As we discussed, “zestimates” are how Zillow estimates the market value of your home, which they compute using a proprietary formula. They have been known to be wildly inaccurate and have undervalued homes by tens of thousands of dollars.
Last week, several individuals—including the original complainant and a family of builders—filed a suit in Cook County Circuit Court seeking a class-action status and an injunction against the company.
In response, Zillow has launched a competition offering a $1 million award to the “person or team who can most improve the Zestimate algorithm,” stating that “data scientists, engineers and visionaries” have until mid-October to register for the qualifying round.
Here’s an idea—let’s stop using Zestimates.
The company themselves agree that they obviously don’t work. I have yet to hear of one Real Estate Professional speak up in favor of them. When it comes to something as important as the sale of your home, you need to speak with a professional. Someone who knows the market, is familiar with your neighborhood and who has actually looked at your home. We rely on computers for a lot these days, but there are times when you simply cannot allow an algorithm to help you make such delicate, complicated and life-changing decisions.
Sometimes the best “formula” for success is practical experience…
Here’s a closer look at this week’s numbers in our area:
11 new listings. The average price is $601,363 and the average price per sq/ft is $755.
5 properties closed. The average price was $484,560 and the average price per sq/ft was $717.
17 new listings. The average price is $934,641 the average price per sq/ft is $755.
7 properties closed. The average price was $849,714 the average price per sq/ft was $706.
11 new listings. The average price is $1,248,081 and the average price per sq/ft is $761.
1 sold listing. The price was $1,106,000 the price per sq/ft was $790.
5 new single-family homes. A one-bedroom for $1,100,000 , 2 four-bedroom homes listed for $2,199,000 and $2,399,000 and a five-bedroom home for $2,000,000.
No properties closed this week.
DOWNTOWN JERSEY CITY:
10 new listings. The average price is $539,249 and the average price per sq/ft is $728.
4 properties closed. The average price was $528,250 the average price per sq/ft was $778.
6 new listings. The average price is $881,666 and the average price per sq/ft is $771.
5 properties closed. The average price was $1,079,800 the average price per sq/ft was $657.
3 new listings. The average price is $1,616,333 the average price per sq/ft is $978.
No sold properties this week.
1 four-bedroom home listed for $1,735,000.
No sold properties.
(Information provided by Hudson County MLS)
Mortgage Market in Review:
We have seen a stabilization, if not downward trend in mortgage rates since the long weekend. This is due to the slight sell-off in the Equity markets, as analysts and traders digest the economic data of the week. The slight sell-off has caused traders to take a slight flight to safety, which means a rally on the bond market… and, that ultimately helps mortgages rates. The key right now is to see if the current trend continues, or if the Equity markets start to gain steam—which would cause an uptick in bond prices and mortgage rates.
CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…
ALSO OF INTEREST:
Hoboken Historical Museum’s Secret Garden Tour — SUNDAY
Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken and Jersey City market.
She has been recognized by the New Jersey Realtors Circle of Excellence for many years, having earned the Gold Level of Excellence for 2015 and 2016, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.
Other accolades include the coveted Centurion Award for the past five years running (2012-2016), which represents the premium level of achievement within the Century 21 organization.