Boston real estate

“The raffle idea had come to her in a burst of inspiration, she said. But she is not the only homeowner to have turned to some version of this unorthodox approach in recent months. As the economy has worsened and the real estate market has continued to slump, a number of Americans have been using raffles and competitions — latter-day versions of the old rent party, only now with a profit motive for the guests — in a last-ditch effort to raise money and unload a house. And as mortgages have become harder to obtain, some would-be homeowners are being tempted by the chance — a small one, but with better odds than most lotteries — to own a house without dealing with a bank” (though the victors must pay taxes on their winnings). via NYTimes.com.

Home values in much of Massachusetts are 5-10% off from highs seen in the years 2002 – 2005, although some neighborhoods in Boston appear to be bucking the trend (if you are considering selling your condo in the Back Bay or South End, I’d say it is as good a time as any, actually). Regardless, it’s an uncertain time in real estate, wouldn’t you say?

Which makes the following story just a bit disturbing!

From Realtor.org:

Perception does not match up with reality when it comes to home prices, according to the results of a survey of homeowners released today by real estate valuation and marketing company Zillow.

… About 75 percent of homeowners expect their home values to increase or remain level during the next six months, the survey also found …

Also believed: that eating six donuts a day will actually keep you from gaining weight.

Source: Owners misjudge home value trends – Zillow.com by way of Realtor.org

The Globe does a great job of comparing online real estate services, including Zillow.com, Domania.com, HouseValues.com, and Realestateabc.com.

The article uses each of the services to estimate the value of a home, then compares them with an appraiser’s opinion, as well as three real estate professionals.

The appraiser gave a more precise and pragmatic estimate: $332,000, just above the last sales price. Three realtors who were independently consulted and saw the home also estimated its market value at $325,000 to $345,000. So the Internet services seemed too high to be realistic.

My take? While it’s fun to use the online services, and perhaps useful for tracking the value of your home over a period of time, if you’re thinking of selling your home, you talk with someone from the area to most-accurately estimate the value of your home.

Whether or not you use a real estate agent is ultimately up to you. Most agents provide a useful service, not just by giving an accurate estimate of the potential value of your home, but helping market your home, finding buyers, and assisting you through the negotiating and closing process.

Source: Ready to make a move? Real estate websites offer appraisals, but for the most realistic estimate, nothing beats a personal visit – By Kytja Weir, The Boston Globe

If you are a homeowner and considering using a real estate agent, I recommend using a professional who is willing to do the work to make sure your home gets the most exposure, and who has experience you need to get the most value for your home.

And, who has a strong knowledge of the local market.

From MLSPIN (same agent, three different listings):

Beautiful one bed floor through in highly sought after Audabon Circle location. Stunning newer construction with the finest finishes …

It’s spelled AUDUBON.

Don’t forget, my agents and I now work for both buyers and sellers of condominium homes in Boston, Massachusetts.

Contact me for more information.