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. 

Conclusion

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.

Boston Condos for Sale


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Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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