Boston condos for sale: Sellers Beware
About a month ago, we told a Beacon Hill condo sellerr how much we thought his Boston Beacon Hill condo for sale should be priced at. At the time.he thought are price was low. Why? According to our client he claimed that Zillow stated it was worth several hundred thousand dollars more based on this online service
How online Boston condo for sale evaluations work
Simply enter your address and within a few milliseconds, voila, up pops the current market value of your Boston downtown condo. So easy and convenient, right?
Easy and convenient it might be but it’s about as reliable as the Boston weather. If you own downtown Boston real estate be cautious. Here’s why:
These online companies have never set foot in your home, they have no idea if your kitchen is original, if your roof and furnace need replacing or if you remodeled the kitchen and bathrooms last year or if your Beacon Hill condo for sale is a fifth floor walk-up
A funny story about the CEO of Zillow
As the legend goes, when the CEO of Zillow went to sell his own home, it sold for well below list price and when he bought his next home, he paid well above asking. Oh, the humanity!
The fault with online Boston condo evaluations
Try this experiment, watch how a Boston Beacon Hill condo listed for sale is automatically readjust by the online evaluation companies when a new Beacon Hill condo for sale with same number of bed/baths and sq ft is listed for a price that is well below or above the Zestimate. Results. it will change by thousands of dollars. If Zillow was so confident in their algorithm the first time, their estimated market value would not change the day a similar home hits the market. In the particular case I’m referring to, my clients Beacon Hill condo increased in value in one day by $200,000. Do you see how ridiculous this is?
It’s Zillow admitting that they trust the listing agent’s evaluation a lot more than their own secret algorithm. Is It basically saying that Zillow knows it’s Zestimate is a just a gimmick ? Beware Boston condo sellers.
If you want a good laugh find out how much your Boston Beacon Hill condo is worth today and then check it again in two weeks on Zillow. You’ll have a good laugh to see how much it increased or was reduced in that two week period.