Today we’re going to talk about the limitations of the online Boston condos search sites like Zillow. The following reasons are why you are better off working with agent than using a computer platform for your Boston real estate needs:
- Only utilizes past information: Zillow often uses outdated data to provide estimations of condo values. It plugs taxes records, square footage, zip codes, and what condominiums have sold for into an algorithm that it calls a “Zestimate.” The problem is all the information that isn’t utilized – an agent has the ability to look at current inventory levels, absorption rates, and other metrics that are essential for determining Boston condominiums value. Additionally, agents have the ability to observe current trends and formulate a general idea of what the future may hold.This is important in niche markets like Beacon Hill.
- Doesn’t give a personalized estimate: There are many other things the algorithm isn’t capable of accounting for. If your condo has great views or numerous expensive upgrades, there is no way for Zillow to work that into its calculation. It doesn’t make sense that your updated condo should have a similar estimate as your neighbor’s, who haven’t put any money into their property. ,Two exact floor layouts in the same building, one is a rental unit the other is owner occupied with upgrades, how can you price these two separate properties without viewing them.
- Inaccurate listing inventory: We’ve had many clients who were super excited about listings they found on Zillow – but, after they contacted us and ask to see them, they were disappointed to find that those homes sold months ago. This can be incredibly frustrating and can make the home search process a sour experience. The reason is that Zillow doesn’t get a direct feed from the MLS, the site that Realtors use. It scrapes information off the internet and populates the website with it; as homes enter or leave the market, Zillow doesn’t always keep up. In fact, it’s been estimated that up to 35% of its listings are inaccurate,
What we’re trying to get at is simple: Zillow has some good characteristics but many times their information is outdated. Whether you’re looking to buy a Boston condo or see how much yours is worth, you should consult with a real estate agent. We are professionals that have an unmatched amount of experience finding and pricing Boston condos. If you have any questions about real estate in your particular Boston neighborhood, or would like accurate information about current Boston market conditions, please give us a call.
If you have any questions about the Boston luxury condo market please call me at 617-595-3712.
Updated: 1st Quarter 2018