Portland Home Value Estimate, Realtor Vs. Online 2022
The real estate market is shifting fast in Portland, Oregon and around the country. We’ve got your latest month by month report on the Portland market here. If you’re looking for tips on remodeling to improve your home value before going to market, we’ve got that too.
You Can’t Trust Online Home Value Estimates
When the real estate market is shifting fast, online estimates designed by algorithms get worse and they weren’t good to begin with. In fact, Zillow’s Zestimate is so bad, it nearly bankrupted the company in 2021 when they briefly turned into an online cash home buyer before loosing half a billion dollars in the process. But again, when the real estate market is actively shifting, the online home value estimates are particularly bad because they are focused on past sales and not current activity.
Recently we ranked the best four online home value estimate websites. You can try them all out. It’s free and you get instant gratification. We’ve got our favorite (and the most accurate) one we recommend too. But know that even the highest rated home value estimates online can only get you in the right ballpark. They shouldn’t be trusted to set your price in the market.
You Can’t Trust Homeowner Value Estimates
Did you know that home sellers overestimate their value by as much as 150%? There is an interesting formula on home value estimates based on how long the homeowner has lived in the property. Recent homeowners overestimate a ton, but the longer they live in the house, the more realistic the pricing gets, until the most long-term homeowners actually tend to underestimate their home’s value.
You Can – Mostly – Trust Real Estate Agent Value Estimates
The longer the listing contract is, the less I might be willing to trust a real estate agent’s opinion of value. If the homeowner signs the listing contract and they can’t get out of it – without paying – for six months or even ninety days, that real estate agent might know they can force price drop later if the seller really wants to sell. Real estate agents know that if they come into the appointment with the highest price (let’s say the homeowner is talking with a couple agents) they’re more likely to get that listing. They can overcompliment and overestimate what the homeowner has, and give them unrealistic dreams and expectations. Careful here, I’ve heard reports of agents verbally suggesting the client can back out anytime, but when the time comes that agent instead enforces the terms of the written contract which doesn’t allow for the homeowner to back out without compensating that agent. Most local contracts in our area – by default – do not let the homeowner out of the contract for any reason during the term of the contract and extend it by as 120 days or longer with additional strings attached.
This is why I’ve always offered a cancel anytime, no charge addendum and attach it to all of my listing contracts. The only time a client of ours cannot cancel is if they are in a pending deal with a buyer (have accepted an offer and it becomes a multi-party contract). Any other time while we are trying to sell the property the homeowner can back out anytime with no strings attached.
Over 2,000 Home Sales, Licensed since 2003.
The more experience a real estate agent has getting homes sold, the better. I started well before the 2008 crash and have sold homes throughout the highs and lows of the real estate market. If the market timing isn’t right, I’ll advise the client on the best time of the year to sell a home and forecast out their home’s future value the best I can.
Local Research and Experience Leads to Accurate Home Values
Did you know that single-level homes in Portland sell for 19% more per sq. ft.? Or that in our local area swimming pools can reduce the home’s value by as much as 14%? No matter what type of home you have, neighborhood or Portland suburb you’re in, we’ve got the experience you need and have consistently conducted our due diligence to determine exactly what makes a home sell – and what doesn’t.
Whether You’re Ready to Sell or Not
We’d love to connect. Discover everything we do to sell our client’s homes here. If you’re interested in booking a home value estimate because you’re considering selling now or in the future, please call us direct at 503-714-1111 or set an appointment with the bot on this site. We’d love to be your local, experienced, researched real estate advocate.July 29, 2022