Posted by Kayla Fikany on Friday, June 11, 2021 at 10:30 AM By Kayla Fikany / June 11, 2021 Comment
I think we can all agree that the internet is a great tool to find info quickly. When it comes to the Las Cruces Real Estate Market, apps like Zillow help the public have easy access to market info to get a better idea of what homes are out there. However, have you ever noticed how some info is a little off from what your realtor tells you - for instance, say your home's estimated value is less on Zillow than what your realtor is listing your home at? Well this exact topic is what we're diving into today!
One of the questions we get asked the most is why does Zillow show my home estimated for so much lower than what you're listing it for?
There are a few things that contribute to this difference. To begin with, in the state of New Mexico, we don't disclose our sales prices to the public. This means that for Zillow to come up with an estimate for your home, it has to use an algorithm that looks at public details like when other homes came on the market, how long they stayed on the market, size, etc. The algorithm will use these data points to come up with an estimate of how much it thinks these other homes sold for and then produce an estimate for your home.
When you come to us ready to sell your home, we research all the comparables in your neighborhood. For instance, if you have a three bedroom, two bathroom, two car garage home, then we will look at other three bedroom, two bathroom, two car garage homes of similar square-footage to come up with an estimate for your home. We do this because this is the same process that an appraiser will go through.
Even though Zillow is a registered member of our Multiple Listing Service (MLS), sales information still cannot be disclosed as public information. So if you want a real value of your home or want to know what your home could list for, the best thing to do is get with a realtor because while sales info is not disclosed as public information, your realtor can disclose it privately to you while coming up with your home value.
If you're ready to sell your home or would like to get an idea of what your home could sell for right now, be sure to reach out to us! We are happy to sit down with you and go through what your options are!
Feel free to reach out to us here or you can find our contact info below!
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