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What Does Zillow Think

My Home is Worth?...

The Real Truth About "What's the Value of Your Home" "Zillow says my house is worth…" Ever since Zillow started providing “Zestimates” a few years ago, other websites have tried to automate the process of figuring out what your home is worth. And while it’s not exactly rocket science – who uses a slide rule any more – the automated estimates remain remarkably Hit and Miss. The Wall Street Journal best explained the dangers of relying on questionable sources for such an important financial decision. In an article by Alyssa Abkowitz from November 2011 The WSJ and Smart Money Magazine explains why using Zillow, Trulia and online estimates of home values can be up to 50% off (high and Low) even by their own admission. Despite this reality, these websites have become almost the first stop for sellers and buyers to determine home values. WSJ says " Right or wrong, they're the numbers millions of consumers are clamoring for. In a housing market that's been mostly a cause for gloom, so-called home-valuation technology has become one of the few sources of excitement. After years of real estate pros holding all the informational cards in the home-sale game, Web-driven companies like Zillow, Homes.com and Realtor.com are offering to reshuffle the deck. They've rolled out at-your-fingertips technology via laptop and smartphone to give shoppers and owners an estimate of what almost any home is worth. And people have flocked to the data in startling numbers: Together, four of the biggest websites that offer home-value estimates get 100 million visits a month, and one, Homes.com, saw traffic jump 25 percent in the three months after it launched a value estimator in May." They continue: "But for figures that carry such weight, critics say, the estimates can be far rougher than most consumers realize. Indeed, if the websites were dart throwers, they'd seldom hit the bull's-eye, and they'd sometimes miss the board entirely: Valuations that are 20, 30 or even 50 percent higher or lower than a property's eventual sale price are not uncommon. The estimates frequently change, too, for reasons that aren't always easy for homeowners to discern. According to the companies themselves, some quotes have swung by hundreds of thousands of dollars in as little as a month as new data gets plugged into the algorithms the sites rely on. (Those algorithms also change, as happened this summer when Zillow made adjustments that affected all of the 100 million homes in its database.) And while the sites say it's probably rare that individual homeowners (or real estate agents, for that matter) game the system, they do acknowledge that people can enter information that might push estimates higher. Put it all together, say pros, and you've got numbers that have become head-scratching legends in one community after another: a Hollywood Hills aerie losing 47 percent of its value in one month (with no earthquakes or mud slides to explain the drop); a century-old home in Louisville, Ky., that, according to local lore, served as the inspiration for Daisy's home in The Great Gatsby, quadrupling in value over 30 days; and one townhouse in Brooklyn, N.Y., listed now for $5 million, valued at a whopping $31 million in the midst of the real estate crash -- at least according to Zillow." " And make no mistake, all of the competitors go out of their way to make it clear their numbers are guesstimates, not gospel. "A Trulia estimate is just that -- an estimate," says a disclaimer on that site's new home-value tool. Zillow deploys similar language and goes a step further, publishing precise numbers about how imprecise its estimates can be. And every major site urges home-price hunters to "always consult with a real estate agent or house appraisal specialist," in the words of Homes.com." "Consumer-oriented sites, meanwhile, rely on disclaimers, some of which are eye-opening. Zillow surfers who read the "About Zestimates" page find out that the site's overall error rate—the amount its estimates vary from a homes' actual value—is 8.5%, and that about one-fourth of the estimates are at least 20% off the eventual sale price. In some places, the numbers are far more dramatic: In Hamilton County, Ohio, which includes Cincinnati, it's 82%" Read the complete article here: http://online.wsj.com/news/articles/SB10001424052970204554204577026131448329006 See the video interview here: http://live.wsj.com/video/the-fuzzy-math-of-home-values/EE72BF16-8E8C-4FA6-9FF1- A10A525FBBD6.html#!EE72BF16-8E8C-4FA6-9FF1-A10A525FBBD6 It's definitely important to know that those numbers are a computer generated estimate and can't be taken at face value. For Your reference Zillow's disclaimer link to their disclaimer page page: http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm What do Appraisers Say An appraiser commented: "As a RE appraiser, I treat AVM's like Zillow same as I would the horroscope. When agents hand over print outs like these to "help" me get the value, I rarely use any of the sales they've suggested because they are so different from the home I'm appraising. Zillow averages out the sales price of homes that have sold your neighborhood, including the crappy ones. It will never take into consideration any updating you have done." Know Everything, Know Faster and Know when you need it most…

Have A Seller’s Market Advantage with Stephanie

Start Here for an Up-To-Date

ACCUPRO Market Report

If your home is currently listed with a real estate broker, this message is not intended to be a solicitation of the listing. Each WEICHERT franchised office is independently

owned and operated. Weichert is a federally registered trademark owned by Weichert Co. All other trademarks are the property of their respective owners. REALTOR is a

federally registered collective membership mark which identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS and subscribes

to its strict Code Of Ethics. Any information or tools on the web site are provided for educational and illustrative purposes only. The accuracy of the calculations and their

applicability to your circumstances are not guaranteed. For personal advice regarding your financial situation, please consult with a financial advisor.

I am excited to help you in your quest to sell your home and Net the Highest Dollar for your home as I specialize

in listings in the following Bergen County neighborhoods: Wyckoff, Allendale, Franklin Lakes, Mahwah, Oakland,

Ramsey,Ridgewood, Saddle River, Upper Saddle River, Waldwick, Glen Rock, HoHokus and

Passaic County’s Hawthorne, Wayne and North Haledon

Weichert Realtors 799 Franklin Ave., Franklin Lakes NJ 07417 Main Office Phone 201-819-6900 Office Fax 201-891-6873

The Seller’s Advantage You deserve to have an advantage, there is a lot of competition in any market. Don’t miss an opportunity to get your Seller’s Market Advantage: www.findmyhomesworth.com Call Stephanie Now and Demand It! 201-774-3216
SOLD!

Or Call 201-774-3216

List My Home  & Sell Fast

What Does Zillow Think

My Home is Worth?...

The Real Truth About "What's the Value of Your Home" "Zillow says my house is worth…" Ever since Zillow started providing “Zestimates” a few years ago, other websites have tried to automate the process of figuring out what your home is worth. And while it’s not exactly rocket science – who uses a slide rule any more – the automated estimates remain remarkably Hit and Miss. The Wall Street Journal best explained the dangers of relying on questionable sources for such an important financial decision. In an article by Alyssa Abkowitz from November 2011 The WSJ and Smart Money Magazine explains why using Zillow, Trulia and online estimates of home values can be up to 50% off (high and Low) even by their own admission. Despite this reality, these websites have become almost the first stop for sellers and buyers to determine home values. WSJ says " Right or wrong, they're the numbers millions of consumers are clamoring for. In a housing market that's been mostly a cause for gloom, so-called home-valuation technology has become one of the few sources of excitement. After years of real estate pros holding all the informational cards in the home-sale game, Web-driven companies like Zillow, Homes.com and Realtor.com are offering to reshuffle the deck. They've rolled out at-your-fingertips technology via laptop and smartphone to give shoppers and owners an estimate of what almost any home is worth. And people have flocked to the data in startling numbers: Together, four of the biggest websites that offer home-value estimates get 100 million visits a month, and one, Homes.com, saw traffic jump 25 percent in the three months after it launched a value estimator in May." They continue: "But for figures that carry such weight, critics say, the estimates can be far rougher than most consumers realize. Indeed, if the websites were dart throwers, they'd seldom hit the bull's-eye, and they'd sometimes miss the board entirely: Valuations that are 20, 30 or even 50 percent higher or lower than a property's eventual sale price are not uncommon. The estimates frequently change, too, for reasons that aren't always easy for homeowners to discern. According to the companies themselves, some quotes have swung by hundreds of thousands of dollars in as little as a month as new data gets plugged into the algorithms the sites rely on. (Those algorithms also change, as happened this summer when Zillow made adjustments that affected all of the 100 million homes in its database.) And while the sites say it's probably rare that individual homeowners (or real estate agents, for that matter) game the system, they do acknowledge that people can enter information that might push estimates higher. Put it all together, say pros, and you've got numbers that have become head-scratching legends in one community after another: a Hollywood Hills aerie losing 47 percent of its value in one month (with no earthquakes or mud slides to explain the drop); a century- old home in Louisville, Ky., that, according to local lore, served as the inspiration for Daisy's home in The Great Gatsby, quadrupling in value over 30 days; and one townhouse in Brooklyn, N.Y., listed now for $5 million, valued at a whopping $31 million in the midst of the real estate crash -- at least according to Zillow." " And make no mistake, all of the competitors go out of their way to make it clear their numbers are guesstimates, not gospel. "A Trulia estimate is just that -- an estimate," says a disclaimer on that site's new home-value tool. Zillow deploys similar language and goes a step further, publishing precise numbers about how imprecise its estimates can be. And every major site urges home-price hunters to "always consult with a real estate agent or house appraisal specialist," in the words of Homes.com." "Consumer-oriented sites, meanwhile, rely on disclaimers, some of which are eye-opening. Zillow surfers who read the "About Zestimates" page find out that the site's overall error rate—the amount its estimates vary from a homes' actual value—is 8.5%, and that about one-fourth of the estimates are at least 20% off the eventual sale price. In some places, the numbers are far more dramatic: In Hamilton County, Ohio, which includes Cincinnati, it's 82%" Read the complete article here: http://online.wsj.com/news/articles/SB10001424052970204554 204577026131448329006 See the video interview here: http://live.wsj.com/video/the-fuzzy-math-of-home- values/EE72BF16-8E8C-4FA6-9FF1- A10A525FBBD6.html#!EE72BF16-8E8C-4FA6-9FF1- A10A525FBBD6 It's definitely important to know that those numbers are a computer generated estimate and can't be taken at face value. For Your reference Zillow's disclaimer link to their disclaimer page page: http://www.zillow.com/howto/DataCoverageZestimateAccurac y.htm What do Appraisers Say An appraiser commented: "As a RE appraiser, I treat AVM's like Zillow same as I would the horroscope. When agents hand over print outs like these to "help" me get the value, I rarely use any of the sales they've suggested because they are so different from the home I'm appraising. Zillow averages out the sales price of homes that have sold your neighborhood, including the crappy ones. It will never take into consideration any updating you have done." Know Everything, Know Faster and Know when you need it most…

Have A Seller’s Market Advantage with

Stephanie

Start Here for an Up-To-Date

ACCUPRO Market Report

If your home is currently listed with a real estate broker, this message is not

intended to be a solicitation of the listing. Each WEICHERT franchised office is

independently owned and operated. Weichert is a federally registered trademark

owned by Weichert Co. All other trademarks are the property of their respective

owners. REALTOR is a federally registered collective membership mark which

identifies a real estate professional who is a member of the NATIONAL

ASSOCIATION OF REALTORS and subscribes to its strict Code Of Ethics. Any

information or tools on the web site are provided for educational and illustrative

purposes only. The accuracy of the calculations and their applicability to your

circumstances are not guaranteed. For personal advice regarding your financial

situation, please consult with a financial advisor.

I am excited to help you in your quest to sell your home and Net

the Highest Dollar for your home as I specialize in listings in the

following Bergen County neighborhoods: Wyckoff, Allendale,

Franklin Lakes, Mahwah, Oakland, Ramsey, Ridgewood, Saddle

River, Upper Saddle River, Waldwick, Glen Rock, HoHokus and

Passaic County’s Hawthorne, Wayne and North Haledon

Weichert Realtors 799 Franklin Ave., Franklin Lakes NJ 07417

Main Office Phone 201-819-6900 Office Fax 201-891-6873

The Seller’s Advantage You deserve to have an advantage, there is a lot of competition in any market. Don’t miss an opportunity to get your Seller’s Market Advantage: www.findmyhomesworth.com Call Stephanie Now and Demand It! 201-774-3216
SOLD!

Or Call

201-774-3216