The Drawbacks of Using Zillow

While I have nothing against Zillow, there are a few problems with their Zestimate tool and the data they offer on homes listed on the market that you need to be aware of.

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Whether you’re a buyer or a seller, there are a couple drawbacks to using Zillow and their Zestimates that you need to be aware of.

First, I want to say that I’m not against Zillow. Their website is easy to use (I use it myself) and it does provide a lot of value for a lot of people out there. Their most valuable tool is their agent-finder tool. They’re in the business of working with agents and collecting reviews on those agents from consumers who’ve worked with them. If you want to learn more about the Anderson Group and the value we provide to our clients, I invite you to go on Zillow, use this agent-finding tool, and read our reviews.

Now, what is a Zestimate exactly? A Zestimate is an automated valuation tool you can use to get an estimation of a home’s worth. It gives a home’s valuation by compiling data of other comparable homes. There are a couple problems with this tool, though.

If you’re a seller in our Southwestern Idaho area, the first problem is the lack of data. Also, the owners of homes that are on Zillow can edit and update their own home’s information, so the data that Zillow does have regarding homes that are comparable to yours may be false.

Secondly, our area doesn’t have the number of home sales necessary to allow a valuation in a fully automated fashion. It requires hundreds and hundreds of homes to be able to remove the personal element and expertise out of the valuation process and calculate an accurate number for your home.

In fact, Zillow has their own disclaimer that states that their Zestimates are only typically within 15% to 20% of your home’s true value. That disparity can be worth as much as $80,000, so that’s not a valuation anyone can really trust. This is why you need the eyes and experience of a professional agent to help you figure out what your home is worth.

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You need the eyes and experience of a professional agent to help you figure out what your home is worth.

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In the meantime, if you want to use a home search website that’s updated in real time and connected to the MLS, head over to our site www.idahofallspropertysearch.com.

The fact that the data on Zillow isn’t current is an especially big challenge for buyers. Oftentimes, Zillow’s data is two or three days old. If you’re a buyer looking in the $175,000 range, many of those houses are sold within 48 hours of hitting the market.
 
If you’re trying to search and buy a home on your own, you’re typically at a disadvantage anyway, which is why it’s critically important that you work with a professional agent. In your case, work with an agent who’s experienced, who will go to bat for you, and works exclusively with buyers.

Don’t Miss Out on this Great Opportunity in Our Market

Certain conditions have created a great opportunity for home sellers in our market. Here’s how you can take advantage.

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Something amazing is happening in our Eastern Idaho market right now.

If you look across the board, we only have 1.5 months of inventory, which means there is a shortage of homes available. Some price ranges are even below a one-month supply. Any time a market has an inventory of less than five months, it’s considered a seller’s market.

This lack of inventory isn’t surprising for most people, but the cool thing is that in our area, it’s still a buyer’s market above $300,000. In that range, there’s still an excess of inventory, so buyers can still get a pretty decent deal there.

"The best way to take advantage of a market is to sell a house in a seller’s market and then buy a house in a buyer’s market."

What does this mean? If you’re transacting on both the buyer and seller side in the same market conditions, it doesn’t matter if it’s a buyer’s or seller’s market. Everything is a wash. If you take a hit on one side, you can make it back up on the other side, and vice versa.

The best way to take advantage of a market is to sell a house in a seller’s market and then buy a house in a buyer’s market, and that opportunity exists right now in Bonneville, Jefferson, and Bingham counties. If you list a home that’s under $300,000, you’re listing that home in a seller’s market, which means you’ll be able to sell it quickly and for top dollar. After that, you can look in the price range above $300,000 and take advantage of the conditions there.

If this opportunity sounds like something you’d be interested in or you have any other questions about our current market, don’t hesitate to reach out to my team. We’d love to help you.

The Best Restaurants in Idaho Falls

I keep a list of my favorite places to eat around Idaho Falls. Here it is.

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Today I want to do something a little different. Instead of talking about the real estate market, I want to talk about the restaurant market here in Idaho Falls. I’m a list-keeper, so when I come across a place I love I put it on a list so that I can pull it up later for future reference. Here are some of the best places on my list around town. Hopefully you find something new!

If you’re looking for some fine dining, there are a number of spots around Idaho Falls you need to visit. When I was growing up here, the selection wasn’t near what it is today. In the last five years, we’ve seen some fantastic, inventive new restaurants open up.

One of them is Chef Shane’s Perspective. When you walk in, you're not quite sure what to expect. However, when the food comes, you’ll know exactly where you are: a delicious restaurant.The Cellar is another classic. I’ve only been there a few times, but I’ve never walked away disappointed. Finally, we have Copper Rill. All three of these places are great if you’re looking for delicious food, whether it’s a special occasion or not.

As far as casual dining goes, I’ve got a few local favorites to share. SnakeBite is one of the best, just make sure you bring cash because they do not take credit cards. Trust me, the food is worth it.

"Make sure you have cash if you're going to SnakeBite."

Stockman’s and Pit Master are also good bets. I’d give Abracadabra’s a shot too if you’re looking for something new.

If you’re looking for something healthy, my wife’s favorite spot is Arugula’s Deli. They've got healthy, fresh food that’s made with all-natural ingredients.

If you’re looking for something on the opposite end of the healthy spectrum, Franklin’s Famous Cheesesteaks is the perfect cheat meal.

If you have any questions about any of these restaurants or anything else relating to Idaho Falls real estate, don’t hesitate to give me a call or send me an email. I would love to hear from you.