Are you pricing your home on Zillow and Trulia? Are you wondering why their prices don’t match?
Well, each of these sites use their own computer algorithm to determine pricing. We don’t believe they use Replacement Costs or Utility Cost approaches that professional appraiser use to price these homes. And that’s where the confusion and problems start for home owners who want to rely solely on these sites to price their home for sale.
And if you wanted proof, we have it for you here. We tested pricing for a Single Family Rental property we have in Los Gatos. The home has 3 bedroom and 2 bath on a huge corner lot. This home is under contract with Homestretch Properties with our Property Management Service and we know the home’s condition and amenities rather well. Table below shows the results of this pricing from Zillow and Trulia :
|16xxx Marchmont Dr, Los Gatos||16xxx Marchmont Dr, Los Gatos|
|2 bed/2 bath||3 bed/2 bath|
As you can see from the results of these two searches don’t even match when it comes to the floor plan! One is reporting 2 bedroom and the other is reporting 3 bedroom. Don’t you think that’s critical information for a buyer to know? And the pricing recommendation is offer by $137,572 which is a huge sum for a home owner to justify.
Bottom line is that you will need to rely on a local real estate agent to help you sift through the noise that you find on internet and determine your home’s fair market value.
So, Contact Us to get a Free Home Value report that you can use to pre-market your home to perspective buyers and investors.