of homes for sale, which led to massive appreciation rates and exploding home prices. It was a good time to be a homeowner or a person selling a property. Then things changed.
Starting in 2006, the sellers' market started to stall out. In fact, it flattened out completely and even started retreating in certain markets. Las Vegas had been showing appreciation rates at an obscene 25 percent a year as recently as 2005. Two years later, we are seeing homes in Vegas lose five to ten percent of their value. Yikes!
This can all lead to seller's remorse if you own a home. If you are even remotely considering selling your property, you can't help but think about how much more you would have made if you sold "x" months ago. If ever there was a potential cause of depression, this is it.
Well, you need to get over the fact your home was probably worth more a year ago. The real estate market is cyclical. Sometimes it is going to be up. Sometimes it is going to be down. Maybe you missed out on an extra $50,000 in sales price. While it can grate on your nerves, it really doesn't mean anything in the long run. Yes, you read that correctly.
Real estate was never meant to be a volatile investment. Looking at the value of property on a weekly or monthly basis is absurd. You must look at it over longer periods of time measured in years. Yes, the market may have pulled back a bit, but so what. Where do you think it will be in five years? Where was it five years ago?
Real estate helps you build wealth over a long period of time, not months. This basic fact of real estate was lost in the mad sellers' market early this decade. Well, that market is dead, but real estate is still a great investment in the long run.
About the Author
Raynor James is with FSBOAmerica.org - get a free one month listing when you sell FSBO homes for sale by owner.
The first half of this decade saw a sellers' market unlike any in recorded history. There were a combination of factors that created the perfect real estate storm. Borrowing money was easy and it could be done at historically low rates. This meant a lot of buyers had plenty of cash and they started spending it. The spending led to a lot of purchases. This in turn led to a reduction in the number of homes for sale, which led to massive appreciation rates and exploding home prices. It was a good time to be a homeowner or a person selling a property. Then things changed.
Starting in 2006, the sellers' market started to stall out. In fact, it flattened out completely and even started retreating in certain markets. Las Vegas had been showing appreciation rates at an obscene 25 percent a year as recently as 2005. Two years later, we are seeing homes in Vegas lose five to ten percent of their value. Yikes!
This can all lead to seller's remorse if you own a home. If you are even remotely considering selling your property, you can't help but think about how much more you would have made if you sold "x" months ago. If ever there was a potential cause of depression, this is it.
Well, you need to get over the fact your home was probably worth more a year ago. The real estate market is cyclical. Sometimes it is going to be up. Sometimes it is going to be down. Maybe you missed out on an extra $50,000 in sales price. While it can grate on your nerves, it really doesn't mean anything in the long run. Yes, you read that correctly.
Real estate was never meant to be a volatile investment. Looking at the value of property on a weekly or monthly basis is absurd. You must look at it over longer periods of time measured in years. Yes, the market may have pulled back a bit, but so what. Where do you think it will be in five years? Where was it five years ago?
Real estate helps you build wealth over a long period of time, not months. This basic fact of real estate was lost in the mad sellers' market early this decade. Well, that market is dead, but real estate is still a great investment in the long run.
About the Author
Raynor James is with FSBOAmerica.org - get a free one month listing when you sell FSBO homes for sale by owner.
Zillow--Valuable Tool or Inaccurate Values? by Teri Eckholm
When Zillow first hit the web last year, I was intrigued. Wells Fargo Bank had previously offered a similar tool on their website but it was no longer available. When I checked out Zillow, I wasn't surprised to find that similar to the bank tool, the numbers were only accurate in areas where homes were similar in age, design and lot size. If you live in an eclectic neighborhood with radically differing styles of homes, near a lake or in the country, the value could be off by thousands. So when I checked it out, I took the information with a grain of salt. After all, the value of my own home since it is located in the country was based on its sale price from 10 years ago and its current tax value.
Evidently the Wall Street Journal Real Estate Journal had some of the same observations as I had with Zillow. Recently they looked at 1000 recent home sales transactions in seven different states and compared them to their "Zillow Zestimates". According to the article, "Zillow came within 5% of the price in a third of the transactions studied by The Journal. It was more than 25% off target on 11% of them. In 34 of the 1,000 transactions, Zillow was off by more than 50%." There was an overall median difference between the actual sales price and the Zillow estimate of 7.8% which is very close to the margin of error Zillow estimates at 7.2%. Read the entire article at http://www.realestatejournal.com/buysell/tactics/20070215-hagerty.html?refresh=on
For certain homes in certain areas, Zillow is a great tool. I recently visited the site and was surprised at how their service had expanded during the past year. Not only could someone find an estimate of value for a home but there is a listing search as well. Buyers can search homes that are currently listed, both FSBO and with Realtors. There are color photos, aerial views, street maps as well as values. As an agent, I will only be listing homes on Zillow that fit the criteria where an accurate "Zestimate" will come up. But it is a tool I will use. My clients were impressed as it was another avenue to bring in buyers.
Zillow will not replace the knowledge and expertise of an experienced real estate agent. But for quick values for homes with similar styles built in many city developments, it is surprisingly accurate. With all of the added features and information, Zillow can be a useful tool in the right hands.
Copyright 2007 Teri Eckholm
About the Author
Teri Eckholm is a Minnesota Realtor with Keller Williams Premier Realty serving clients in the Twin Citiesfor over six years. Selected as a Super Agent by Mpls/St. Paul Magazine, her extensive sales background has allowed her to assist hundreds of clients move across the U. S. Find infoon Teri and get a FREE relocation package at http://www.terieckholm.com or http://www.mnrealestateupdate.blogspot.com
Evidently the Wall Street Journal Real Estate Journal had some of the same observations as I had with Zillow. Recently they looked at 1000 recent home sales transactions in seven different states and compared them to their "Zillow Zestimates". According to the article, "Zillow came within 5% of the price in a third of the transactions studied by The Journal. It was more than 25% off target on 11% of them. In 34 of the 1,000 transactions, Zillow was off by more than 50%." There was an overall median difference between the actual sales price and the Zillow estimate of 7.8% which is very close to the margin of error Zillow estimates at 7.2%. Read the entire article at http://www.realestatejournal.com/buysell/tactics/20070215-hagerty.html?refresh=on
For certain homes in certain areas, Zillow is a great tool. I recently visited the site and was surprised at how their service had expanded during the past year. Not only could someone find an estimate of value for a home but there is a listing search as well. Buyers can search homes that are currently listed, both FSBO and with Realtors. There are color photos, aerial views, street maps as well as values. As an agent, I will only be listing homes on Zillow that fit the criteria where an accurate "Zestimate" will come up. But it is a tool I will use. My clients were impressed as it was another avenue to bring in buyers.
Zillow will not replace the knowledge and expertise of an experienced real estate agent. But for quick values for homes with similar styles built in many city developments, it is surprisingly accurate. With all of the added features and information, Zillow can be a useful tool in the right hands.
Copyright 2007 Teri Eckholm
About the Author
Teri Eckholm is a Minnesota Realtor with Keller Williams Premier Realty serving clients in the Twin Citiesfor over six years. Selected as a Super Agent by Mpls/St. Paul Magazine, her extensive sales background has allowed her to assist hundreds of clients move across the U. S. Find infoon Teri and get a FREE relocation package at http://www.terieckholm.com or http://www.mnrealestateupdate.blogspot.com
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