Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png Zillows Home Value Estimates (“Zestimates”), Accurate or Not? – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 08 Jul 2014 14:20:09 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 Zillow's Home Value Estimates ("Zestimates") - Accurate or Not[/caption] The internet is filled with tons of information.  Some very good information and lots of very bad, inaccurate information!  The internet has drastically changed many industries and the real estate industry is no different.  Buyer's and seller's are able to get information in the comfort of their homes, however, much of it is inaccurate. Anyone who has interest in the real estate industry has heard of the company Zillow.  If not, according to Zillow they are an online "real estate marketplace" that helps buyers, sellers, renters, real estate agents, mortgage professionals, and others find information regarding anything real estate. Zillow does provide a handful of helpful tools for buyers and sellers.  One tool that Zillow provides is an app that allows a potential buyer to find information on a home while they are in front of that particular home.  So what is not to like about Zillow?  It can be summed up in one word, their "Zestimates."  A "Zestimate," is Zillow's estimated market value for a home.  They provide these "Zestimates" for millions of homes nationwide.  Are Zillows home value estimates accurate?  The answer is NO. A question that real estate professionals are hearing more and more is, "How accurate are Zillow's estimates?"  How about this common statement from a potential seller, "Zillow said my home is worth $300,000 and you're saying that the market value is only $250,000?"  Of course you cannot forget the statement from a potential buyer, "This house is way overpriced, Zillow's said the home is worth $225,000 and it's listed for $300,000?" We decided to see how inaccurate Zillow's home value estimates ("Zestimates") are in our local Rochester, NY real estate market. How Do Zillow's "Zestimates" Compare to Recent Homes Sold in the Greater Rochester, NY Area? It is easy for a buyer, a seller, or a real estate agent to say that "Zestimates" are wrong, so we've decided to look at 38 homes that closed on Thursday, July 3rd.  The homes that were analyzed ranged in location, price point, styles, and square footage. Price Comparison Showed 18 of 38 Homes Sold Close to Zillow's "Zestimate:"
  • 75 Sperry Drive, Henrietta, NY: Zestimate was $116K. Sale price was $121,900. $5,900 Low
  • 77 Old Post Road, Fairport, NY: Zestimate was $165K.  Sale price was $164,000.  $1,000 High
  • 16 Meadow Wood Drive, Fairport, NY: Zestimate was $127K.  Sale price was $131,000.  $4,000 Low
  • 11 Olde Orchard Lane, Fairport, NY: Zestimate was $175K.  Sale price was $175,000.
  • 205 David Avenue, Brighton, NY: Zestimate was $154K.  Sale price was $152,500.  $1,500 High
  • 2163 Highland Avenue, Brighton, NY: Zestimate was $153K.  Sale price was $157,000.  $4,000 Low
  • 80 Brentwood Drive, Penfield, NY: Zestimate was $271K.  Sale price was $270,000.  $1,000 High
  • 1730 Creek Street, Penfield, NY: Zestimate was $184K.  Sale price was $185,000.  $1,000 Low
  • 15 Greenwood Street, Rochester, NY: Zestimate was $147K.  Sale price was $142,500.  $4,000 High
  • 37 Crossbow Drive, Penfield, NY: Zestimate was $287K.  Sale price was $285,000.  $2,000 High
  • 32 Lodge Drive, Irondequoit, NY: Zestimate was $103K.  Sale price was $106,000.  $3,000 Low
  • 614 Concord Drive, Webster, NY: Zestimate was $165K.  Sale price was $166,000.  $1,000 Low
  • 153 Pinecrest Drive, Irondequoit, NY: Zestimate was $172K.  Sale price was $174,000.  $2,000 Low
Under 50% of the 38 homes that were compared sold close to Zillow's "Zestimate."  A real estate agent who prices 50% of the homes they list correctly, will not be in the business very long.  A great real estate agent should have a 95%+ list price to sale price ratio. Price Comparison Showed 5 of 38 Homes Sold Reasonably Close to Zillow's "Zestimate:"
  • 12 Brookshire Lane, Penfield, NY: Zestimate was $208K.  Sale price was $222,500. $14,500 Low
  • 9 Lone Oak Circle, Penfield, NY: Zestimate was $115K.  Sale price was $129,900.  $14,900 Low
  • 50 Whitespire Lane, Penfield, NY: Zestimate was $377K.  Sale price was $369,000.  $8,000 High
  • 239 Rogers Parkway, Irondequoit, NY: Zestimate was $109K.  Sale price was $115,900.  $6,900 Low
Price Comparison Showed 15 of 38 Homes Sold for Much Less/More Than Zillow's "Zestimate:"
  • 140 Campfire Road North, Henrietta, NY: Zestimate was $120K.  Sale price was $138,000.  $18,000 Low
  • 6 Sutton Point, Pittsford, NY: Zestimate was $361K.  Sale price was $390,000.  $29,000 Low
  • 190 Idlewood Road, Brighton, NY: Zestimate was $266K.  Sale price was $219,000. $47,000 High
  • 19 Widewaters Lane, Pittsford, NY: Zestimate was $370K.  Sale price was $475,000.  $105,000 Low
  • 106 Garden Drive, Fairport, NY: Zestimate was $345K.  Sale price was $370,000.  $25,000 Low
  • 31 Creekside Lane, Pittsford, NY: Zestimate was $320K.  Sale price was $345,000.  $25,000 Low
  • 130 Burrows Hills Drive, Penfield, NY: Zestimate was $131K.  Sale price was $165,700.  $34,700 Low
  • 23 Saint Andrews Boulevard, Fairport, NY: Zestimate was $243K.  Sale price was $266,900.  $26,900 Low
  • 199 Cypress Street, Rochester, NY: Zestimate was $94K.  Sale price was $122,100.  $28,100 Low
  • 66 Mayflower Drive, Brighton, NY: Zestimate was $171K.  Sale price was $214,900.  $43,900 Low
  • 1682 Blossom Road, Brighton, NY: Zestimate was $95K.  Sale price was $115,000.  $20,000 Low
  • 565 Corwin Road, Brighton, NY: Zestimate was $155K.  Sale price was $240,000.  $85,000 Low
  • 1037 Wickerton Lane, Webster, NY: Zestimate was $190K.  Sale price was $220,000.  $30,000 Low
  • 960 Lake Road, Webster, NY: Zestimate was $556K.  Sale price was $575,000.  $19,000 Low
  • 246 Dickinson Road, Webster, NY: Zestimate was $125K.  Sale price was $155,000.  $30,000 Low
[caption id="attachment_1220" align="alignright" width="400"]Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others! Zillows Inaccurate "Zestimates" can be frustrating to buyers, sellers, real estate agents, and others![/caption] Almost 40% of the 38 homes that were used in this comparison sold for much less money or much more money.  As a homeowner, if Zillow's "Zestimate" said your home is worth $370,000, a real estate agent doesn't complete a comparative market analysis, lists it for $370,000, it sells, but come to find out comparable properties are selling for $450,000+, how would that make you feel? As you can see above, there are several recent homes sold in Rochester, NY that were grossly under valued as well as over valued by Zillow's "Zestimates."  This is not only happening in the Greater Rochester, NY area, but nationwide!  Check out Debbie Drummond's detailed analysis of "Zillow's Las Vegas Home Value Estimates." Why Else Should You Not Rely on Zillow? It is as clear as day that the Zillow "Zestimates" are not accurate, period.  So other than the inaccurate "Zestimates," why else should you not rely on Zillow?  Below are just a couple reasons on why Zillow shouldn't be the trusted for localized real estate information! [caption id="attachment_1221" align="alignleft" width="400"]Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them! Many broker's nationwide are stopping their syndication to third-party sites, like Zillow! Nothnagle Realtors is just one of them![/caption]
  • Outdated Data - Non third-party websites are required by the REALTOR® Code of Ethics and usually by state/local licensing authorities to maintain a current inventory of properties on the market.  It is extremely common that a buyer comes across a "listing" on Zillow and asks their real estate agent about it only to find out it was sold and closed 3-6 months ago!  This can be extremely frustrating to a buyer.
  • Selling "Leads" -  When a homeowner selects the "right" real estate agent to sell their home, they have selected them for a number of reasons.  Third-party websites, like Zillow, generate profit from selling ad space.  Buyers inquiring about a property are steered to an agent whose only qualification was that they were willing to pay to be featured on these third-party websites.  This is a disservice to a seller, as in most cases, they would prefer to have an agent who knows about their home answering the questions also known as the listing agent!  Additionally, an agent who is receiving these "leads" will often try and sell their own listings first.
Due to these two reasons, and many others, our Broker, Nothnagle Realtors, and many other large real estate Brokers nationwide have stopped syndicating company listings to these third-party sites like Zillow and Trulia. So, Where Should Real Estate Information Be Gathered? Local, Local, Local!  Zillow is not a local expert in the real estate industry in any community nationwide.  They are, however, a very good marketing company.  They are able to show up in the top three when searching anything regarding real estate.  "Homes for sale Rochester, NY," "Houses for sale Hopkinton, MA," "Luxury Homes for sale Las Vegas, NV," "Real Estate for sale Coral Springs, FL."  Go ahead try it! So, anyone looking for quality real estate information, needs to be speaking with the local real estate experts, not getting their information from third-party websites which doesn't have local knowledge, expertise, or experience! Other Excellent Zillow Resources What experiences have you had with Zillow's "Zestimates?"  We'd love to hear!  If you are wondering how accurate Zillow's "Zestimates" are in your local community, please feel free to contact us and we'd be happy to put you in touch with a qualified and experienced local real estate expert within your community!  
About the authors:  The above article "Zillows Home Value Estimates ("Zestimates"), Accurate or Not?" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]>