Inman Connect
This is the second part in a week-long series exploring comps amid a pandemic and a tumultuous housing market. Read part one here, and check back for more comp coverage throughout the week.
Zestimates, long lambasted by agents as inaccurate, have been swinging out of control in today’s turbulent market, with some prices skewing hundreds of thousands of dollars off the mark.
Tim Collom, who leads the Tim Collom Real Estate Group in Sacramento, and three other agents told Inman that it seems like the portal giant is having a difficult time properly reflecting the astronomical boom in home prices due to historically low inventory and intense bidding wars.
Inman Connect
This is the first part in a week-long series exploring comps amid a pandemic and a tumultuous housing market. Check back for more comp coverage, including tomorrow’s look at the efficacy of Zillow’s Zestimates.
When Lily Jang decided to list her own home earlier this spring, she did her due diligence. Jang is a Keller Williams agent in the Houston area, and began the process as agents are wont to do by looking at comparable recent sales that had closed nearby.
Lily Jang
“The comps supported $475,000,” Jang told Inman.
Of course Jang knew prices were appreciating quickly so she decided to list her house for $499,000. And then, as has happened to so many agents and sellers this spring, the offers started pouring in. In the end, she sold the house for $515,000.