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Why Is Zillow Being Sued & What Does It Mean to You?

Why is Zillow being sued by an Illinois homeowner? What does this mean for you if you’re selling your home?

Zillow has a Zestimate tool in their search feature which gives you their version of what they think your home is worth. Zestimates are based off an algorithm, and this Illinois homeowner claims that her home’s Zestimate devalued it and prevented her from selling it at the price she wanted. Apparently, her home had many things done to it to increase its value, but its Zestimate valued it at much less.

We run into a lot of clients daily who live and breathe by what they see online on Zillow, which is not the best way to get your resources. There is a method to the madness of coming up with an accurate price for your home, and a computer algorithm just doesn’t cut it.

 

Hire a professional to properly assess your home.

 

For example, if you’re sick and you visit WebMD, you might get an idea of what’s wrong with you, but you’ll likely go to a doctor to get it fixed. The same logic applies to selling a house. Online websites are a good place to start, but the best thing you can do to get a proper, accurate valuation is call a real estate professional.

If you have any questions or are thinking about buying or selling a home in our market, don’t hesitate to give us a call or send us an email. We’d be happy to speak with you.

Collin Koppang and I Talk About Our Favorite Parts of Mira Mesa

I recently made another appearance on “The American Dream,” and this time I brought along one of my young stars, top producer agent Collin Koppang.

Collin actually just turned 25 and opted for a career in real estate over a career as a lawyer. “It’s your career path, right?” Collin said on the show. “You have to go after what you’re passionate about. I really love helping people and that’s kind of what I stuck to.”

We also got a chance to talk about the real estate market here in San Diego. We talked about how inventory is down 28% from last year and how creative buyers have to get to win the homes they want. We also talked about fluctuating interest rates, which just went up by 0.25% mid-June. The time it takes to sell a home here is still very fast, but we’re starting to see those timelines get stretched out a bit. Interest rates will have this effect as well.

 

Collin Koppang just turned 25 and is already a top-producing agent with our team.

 

Collin also talked a bit about Mira Mesa and how this market has everything you need if you’re someone who likes to stay in one place when it comes to things like restaurants, bars, and shops. It’s also a popular spot for veterans thanks to three nearby military bases, as well as for families thanks to the great school systems.

Collin said his favorite part about Mira Mesa is how unique all the homes are. You won’t find cookie-cutter or tract homes there, according to Collin.

We both talked a little bit about our favorite parts of San Diego as a whole.

Check out the video above to see our full appearance on the show.

If you have any questions for me or Collin or you’re thinking of buying and/or selling real estate here in the San Diego area, don’t hesitate to give us a call or send us an email. We’d love to help you!

3 of Our Best ‘Coming Soon’ Listings

Our team actually has some listings that haven’t even hit the MLS yet that I wanted to share with you. These three listings are getting ready to go live on the market in the first week of June.

The first is a gigantic corner lot property in Lemon Grove on Darryl Street with a huge backyard, a detached 2-car garage, and it’s actually zoned for two structures. This home is fully remodeled and will go for between $450,000 and $475,000.

The second listing is a fully remodeled 3-bedroom, 2-bathroom house in the Clairemont Mesa Area. It’s about 1,300 square feet and is located in a cul-de-sac of Clairemont Mesa. It will be listed in the $625,000 to $645,000 range.

 

These listings will hit the market the first week of June.

 

Finally, the last property is a 4-bedroom, 2.5-bathroom home with just over 2,000 square feet in Mira Mesa on a cul-de-sac. The owners have invested almost $50,000 on backyard landscaping! This one will be listed in the $725,000 to $745,000 range.

If you or anyone you know is interested in any of these properties or has any questions about them, don’t hesitate to send me an email or give me a call. I’d love to help you out!

The Insane San Diego Market

The market in San Diego right now is absolutely insane. Sellers are experiencing multiple offers, waived appraisals, and more.

In fact, we just had a client who bought a property five months ago for $280,000, but then immediately got a job transfer and sold it. We listed the home right away, and ended up selling it for $310,000. We didn’t think the appraisal would come back good, but to our surprise it did. This buyer turned seller got $30,000 in appreciation in just five months. Isn’t that amazing?

If you’re a seller in this market, I can’t stress enough that this won’t last forever. There will be a correction in the market at some point. We don’t expect the market to tank, but there will be some changes. The next year or two is the optimal time for selling. If you’ve been thinking about it, I suggest you start taking more concrete steps now.

 

Signing a lease could be a big mistake.

 

A lot of buyers out there think there is just too much competition out there for them to compete with. I couldn’t begin to tell you how dead wrong that approach is. If you’ve been thinking of buying for the last few years and keep telling yourself you should have bought last year, you are in that situation once again. Signing a lease for the next six months could be the biggest mistake of your life. Stay strong, be resilient, and ensure you get the home of your dreams. There’s a very high likelihood that you’ll get significant equity over the next year.

I just wanted to make sure you understood what exactly is happening in the market right now. Your window is narrowing by the day so if you have any questions about buying or selling, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Winning Multiple Offer Listings

The San Diego real estate market is as hot as ever. Those who are trying to buy home San Diego for themselves will quickly realize how common it is to be competing with dozens of buyers for the same home. In order to seal the deal, you need to make your offer stand out. Otherwise, it is very possible your dream home will slip through your hands right before your eyes.

In this video blog, I share four of my best tips for helping you put together an offer that will grab the attention of the sellers in a multiple-offer situation. Here’s a bit of a teaser of what you’ll learn in this video.

1: Have a great lender working for you. Other people have probably told you about the Buy-Home-San-Diego1-450x300 Winning Multiple Offer Listingsimportance of having a rock star real estate agent, but who you choose for a lender matters just as much.

2: Find a lender before you even start your home search.

3: Get to know this lender well. Tell them about you’re your San Diego area dream home looks like, what you’re interested in buying.

4: Then send them all of the relevant paperwork to get you pre-qualified for a loan. This helps you understand how much you can realistically afford before heading out to tour properties.

Buy-Home-San-Diego1-450x300 Winning Multiple Offer ListingsIt also shows the sellers that you’re serious about buying their San Diego home. It also gives you a competitive advantage if you already know what the terms of your loan will look like, such as what interest rate the bank is willing to give you. The pre-qualification will also give the sellers an idea of how much you plan to put down as a down payment, which reduces some of the lending uncertainty down the road which can happen if you’re not putting down at least 20% or if you plan to use a federal or first-time homebuyer program. There’s nothing worse than getting too far down with a home purchase only to have your deal fall through because you couldn’t get the financing you needed!

If you’re trying to buy home San Diego for you, you need to have a rock solid offer. To learn all four of my tips for winning a bidding war on a San Diego property

If you’re buying a San Diego home, you may find yourself competing against other offers. What can you do to make your offer stand out and win your dream home? Today, I have four tips to help you to buy home San Diego for you do just that. The first step is to work with a great lender; they can contact the listing agent personally and vouch for you as a buyer. To learn all four tips for winning a bidding war on a home, watch this short video.