WHAT IS YOUR HOME REALLY WORTH ... THAT'S THE QUESTION!

Last week a new website introduced what claims to be a revolutionary system for valuing property -- important information sought by anyone looking to buy or sell a home regardless of their locale. This new website, known as zillow.com, claims to provide that information and relieve consumers from dependence upon appraisers and people just like me, your local area real estate professional.

I would like to share some comments about Zillow from a well-known and highly-respected Realtor from the Baltimore, Maryland area. Margaret Rome, a friend of mine, shares her insightful thoughts in a post I'd like to reprint here:

"In the last few days, a new Web site launched with great fanfare but spotty performance. When CNN included a story about it on their evening news, the site couldn’t keep up with the hits.
Why all the fuss? Zillow promises to give homebuyers and sellers up to date and complete information about the value of their home and comparables in their area. Some have suggested this will make real estate agents obsolete because people will be able to price their own homes to be competitive.

The early returns are that the site’s information is incomplete and sometimes wrong, which makes the suggested price ranges they give hard to justify. In some cases, the range is optimistically high, and for others, I’ve negotiated sales higher than their top amount.
The site depends on public records for its data. But public records will not show factors, like recent additions and improvements or the condition of the interior, that affect price. Public records can also be wrong; a friend of mine checked her house and said she wants that fireplace she’s supposed to have, but will not give up the second bathroom they didn’t count. If the information about a house is wrong, how valid is the price estimate? In time, the site will undoubtedly improve, but for now – caution.

There is no question about real estate agents becoming an endangered species because of this or any other site. Price is only one factor in buying or selling your home, and getting to the settlement table means avoiding traps and overcoming obstacles. A top agent will be experienced at:

• negotiating the terms of your contract,
• makting sure only qualified buyer troop through your home,
• meeting and dealing with appraisers, and
• working with home inspectors and title companies to be sure you are protected from start to finish.

Buying or selling a home is an emotionally-charged transaction. Now more than ever it pays to have an experienced professional on your side. Embrace the benefits of new technology, but don’t fall into the trap of believing it will replace market knowledge and personal service.

The end of real estate agents? Not any time soon.
Margaret"

Margaret's entire blog is found at http://sellyourhomewithmargaretrome.blogspot.com.