Last month, I was on a listing appointment for a Boston condo. As we began to discuss the asking/selling price, the conversation took a negative turn. I provided her with my comps, which I thought the condo would sell for based on recent sales, price per square foot etc. The owner, thought my price should be more in aligned with Zillow.com, which was $80,000 more than my suggestion.
After leaving the listing appointment, with the issue unresolved, I looked into Zillow.com to see how accurate Zillows “Zestimates” are for pricing out Boston condos. Here are the results from their web site:
Zillow’s accuracy in pricing a Boston condo within 5% of the sales price – 24%.
Zillow’s accuracy in pricing a Boston condo within 10% of the sales price – 43%
Zillow’s accuracy in pricing a Boston condo within 20% of the sales price – 66%
Obviously, if my estimates had this degree of accuracy, I would be summarily drummed out of the corp and living in a refrigerator carton under the Tobin Bridge.
That being said, it’s not to say some brokers (Auction Houses) are much better. A case in point: 20 Brimmer Street, a $4mil plus fiasco. My point, when pricing a condo, obtain as much information from as many sources as possible. In the end, the market place will dictate what a Boston condo is worth and not a web site.
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SEARCH FOR CONDOS FOR SALE AND RENTALS
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For more information please contact one of our on-call agents at 617-595-3712.
Updated: 1st Q 2018